Mr$.$ Brian A Planner, CFP is a Certified Financial Planner $($CFP$)$ with many years of successful experience. In $2022,$ he decided that he was not adequately appreciated in his current position with a large financial institution in Toronto Ontario. Given this, he resigned on November $1,2022.$

After several months of investigation, he accepted employment with Retirement Planners Ltd$.($RPL$),$ a CCPC located in Niagara on the Lake, Ontario. He commenced working for RPL on February $1,2023.$

He owned a home in Toronto which he had acquired several years ago for $$1,085,000.$ Because of the

increase real estate market in this area, he sold his house for $$1,250,000$ in October $2023,$ resulting in a

$$165,000$ gain on this property.

Brian moved into an apartment when he arrived in Niagara on the Lake on February $1,2023.$ The apartment was rented monthly until November $30,2023.$ He finds a home in Niagara on The Lake and he purchases on November $1,2023$ for $$850,000.$ He moves into this new home on December $1,2023.$

Other information relevant to $2023$ is as follows:

$1.$ Because of his strong professional reputation, RPL paid him a signing bonus of $$6,000.$ The signing bonus was paid on June $1,2023.$

$2.$ During the period February $1,2023$ through December $31,2023,$ Brian earned salary of $$164,000.$ Of these earnings, $$160,125$ was paid in $2023$ with the remainder of $$3,875$ paid in early January $2024.$ The Company withheld the following amounts from his salary:

Income Taxes $$18,650$

CPP $3,500$

EI $953$

RPP Contributions $3,700$

Payment For Personal use of automobile $880$

$3.$ Brian$$s contribution to the Company's RPP was $$5,500.$

$4.$ RPL provides group medical coverage to all of its employees. The PHSP premiums paid by RPL on Brian's behalf cost $$732$ for the year.

$5.$ On December $12,2023,$ a bonus of $$20,000$ was accrued for Brian. Brian received $$3,300$ of this bonus on December $29,2023,$ with the remainder being paid on January $17,2024.$

$6.$ During the year, Brian received two non$-$cash gifts, a birthday gift worth $$550$ and a Christmas gift worth $530\mathrm{.}00.$

$7.$ Because of the need to invest some of his additional income, RPL provided Brian with financial counseling services. The value of these services was $$1,200.$

$8.$ To assist his move, RPL agreed to compensate him $$20,000$ for the moving expenses The $$20,000$ payment was made on December $1,2023.$

$9.$ To help Brian with financing his new Niagara on the Lake residence, RPL provided him with a

$$620,000$ interest free housing loan. The funds are provided to Brian on November $1,2023.$ Assume that the prescribed interest rate on employee loans for all of $2023$ were as follows Q $1,3\%,$ Q$24\%$ Q$36\%$ and $4$ is $6\%.$

$10.$ RPL has a stock option plan for its employees. Under this plan, employees are permitted to acquire a limited number of option shares at $10\%$ below their FMV on December $1$ of each year. The company hires valuators to determine the FMV at each of those dates. Brian acquires $200$ shares on December $1,2023$ for cash of $$7,200.$ On December $15,$ he sells $100$ of these shares for $$4,100.$

$11.$ Brian paid $$1,600$ and $950$ in dues in $2023.$ RPL$$s policy is to reimburse $50\%$ of such professional dues. RPL reimbursed him $ $1,275$ in December, $2023.$

$12.$ RPL provides its professional employees with a membership in the Local Curling Club. They believe this is a useful venue for entertaining clients of the Company. The cost of this annual membership was

$$1,300.$

$13.$ RPL provides Brian with a vehicle that was purchased in $2023$ for $$45,200,$ including HST$.$ The vehicle was available to Brian for all months during the period May $1,2023$ through December $31,2023.$ During this period, he drove the vehicle a total of $52,000$ kilometers, of which $40,000$ were for employment purposes and $12,000$ for personal use. RPL pays all operating and maintenance costs, a total of $$8,900$ for the same period that Brian used the car. RPL withheld $$110$ per month from her salary to pay for her personal use of the vehicle.

$14.$ Jonh$$s new job requires him to meet with clients outside of regular office hours throughout the week. RPL will sign form T$2200$ stating that he is required to pay for certain employment expenses without reimbursement and use a portion of her home for employment purposes.

Brian has set aside a separate room in his apartment to be used exclusively to meet with clients. He used this office space between May $1$ and November $30,2023.$ This home office occupied $150$ square feet of the $1,250$ square feet available in her apartment. The home office in the residence he moved into on December $1,2023$ will not be available for use until $2024.$ RPL has agreed to let Brian use head office space as needed during December $2023.$

Home office related costs are as follows:

Monthly Rent $$2,200$

Stationery and Office Supplies Purchased $147$

Monthly Phone Line Charge $($for $7$ Months$)210$

Employment Related Long Distance Calls $($for $7$ Months$)110$

Required: Determine Brian$$s $2023$ employment income