Gege Xu retired in April 2020 and moved from Thunder Bay to Vancouver Island. During her retirement she plans to accept the occasional small consulting contract. Her financial transactions for 2020 are summarized below.

1. Gege sold her home in Thunder Bay for $240,000. She paid a real estate commission of $8,000 and legal fees of $2,000 to complete the sale. Gege had purchased the home in 2011 for $110,000. In 2014, she purchased a summer cottage for $74,000. She sold it in 2020 for $175,000. She paid a legal fee of $1,000 to draw up the sale agreement. Gege had used the summer cottage regularly for summer vacations.

2. Geges gross salary from January 1, 2020, to her date of retirement was $39,900.

3. Three years ago, Gege purchased 20% of the shares of Q Ltd. and 15% of the shares of XYZ Ltd. Both are Canadian-controlled private corporations. Qs assets consist entirely of investment properties, including shares, bonds, and rental properties. All of XYZs assets are used to operate an active business. Gege sold her shares in both corporations in 2020. Details of the transactions are outlined below.

	Q Ltd.	XYZ Ltd.
Cost	$39,900	$53,200
Selling price	$83,800	$37,300

Gege received $12,000 in cash for the Q Ltd. shares, with the balance payable at the rate of $9,000 annually for the next six years. The XYZ Ltd. shares were sold for cash.

4. A local farmer has been trying to purchase Geges hobby farm land. Gege purchased the land 5 years ago for $69,000. In July 2020, Gege received $2,600 from the farmer, for which she granted him an option to purchase the land. The option is open for two years and allows the farmer to purchase the land for $100,000.

5. In February 2020, Gege paid an investment counsellor $600 for investment advice. The same month, she purchased 5,000 units of Q mutual fund for $10 per unit. An additional 3,000 units were purchased in April 2020, at $14 per unit. On October 31,2020, Q fund distributed $1,500 of taxable Canadian dividends, which Gege reinvested in the fund, thereby acquiring another 100 units. On December 3, 2020, she sold 2,000 units of Q at $16 per unit. At year end, the fund units were valued at $18

6. To obtain the funds to complete the purchase of the Q mutual fund units, Gege increased the mortgage on her house by $20,000. She incurred interest of $800 on this amount before paying off the mortgage when the house was sold.

7. In 2019, Gege invested in a real estate project with her friend, a real estate agent and part-time developer. Together, they purchased a parcel of land and constructed four town homes at a cost of $665,500. In 2020, the four town homes were sold for $772,000 to a single buyer, who planned to use them as rental properties. Geges share of the gain was 40%. No cash was invested in the project, which had been funded entirely with bank financing.

8. Gege sold shares of X Ltd. (a public corporation) for $24,000 during the year. She had acquired the shares for $33,300.

Required:

Calculate Geges minimum net income for tax purposes for the 2020 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act.