Henry Wadrum received the following perks from the Raptors during the year:

• A company vehicle. When Henry joined the basketball team, he was provided with a company car. The vehicle was available to Henry throughout the entire calendar year. The vehicle cost $87,500 including all taxes and fees. Henry drove a total of 25,000 kilometers during the year none of which were for employment purposes. All the maintenance costs for the vehicle were paid by the Raptors.

• A $350 monthly vehicle allowance ($4,200 annually) for the above vehicle intended to cover fuel costs.

• The Raptors paid Henry $12,500 annual golf membership at a private country club in the Greater Toronto Area. The Raptors derive no benefit from this membership.

• Henry received a $2,500 cash award from the Raptors in recognition of his work and dedication to MLSE Foundation, the Raptors’ official charity.

• Henry received a gold watch valued at $500, a Raptor t-shirt valued at $40 and a coffee mug valued at $20 for winning the team’s annual golf tournament.

• The Raptors matched Henry’s pension plan contributions by also contributing $20,000 to his pension plan.

What is the minimum amount of taxable benefits that must be included in Henry Wadrum’s employment income for the year? Round your answer to the nearest dollar. (Canadian Income Tax Law)