Mark Texas is the vice-president of ACE Ltd., a Canadian-controlled private corporation located in Halifax, Nova Scotia. ACE operates a real estate development business constructing and selling commercial buildings and residential apartments. Marks 2021 financial transactions include the following:

Mark receives a salary of $105,000 from ACE. From this amount, ACE deducted EI and CPP of $4,056 (includes CPP enhanced contributions of $290) and income tax of $21,000. The company provides him with a car that cost $40,000 and that has an undepreciated capital cost of $18,000. The operating costs of $3,000 were paid by ACE. In 2021, Mark drove the car 20,000 ACE, of which 8,000 ACE were for employment purposes. ACE contributed $4,000 on Marks behalf to a deferred profit-sharing plan. Although ACE does not have a group life insurance plan, it pays Marks personal life insurance premium of $1,000 (coverage $75,000).

During the year, Mark sold 1,000 shares of ACE Ltd. for $10 per share. He had acquired the shares three years earlier for $6 per share as part of a company stock-option plan. At the time of purchase, the shares were valued at $7 per share.

Mark sold his summer cottage for $90,000 after it was announced that a waste disposal site would be developed in the area. He purchased the cottage six years earlier for $120,000.

Mark sold shares of a public corporation, purchased in 2019 for $12,000, for $20,000.

Mark received Eligible dividends of $2,000 and non-eligible dividends of $1,000 from Canadian corporations and $1,800 from a foreign corporation. The foreign corporation remitted a 10% withholding tax to its government.

Mark celebrated his 65th birthday in December 2021. He supports his spouse, who is retired. His spouse has interest income of $4,000 in 2021. During the year, Mark made gifts of $3,000 to a local charity. He paid tuition fees of $900 to attend a three-month evening course at a university.

Mark has used his entire capital gain deduction. At the end of 2020, he has unused net capital losses of $12,000 and non-capital losses of $7,000.

Required:

Calculate Marks 2021 net income for tax purposes, taxable income, and federal income tax.