John Brown's financial transactions for 2019 are summarized below.

1. Brown's gross salary this year was $50,000.In addition, Brown had the following benefits:

-A group term life insurance policy for $100,000 (premium cost, $500).

-A cash bonus of $3,000that was awarded to him in the previous year and that he received in the current year.

2. Brown had a small retail business as a sole proprietorship and had a net loss of $10,000 this year

3. In 2019, Brown received a stock dividend of 100shares of Canadian publicRogerswith a fair market value of $10 per share.

4. Brown had the following additional receipts in 2019:

CIBC Dividends (public company)

$2,000.

Interest on bonds

1,000.

5. Brown sold the following assets in 2019:

Cost

Proceeds

PublicBCEshares

$10,000.

$20,000.

PublicRoyal bankshares

10,000.

5,000.

Stamp collection

8,000.

12,000.

Jewellery

2,500.

500.

6. Brown paid out the following in 2019:

Contribution to an RRSP

2,800

Required:

Calculate Brown's minimum net income for tax purposes for the 2019 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act.Omit any items that do not impact net incomefor tax purposes