Determine the income tax consequences of the share redemption to the major shareholder. Start by calculating the taxable non-eligible dividend. Proceeds of Redemption Less: Paid-up Capital ITA 84(3) Deemed Dividend Add: Gross Up Taxable Non-Eligible Dividend Middleton Inc. is a CCPC with a nil GRIP balance at the end of its 2023 taxation year. It has 313,000 common shares outstanding. All of the sha price of $17 per share for total proceeds of $5,321,000. This is the PUC of the shares. > In 2023, the company agrees to redeem the shares of one of its major shareholders. This shareholder holds 13,500 shares, which were purcha share. The agreed upon redemption price is $18 per share. Now, 

calculate the taxable capital gain of the share redemption.