Mr. Andrew Fine is an accountant who works for a firm part-time in Prince Edward Island. However, he also owns a business that sells funny playing cards of celebrities which he has established in Prince Edward Island.

The following represents a summary of the operating figures for his business for the taxation year ending December 31, 2022

Gross billings: 250,000

Opening reserve for Bad-Debt 5,000 (previously deducted)

Salaries for Staff 10,000

Salaries for his 10 year old daughter of 75,000

Expenses related to his golf membership: 5,000

Office rent: 20,000

Cost of attending Convention: 2,000

Office Expense: 6,000

Mr. Andrew Fine earned $65,000 in the year from the firm he was employed at. The firm required him to spend $5,000 of his own cash (did not refund him) for employment purposes.

On top of that, Andrew earned interest income of $1,000 from RBC on his savings account. He also rented out one property that netted him about $1,000 in the year.

Finally, Andrew sold 1,000 shares of BMO and received $50,000 in exchange. He bought these shares back in 2001 for $25/share.

Calculate Mr. Fines Net Income for Tax Purposes