Mr. Charlie Foxowns 2,000 shares of Beta Ltd.An adjusted cost base of these shares is $150 per share.On December 31, 2018, the market price of the shares is $250 per share.At this time, he gives 500 of these shares to his 10 year old son.He gives the remaining 1,500 shares to his wife.

During 2019, the shares pay taxable dividends of $3.5 per share.On December 31, 2019, both his wife and his son sell their shares for $300 per share.Assume that Mr. Fox does not elect out of ITA 73(1).

Required:

Determine the tax implications of these transactions for Mr. Fox, his wife, and his son, in each of the years 2018 and 2019.If there are no tax implications for either individual in a given year, you should state this fact in your answer.

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