Calculate Ms. Turners minimum Net Income for Tax Purposes, her 2022 minimum Taxable Income, and her 2022 Federal Tax Payable. Please prepare your response neatly, in proper format with notes/footings. Note: Ignore provincial income taxes Amaya Turner is 66 years old and works as financial analyst at Stoneys Advisors (a CCPC). Since Ms. Turner lives on a large property by herself her elderly parents moved in last year. Her mother (Martha) is a very healthy 92-year-old with annual income of $6,500. Her 96-year-old father (Brian) is legally blind and has no income of his own. Ms. Turner does not have any children of her own but spends lots of time with her nieces and nephews whom she likes to spoil. Her favorite niece Leah is 19 years old and visits Ms. Turner on a regular basis. In 2022, Ms. Turner pays $8,400 for Leah to attend university. Her family's medical expenses, all of which have been paid by Amaya, are as follows: Amaya $ 900 Martha (mother) 2,100 Brian (father) 11,600 Total Medical Expenses $14,600 Employment Income In 2022, Ms. Turners gross salary was $71,500. Stoneys Advisors made the following payroll deductions: RPP Contributions $3,890 EI Premiums 953 CPP Contributions 3,039 Union Dues 633 Donations to Registered Charities 2,200 In addition, the following were provided to Ms. Turner: 1. Ms. Turner was provided with an automobile that is owned by her employer. The car was acquired by the employer in 2020 for $63,000, plus $3,150 in GST. In 2022, it was available to Ms. Turner for eight months. The car was driven a total of 53,000 kilometers in 2022, of which 22,000 were for employment purposes. 2. Ms. Turner received a $200 gift card to Wal-Mart 3. Ms. Turner received a chocolate gift basket valued at $75 and a bottle of wine valued at $350 4. As Amaya plans on retiring, she decided to exercise the share options she received by her employer. Ms. Turner was granted options to buy 4,000 shares of her employer for $54 per share. At the grant date, the FMV of the shares was $50 per share. On July 15, 2022, when the shares are exercised the FMV of the shares is $82 per share. 5. Ms. Turners employer paid $1,200 for her to complete an advanced financial course. In addition, Ms. Turner attended an 8-week art course costing $4,200. Ms. Turners employer paid for half of the cost of the art course and Ms. Turner paid the remainder. Property Income In 2022, Amaya received the following dividends (all amounts in Canadian dollars): Eligible Dividends from Taxable Canadian Corporations $13,200 Non-Eligible Dividends on shares of a CCPC 4,100 In addition to dividends, Amaya had 2022 interest income of $2,843. Business Income Because of her project management skills that she has acquired over her years, Amaya started a management consulting business in 2019 which her carries on as a sole proprietor. In that year she acquired a new building to be used as an office for her business. Her building cost $523,000 of which $123,000 was attributable to her land and $400,000 to her building. On January 1, 2022, her UCC of her building is $342,847. Her building contains office furniture and fixtures that were acquired in 2019 at a cost of $51,000. On January 1, 2022, her UCC is $29,376. In 2022, she spends $37,000 on improving and upgrading her building. In addition, her sells her old furniture and fixtures for $21,300 and purchases replacement furniture and fixtures for $58,000. Amayas net business income before the deduction of CCA is $146,300. Other Information 1. The following assets were sold in 2022: Adjusted Proceeds of Cost Base (ACB) Disposition (POD) Collector Car $45,000 $66,000 Marble Sculpture 800 13,000 Antique Furniture 21,000 12,000 Stamp Collection 50,500 26,000 2. For several years, Ms. Turner has owned a rural cottage that has been used only for her personal use and enjoyment. Her cottage cost $96,000 in 2014 and, on July 1, 2022, the FMV is $560,000. She estimates that the FMV of her land on which her cottage is located is $22,000 in 2014 and the current FMV of land is $125,000. It will not be designated as her principal residence for any of her years owned. On July 1, 2022, she rents her property to an arm's length person for $1,000 per month on a three-year rental agreement. Rental income for the year ending December 31, 2022, before her deduction of any CCA, is $4,800. 3. In 2022, Amaya sells capital property with an ACB of $87,200 for $105,300. In accordance with her sales agreement, she receives a down payment of $5,300 in 2022, a second payment of $50,000 in 2023, and a final payment of $50,000 in 2024.