Margaret Lykaios is the president and major shareholder of Measureup Ltd., a Canadian-controlled private corporation that operates a construction business in Regina, Saskatchewan. Measureup earns only business income, which is all subject to the small business deduction.

In 2020, she had a number of financial transactions. She has asked you to help her prepare her 2020 tax return and provide advice on other tax matters. The following additional financial information is provided for 2020:

1. Margarets gross salary was $119,800, from which Measureup deducted the following amounts:

Income tax	$30,000
EI premiums	856
CPP (includes enhanced contributions of $166)	2,898
Private health insurance premiums	600
Group sickness and accident insurance premiums	400

In addition to her salary, Measureup paid $2,000 to a deferred profit-sharing plan, $600 of private health insurance premiums, and $400 of group sickness and accident insurance premiums on Margarets behalf.

2. Margaret is required to use her own automobile for company business. For this, Measureup pays her an annual allowance of $4,800. she purchased a new automobile for $33,900 plus HST(13%), and received $18,000 as a trade on her old car. At the end of the previous year, the old car had an undepreciated capital cost allowance balance of $18,000 (class 10.1). Of the 20,000 kilometres driven in 2020, 15,000 were for employment purposes. Margaret incurred automobile operating costs of $6,900.
3. For three months during the 2020, Margaret was sick and could not attend work. She received $15,400 from the companys group sickness and accident insurance plan. Since the plans inception, Margaret had paid premiums totalling $2,000.
4. Margaret purchased a warehouse property and leased it to Measureup to store construction equipment. The property cost $322,800 (land 30,000, building 292,800). The building was constructed after March 18, 2007. The price for the land includes $2,600 of permanent landscaping completed just after acquisition. The 2020 rental income is summarized below.

Rent received		$26,600
Expenses:
Insurance	$1,500
Property taxes	$5,300
Interest	10,000
Repairs:
General maintenance	800
Storage shed addition	$4,000	($21,600)
Income		$5,000

5. Margaret is a 40% partner in a computer software business but is not active in its management. The partnership financial statement shows a profit of $40,000 for the year ended December 31, 2020. The profit consists of $32,000 from software sales and $8,000 from interest earned.
6. On July 1, 2019, Margaret purchased a three-year guaranteed investment certificate for $20,000 with interest at 7%. The interest compounds annually but is not payable until July 1, 2022.
7. Margaret received (made) the following additional receipts (disbursements):

Receipts:
Dividends (Eligible) from Canadian public corporations	$2,600
Dividends (Non-eligible) from Measureup	4,000
Dividends from foreign corporations (net of 10% foreign tax)	3,600
Winnings from a provincial lottery	12,000
Disbursements:
Contribution to RRSP (within allowable limits)	13,300
Dental expenses for children	3,500
Donation to a charity	2,000
Safety deposit box	100
Life insurance premium used as collateral for personal bank loan	1,100
Investment counsel fees	1,300

Determine Margarets minimum net income for tax purposes in accordance with the aggregating formula of section 3 of the Income Tax Act.

Employment income
Net Employment Income
Business Income
Property Income - Net Rental Income
Net Rental Income
Other Property Income
Net Property Income
Other deductions
Segment C deductions
Net Income for Tax Purposes