Comprehensive Individual Tax Payable

The following information relates to Mitchell Jones for the year ending December 31, 2020: Cash Receipts

Salary From Swiftcorp Inc.		$ 35,000
Revenue From Farming		36,000
Drawings From Toonie Plus Proprietorship		9,000
Interest On Savings Account		4,450
Lottery Winnings		1,600
Canada Pension Plan Benefits		5,100
Loans To Friends: Interest Received Principal Repaid	$12,000 21,000
		33,000
Cash Inheritance From Deceased Aunt		25,000
Eligible Dividends From Canadian Public Corporations (100%)		44,000
Dividends From U.S. Corporations ($10,000 in CAN$) net of 15% withholding tax		8,500
Proceeds From Sale Of Land		111,500

Total Cash Receipts $313,150 Cash Disbursements

Farm Expenses	$ 45,000
Personal Funds Invested In Proprietorship	42,000
Interest Paid On Bank Loan	2,300
Funds Spent on Lottery Tickets	1,000
Life Insurance Premiums	11,000
Mortgage Payments on Personal Residence	15,000
Charitable Donations	2,700
Contributions To Federal Conservative Party	500

Total Cash Disbursements $119,500

Other Information:

1. Mr. Jones is 71 years old. His wife, Janice, is 61 and is confined to a wheelchair. She is in ill health and has no income of her own.
2. Mr. Jones owns 45 percent of the shares of Swiftcorp Inc., the corporation that employs him. As a result, no EI premiums were withheld. Since Mr. Jones is over 70 years old, he does not have deductions from salary for CPP or owe them on his proprietorship income.
3. Mr. Joness farming operation is a sideline business that he started a year ago, believing organic produce would improve his wife's health. With his vast business experience, he is confident he can make the operation profitable within another year.
4. The Toonie Plus proprietorship began operations on May 1, 2020 and has a fiscal year end of December 31st. The proprietorship had net business income of $28,300, determined in accordance with the Income Tax Act, for the period May 1 to December 31, 2020. The bank loan on which interest was paid was used to finance Mr. Joness investment in the proprietorship. The interest was not deducted in the calculation of net business income.
5. The land that was sold during 2020was purchased at a cost of $23,000 three years ago. Mr. Jones had intended to build a vacation home on it.
6. Mr. Jones applied for and receives OAS benefits. Due to his high levels of income the government has withheld some of the OAS payments. On his T4A(OAS) it shows taxable benefits of $7,000 and the OAS payments withheld of $7,000.

Required:

1. Calculate Mr. Joness Net Income and Taxable Income
2. Calculate Mr. Joness minimum Federal tax payable (including any OAS benefits repayment) for the year ending December 31, 2020.