During 2013, Mr. Helm acquired two tracts of land near Ottawa. Tract A cost $61,000, while Tract B cost $77,000.

On July 1, 2020, Tract A is sold for $117,000. The term of the sale require a down payment of $17,000. A payment of $25,000 is required each year commencing on January 1, 2021.

Also on July 1, 2020, Tract B is sold for 116,000. The term of the sale required a down payment of $32,000. No further payment of the principal amount is required for five years.

Required: Determine the amount of the minimum taxable capital gain that will have to be included in Ms. Helms Net income for Tax purposes for both 2020 and 2021.

Course: Canadian Income Taxation Planning and Decision Making, 2014-2015 Edition. Buckwold and Kitunen, McGraw-Hill Ryerson Centre. ISBN: 0-13-978-125909433-0.