Kevin is employed by MMF Inc., a Canadian controlled private corporation. Kevin earned $95,000 in 2023. During the year, the following occurred:

• A cash bonus of $10,000 was announced on December 2nd, to be paid to Kevin on January 20th of the following year.
• Kevin was provided with a company car which he drove all year. The cost of the car (including taxes) was $40,000. All operating costs were paid by the employer. Kevin drove the car 21,000 kilometres in 2023, of which 10,000 kilometres were for personal use.
• Kevin and MMF Inc. each contributed $2,000 towards Kevin's registered pension plan.
• Kevin was presented with a watch from MMF Inc., valued at $350, on his birthday.
• The company provided Kevin with a $300 cell phone to be used for business purposes.
• In January of 2023, MMF Inc. loaned Kevin $15,000 at a rate of 1% interest. The CRA's prescribed rate of interest during the year was 3%.
• In January, Kevin was offered a stock option to purchase 2000 shares in MMF at a cost of $8.00 per share. At that time, the fair market value per share was $9.00. Kevin exercised his option in February when the market value had risen to $9.50 per share. At the end of the year, Kevin had not sold any of the shares, and he was hoping to purchase more shares in the company in the upcoming year.
• MMF Inc. provided Kevin with a $20 meal allowance every week due to the two hours of overtime that he was required to work each Wednesday immediately following his eight hours of regular work.
• Kevin's annual union dues totaled $900, which was deducted from his pay.

Required:

A) Calculate Kevin's minimum employment income for tax purposes in accordance with Section 3 of the Income Tax Act.

B) Identify any items that have been omitted in your calculations, and briefly explain why.