Marvex Inc. is a Canadian-controlled private corporation (CCPC) with a nil general rate income pool (GRIP) balance. It has 315,000 common shares outstanding. All of the shares were issued at a price of $13 per share, for total proceeds of $4,095,000. This is the PUC of these shares.

During 2020, the Company agrees to redeem the shares of one of its major shareholders. This shareholder holds 15,000 shares which he had acquired at a price of $10 per share. The agreed upon redemption price is $14 per share.

Required: Determine the tax consequences of this redemption to the shareholder.