Darren Brock, a non-resident, borrows $422,000 and invests it in a Canadian rental property which produces gross annual rental income of $72,000. The interest costs on the loan total $6,000, and other expenses of operating the property, including maximum CCA, total $20,000.

Calculate the amount of rental income first, that would be taxable to Mr. Brock if he elects to report his rental income under Part I, and second, if he reports his rental income under Part XIII? Hint see textbook pages 962 and 963.