Justin works for Triple T Manufacturing Corporation (TTT) and, as part of their compensation program, the company provides all employees with stock options. Justin was granted his options to purchase 500 shares of TTT at a price of $8/share on March 1, 2011. He chose to exercise all of the options the following year, on April 15, 2012. The stock has done well and Justin decided to realize some of his gains in June 2015 when he sold 250 of the shares.

The fair market value of TTT shares is as follows:

March 2011 $6/share

April 2012 $9/share

June 2015 $13/share

Calculate the effect on Justins NITP and Taxable Income for 2011, 2012, and 2015 assuming

1. TTT is a Canadian public company
2. TTT is a CCPC
3. TTT is a CCPC and the market value of the shares in March 2011 was $3/share