Can you Please explain me this Problem? Thanks!

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 EI 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 PensionContributions$2,300

Group Term Life Insurance Premium ($90,000coverage)650

Dental InsurancePremium625

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.

Home Expenses:

Utilities$2,100

Maintenance750

Insurance820

PropertyTax2,500

MortgageInterest7,830

TotalExpenditures$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'sminimum net income and taxable income for tax purposesin accordance with the Section 3 of theIncome Tax Act.No explanations are necessary.