Joel is a teacher who operates a lawn maintenance business during the summer months. He has provided you with the following information pertaining to 2020:

Employment income $ 85,000

Net loss from lawn maintenance business (52,000)

Net rental loss (before CCA) (20,000)

Taxable capital gain 4,500

Allowable capital loss (5,000)

Based on his 2019 income, Joel made an RRSP contribution of $22,500 to his RRSP in respect of 2020. He also contributed $450 to a registered charity in 2020.

Required: Compute Joels net income for tax purposes using the ordering rule in section 3, taxable income, and the amount of any loss carryover available as a result of the above information. Show all calculations.