It is now January 3, 2023. You, CPA, will be meeting with a new client, Amandeep Kaur. Amandeep requested you to prepare her 2022 personal tax return.

After a meeting with Amandeep, you have obtained the following information:

1) Amandeep worked as a Human Resource Manager in a Canadian-controlled private corporation. For the calendar year 2022, her gross employment income was $130,000.

2) In year 2019, the company that Amandeep works for granted her an option to acquire 100 shares from the companys treasury at a price of $25 per share. During that period, the shares were valued at $30 per share. She immediately exercised the option and acquired 100 shares in 2019. In December 2022, Amandeep sold all the shares for $40 per share.

3) Amandeep owns shares of both public and other private corporations and during the year, she received the following dividend income:

$1,200 of eligible dividend from taxable Canadian-controlled private corporations; $2,000 of dividend from a taxable Canadian public corporation; and $1,800 of foreign dividends. The $1,800 is the net amount after the foreign country withheld $350 in foreign tax.

4) During 2021, Amandeep bought 2 units of condominium: a 2-bedroom unit and a 3-bedroom unit. She has always wanted to live in a condominium so she kept the 2-bedroom unit but she sold the 3-bedroom unit in 2022. She provided you with the following information of the transactions:

2-bedroom

3-bedroom

Cost

$480,000

$688,000

Proceed of disposition

N/A

889,000

5) To fully fund the purchase of the condo, she sold both her house and cottage in 2022. She provided you the following additional information:

House

Cottage

Cost

$510,000

$255,000

Proceed of disposition

945,000

362,000

Years of ownership

7 years

4 years

6) She disposed many of her personal properties. You complied the following list as she provided you the items that she sold:

Proceed

Cost

A limited edition of an old camera

$1,300

$800

Stamp collection

6,500

1,200

Furniture

800

5,300

Clothing

200

800

Art collection

2,200

450

7) Amandeep informed you that she bought 20% shares of a small business corporation for $16,000. However, the company filed bankruptcy in 2022 and Amandeep was not able to recover any of her investment.

Required:

Calculate Amandeeps net income for tax purposes for the 2022 taxation year in accordance with the aggregating formula of Section 3 of the Income Tax Act.