Ken Potman is the sole shareholder in Brickbase Enterprises Ltd., a Regina-based construction company. In addition, Ken is a 25% partner in a retail kitchenware store, although he does not actively participate in its management. The following information relates to Kens financial affairs for the year 2020:

1. Brickbase was organized three years ago. For its year ending May 31, 2020, the company earned a profit of $88,000. Ken originally contributed $200,000 to the corporation, using $50,000 of his own savings and funding the balance with a bank loan. In return, the corporation issued Ken $1,000 worth of common shares and $199,000 of preferred shares. In 2020, the company paid a dividend of $ 12,000 on the preferred shares. All of Brickbases income is subject to the small business deduction.

2. During the year, Ken sold a warehouse property for $180,000 (land $15,000, building $165,000). The building was used by Brickbase to store construction equipment, and the company paid Ken a fair rental for use of the property. The property was originally purchased at a cost of $ 140,000 (land $ 10,000, building $ 130,000). At the end of 2019 the building had an undepreciated capital cost of $110,000.

Simultaneously with the sale, Ken purchased a larger warehouse property (constructed after March 18, 2007), which was also rented to Brickbase. The new property cost $400,000 (land $50,000, building $350,000). During the year, the company paid Ken net rents of $ 30,000 for both properties. The new property was financed with the proceeds from the sale of the old building as well as mortgage financing.

1. The retail store partnership earned $40,000 for its year ending December 31, 2020. The profit consisted of a $32,000 profit from operations and $8,000 of interest income earned on excess undistributed cash deposits.

2. On July 1 of the previous year, Ken purchased a four-year guaranteed investment certificate for $30,000 that bears interest at 10%.The interest compounds annually but is not payable until the end of the four-year term. Ken did not include any amount of interest in his previous years income.

3. During the year, one of the Canadian public corporations of which Ken is a shareholder issued him 100 additional shares as a stock dividend. The shares had a stated value of $ 40 per share. Ken placed the shares in his safety deposit box along with his other securities.

4. Kens other cash receipts and disbursements for 2020 are shown in the table below

5. Receipts:
   Salary from Brickbase	$ 62,000
   Dividends from Canadian public corporations	6,000
   Dividends from foreign public corporations (net of 10% foreign withholding tax)	9,000
   Winnings from provincial lottery	2,000
   Interest on a loan to his daughter	1,000
   Disbursements:
   Contribution to Brickbase employee pension plan	3,000
   Investment counsel fees	1,000
   Legal fees for registering mortgage on new warehouse	5,000
   Life insurance premium on policy required as collateral for the bank loan used to purchase Brickbase shares	1,000
   Interest on warehouse building mortgage	21,000
   Interest paid on house mortgage (The house mortgage is $100,000,
   of which $70,000 was used to acquire the house. The balance was used to purchase public corporation shares.)	10,000
   Interest on bank loan (re: Brickbase shares)	15,000
   Donations to local charity	4,000
   Safety deposit box fees	100

6. Required:

   Determine separately, for the year 2020, Kens income for tax purposes from employment, business, and property.

7. 

Salary $ 62,000 $ (3,000) $ 59,000 $ 2,000 $ 1,000 $ 3,000 $ Registered Pension Plan (RPP) Net Employment Income Business Income Property Income Partnership interest income Interest income from daughter GIC Interest income Dividends - Brickbase Enterprises Dividends - stock dividend Dividends Canadian public corp Dividends Foreign Interest expense on bank loan Interest expense on house mortgage Life insurance Premiums Rental Income Recapture on sale of warehouse Interest expense on mortgage for rental property | $ (15,000) $ (3,000) $ (1,000) $ 30,000 $ 20,000 $ (21,000) Legal fees to register mortgage Investment counsel fees $ (1,000) Net Property Income $ 15,000 Salary $ 62,000 $ (3,000) $ 59,000 $ 2,000 $ 1,000 $ 3,000 $ Registered Pension Plan (RPP) Net Employment Income Business Income Property Income Partnership interest income Interest income from daughter GIC Interest income Dividends - Brickbase Enterprises Dividends - stock dividend Dividends Canadian public corp Dividends Foreign Interest expense on bank loan Interest expense on house mortgage Life insurance Premiums Rental Income Recapture on sale of warehouse Interest expense on mortgage for rental property | $ (15,000) $ (3,000) $ (1,000) $ 30,000 $ 20,000 $ (21,000) Legal fees to register mortgage Investment counsel fees $ (1,000) Net Property Income $ 15,000