For its 2021 taxation year ending December 31, the condensed Income Statement of Manipee Systems Limited (MSL), was as follows: Revenues Manipee Systems Limited Condensed Income Statement Year Ending December 31, 2021 Expenses (Excluding Taxes) Accounting Income Before Income Taxes $926,000 (713,000) $213,000 Other Information: 1. The company is a CCPC with all of its shares owned by Ms. Mildred Manipee and her immediate family. There are no associated corporations. The company's taxable capital employed in Canada has never exceeded $10 million. 2. The company's expenses included amortization of $126,000. The company's accountant has calculated maximum CCA for the 2021 year as $138,000. 3. The company's revenues include a gain on the sale of a depreciable property of $27,000. The property had a cost of $109,000, a carrying value (book value) of $105,000 for accounting purposes, and was sold for $132,000. It was not the last property in its CCA class, and the UCC balance in the class at the end of 2021 was positive. 4. Revenues include taxable dividends from taxable Canadian corporations in the amount of $12,000. Adjusted aggregate investment income has never exceeded $50,000. 5. At the beginning of 2021, MSL has a 2019 non-capital loss balance of $126,000, as well as a 2019 net capital loss balance of $22,500. 6. In 2021, the company's Canadian active business income is $156,000. 7. The company had permanent establishments in Ontario and Manitoba and also carried on business