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Hello! Please Solve ASAP. Thanks in advance! The following is the amounts of income and deductions of Yanie Kayle for the year of 2021: Yanie

Hello! Please Solve ASAP. Thanks in advance!

The following is the amounts of income and deductions of Yanie Kayle for the year of 2021:

Yanie Kayle is employed by GKL Inc., a Canadian controlled private corporation (CCPC). Yanie Kayle had employment income of $49,000. Yanie was provided with a company car for the entire year. The cost of the car (including taxes) was $40,000. All operating costs were paid by GKL Inc. Yanie drove the car 21,000 KM in 2021. 10,000 KM were for personal use.

On the other hand, Yanie had interest income of $15,000, and net rental income of $23,000 from his property A. The Spousal support he paid totalled $7,000. His unincorporated business lost $23,000 during the year. He also experienced a loss of $5,000 on a rental property B that he has owned for several years. As the result of dispositions of his two real estate properties, he had capital gains of $120,000 and capital losses of $146,000. His RRSB contribution for the year amounted to $10,500. Fortunately for Kayle, he won $560,000 in a lottery on February 24, 2021.

Required: Determine Kayles net income for tax purposes for 2021 in accordance with the statutory scheme formula (Section 3 of the Income Tax Act). Show your calculations step by step and round to the nearest dollar

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