Gurpreet Sandhu received a $300,000 inheritance in 2020. With the proceeds, Gurpreet purchased the following investments:

1) Two rental properties: Property A has a value of $85,000, of which $40,000 is allocated to the building. Property B has a value of $110,000, of which $60,000 is allocated to the building. The properties earned a total of $9,750 in rental income before CCA. Both buildings are Class 1 - 4% assets, and the maximum allowable CCA will be claimed each year. The capital growth of the two properties combined is expected to be 5%.

2) A 3-year bond purchased on July 1st: Valued at $50,000 with 10% annual interest paid at maturity

3) Portfolio shares: Worth $10,000 - Eligible dividends in the amount of $700 were paid to Gurpreet before the end of the year. The capital growth of the shares is expected to be 3%.

4) A cash dividend of $800 received form a foreign company (a 20% withholding tax was deducted by the foreign government on the principle amount of dividend).

5) He paid $7000 fee to a financial planner for the investment advice.

The remainder of the money was applied to the mortgage.

*Required: Calculate Gurpreet's minimum property income for 2020