In 2013, Denise was hired as the VP of Telecommunications with Cobra Tech Corporation; a company listed on the TSX. At the time of hiring, she was granted options on 1500 common shares at an exercise price of $25 and a 5-year expiry when the stock was trading at $18 per share. The option was granted with an exercise fee of $0.65 per share. In 2015, Denise exercised 500 options on the shares when the price of Cobra Tech was trading at $37. In 2017, Denise exercised her remaining options on the shares when the price of Cobra Tech was trading at $27.50. In 2018, Denise retired from the company and later that same year she sold half of her shares in Cobra Tech for $44 per share. For 2013, calculate the tax implication:

options:

	$0
	$325
	$12,500
	$25,000