At the beginning of 2020, Joanne Chance had the following loss carry forwards available:

Restricted Farm Losses                                                                         $ 7,200

Non-Capital Losses                                                                                  41,000

Net Capital Losses [(1/2)($50,000)]                                                     25,000

During 2020, she had the following amounts of income:

Taxable Capital Gains                                                                          $ 10,500

Business Income                                                                                       14,200

Employment Income                                                                                61,000

Farm Income                                                                                               2,950

Determine Joanne’s Net Income For Tax Purposes, as well as her minimum Taxable Income for 2020. Indicate the amount and type of any losses available for carry forward at the end of the year. Ignore any deductible CPP.

Joanne needs $30,000 of taxable income for 2020 to use up her non-refundable tax credits. Where possible, Joanne would like to use up her restricted farm losses first, then her net capital losses and finally her non capital losses.