In the current year, Mary entered into the following separate independent transactions: 

a) Mary sold shares of a public corporation to her husband. The shares, which had a value of $8,000 at the time of the sale, originally cost $10,000. Mary sold them to her husband for $7,000 in cash. During 2020, Mary’s husband received dividends of $500 on these shares. In January 2021, Mary’s husband sold the shares. Assume the couple do not elect out of the 73(1) rollover. 

b) Mary transferred shares of a public corporation with a fair market value of $8,000 to her RRSP. The shares originally cost $10,000 when first purchased by Mary. 

Required: (a) Describe the tax consequences, in detail, of these transactions for Mary, and her husband in 2020 and 2021.