Can you Please explain me this Problem? Thanks!

Transcribed image text: Victor is employed with Meter Ltd., a Canadian public corporation, in 2020. Victor's gross salary was $120,000. From this amount, Meter deducted income tax of $22,000 and CPP and El of $3,754. The company also deducted $2,300 in company pension contributions from his pay. Meter Ltd. paid the following employee benefits on Victor's behalf: Company Pension Contributions $2,300 Group Term Life Insurance Premium ($90,000 coverage) 650 Dental Insurance Premium 625 During the year, until September 30, 2020, Victor had the use of an employer's automobile. Meter paid the monthly lease cost of $1,100 plus monthly operating expenses of $200 per month. Victor drove the car a total of 16,000 km, of which 4,000 km was for personal use. Victor suffered an illness in 2020 and was off work for six weeks. During this period, the employer's group sickness and accident insurance policy paid Victor $4,000 for lost salary. The entire premium of $500 was paid by Meter in 2020. In 2018, Meter granted Victor an option to acquire up to 5,000 of its shares at a price of $8 per share. At that time, the shares were trading at the same price. In January 2020, he purchased 2,000 shares when they were trading at $10 per share. In November 2020, Victor sold the shares at $20 per share after receiving a cash dividend of $800. Victor's employment contract requires that he work on a full-time basis from an office in his home. He received an allowance of $2,400 from Meter to cover his expenses. He incurred the following expenses related to his home office with measured 30 square meters out of 300 square meters total house area. Victor's employment contract requires that he work on a full-time basis from an office in his home. He received an allowance of $2,400 from Meter to cover his expenses. He incurred the following expenses related to his home office with measured 30 square meters out of 300 square meters total house area. Home Expenses: Utilities $2,100 Maintenance 750 Insurance 820 Property Tax 2,500 Mortgage Interest 7,830 Total Expenditures $14,000 During the year, Victor took his children to visit their grandparents using airline tickets acquired through frequent flyer points accumulated while he travelled on company business. The tickets were valued at $1,300. On January 2, 2020, Victor gifted bonds valued at $20,000 to his wife. She earned interest income of $900 from the bonds received from her husband. Required Determine Victor's minimum net income and taxable income for tax purposes in accordance with the Section 3 of the Income Tax Act. No explanations are necessary. Transcribed image text: Victor is employed with Meter Ltd., a Canadian public corporation, in 2020. Victor's gross salary was $120,000. From this amount, Meter deducted income tax of $22,000 and CPP and El of $3,754. The company also deducted $2,300 in company pension contributions from his pay. Meter Ltd. paid the following employee benefits on Victor's behalf: Company Pension Contributions $2,300 Group Term Life Insurance Premium ($90,000 coverage) 650 Dental Insurance Premium 625 During the year, until September 30, 2020, Victor had the use of an employer's automobile. Meter paid the monthly lease cost of $1,100 plus monthly operating expenses of $200 per month. Victor drove the car a total of 16,000 km, of which 4,000 km was for personal use. Victor suffered an illness in 2020 and was off work for six weeks. During this period, the employer's group sickness and accident insurance policy paid Victor $4,000 for lost salary. The entire premium of $500 was paid by Meter in 2020. In 2018, Meter granted Victor an option to acquire up to 5,000 of its shares at a price of $8 per share. At that time, the shares were trading at the same price. In January 2020, he purchased 2,000 shares when they were trading at $10 per share. In November 2020, Victor sold the shares at $20 per share after receiving a cash dividend of $800. Victor's employment contract requires that he work on a full-time basis from an office in his home. He received an allowance of $2,400 from Meter to cover his expenses. He incurred the following expenses related to his home office with measured 30 square meters out of 300 square meters total house area. Victor's employment contract requires that he work on a full-time basis from an office in his home. He received an allowance of $2,400 from Meter to cover his expenses. He incurred the following expenses related to his home office with measured 30 square meters out of 300 square meters total house area. Home Expenses: Utilities $2,100 Maintenance 750 Insurance 820 Property Tax 2,500 Mortgage Interest 7,830 Total Expenditures $14,000 During the year, Victor took his children to visit their grandparents using airline tickets acquired through frequent flyer points accumulated while he travelled on company business. The tickets were valued at $1,300. On January 2, 2020, Victor gifted bonds valued at $20,000 to his wife. She earned interest income of $900 from the bonds received from her husband. Required Determine Victor's minimum net income and taxable income for tax purposes in accordance with the Section 3 of the Income Tax Act. No explanations are necessary