Izumi Tanaka is employed by TSK Inc., a Canadian public corporation. The following information pertains to the 2020 tax year:

Izumi earned $90,000 from TSK. A cash bonus of $8,000 was announced on December 3rd, 2020 to be paid to Izumi on January 10th 2024. Izumi was provided with a company car for the entire year. The lease cost of the car (including taxes) was $900 per month. All operating costs were paid by TSK. Izumi drove the car 21,000 kilometers in 2020. 10,000 kilometers were for personal use. Izumi and TSK each contributed $2,000 towards Izumi's registered pension plan. Izumi was presented with a watch from TSK, valued at $200, as a birthday gift. TSK provided Izumi with a cell phone and paid the monthly plan fee of $200. This phone was to be used for business purposes. In January 2020, Izumi was granted a stock option to purchase 2000 shares in TSK at a cost of $8.00 per share. At that time, the fair market value per share was $8.00. Izumi exercised the option in February when the market value had risen to $9.50 per share. He sold all the shares in December 2020 when the market price was $12 per share. Izumi took a $15,000 low-interest loan from TSK on January 1st, with a 1% interest rate. The CRA's prescribed rate during the year was 3%. TSK provided Izumi with a $25 meal allowance every week due to the two hours of overtime that was required to work each Wednesday immediately following eight hours of regular work. An annual union due of $850 was deducted from Izumi's pay in 2020.

Required:

A) Calculate Izumi's minimum net income and taxable income in accordance with Section 3 of the Income Tax Act. B) Identify any items that have been omitted in your calculations, and briefly explain why.