Jeff Smith is employed by a large Canadian public corporation. The Company has a December 31 year end. For the 2020 year, his gross salary is $95,000. Jeffs company withheld the following amounts from his earnings: Federal And Provincial Income Tax $22,500 Registered Pension Plan Contributions 3,200 Union Dues 1,250 Other Information:

1. Jeffs employer made a matching contribution of $3,200 to his registered pension plan. His employer also paid life insurance premiums of $450 on his behalf.

2. For the year ending December 31, 2020, Jeff was awarded a bonus of $32,000. Of this total, $19,000 was paid during 2020, with the remainder payable on July 31, 2021.

3. Jeff is required by his employer to use his own automobile in his work. To compensate him, he is paid an allowance of $0.50 for each employment-related kilometre driven, a total of $8,400. The automobile is leased at a rate of $728 per month and in addition, his total operating costs for the year are $4,200. During 2020, the automobile is driven 57,000 kilometers, of which 16,800 were employment related.

4. The Company provided Jeff with the following additional benefits: Allowance For Acquiring Business Clothing $4,800 Private Health Care Plan 900 Gym Membership for his own personal use 1,200

5. Jeff received options to purchase 500 shares of his employers stock at a price of $37 per share 2 years ago. At the time the options were granted, the market price of the shares was $35 per share. During July, 2020, when the shares are trading at $45 per share, Jeff exercises all of these options. He is still holding these shares at the end of the year. Required:

Calculate Mr. Smiths minimum net employment income for the year ending December 31, 2020. Show your work and provide reasons for omitting items that you have not included in your calculation. Embed Kaltura Media