Mr. Daniel Tong is employed as a project manager for Portus Ltd., a Canadian public corporation. He is married and has two children. The younger child is 24 and the older child is 26. Mr. Tong has requested that you assist him in the preparation of his 2018 income tax return. Relevant financial information for 2018 is provided as follows:

1. Mr. Tong received a gross salary of $108,000 for the year. From this amount, Portus Ltd. deducted CPP contributions of $2,594, EI premiums of $858 and Income Tax of $27,293. In addition, in February, 2018, Portus Ltd. paid Mr. Tong a $9,000 bonus based on his 2017 work performance. A 2018 bonus of $9,500 was paid to him on March 1, 2019.

2. Mr. Tong has the full use of a company owned BMW with a cost of $85,000 for the whole year. Portus Ltd. paid all of the $7,300 in operating costs. During the year, Mr. Tong drove the car 42,000 kilometers, of which 27,000 kilometers were for employment purposes.

3. During the year, Mr. Tong took his children to visit their grandparents using airline tickets acquired through frequent flyer points accumulated while he travelled on company business. The tickets were valued at $2,300.

4. On December 21, 2018, Mr. Tong sold all of his 800 shares of Global Inc., a public corporation, for proceeds of $8,600. The shares were acquired for $6,000.

5. Mr. Tong participates in Portus Ltd.s stock option plan. In January, 2018, he received options to purchase 2,500 shares at $14 per share. At this time, the shares were trading for $12 per share. He exercises the options in May, 2018, when the shares are trading for $18 per share.

6. In September, 2018, Mr. Tong receives an eligible dividend on his Portus shares of $7,000 with federal tax credit of $1,451. In November, 2018, Mr. Tong sold 2,500 shares of Portus Ltd. at $25 per share.

7. In 2017, Mr. Tong contributed $4,300 to a spousal RRSP. His wife had not previously contributed to an RRSP. In August, 2018, Mr. Tongs wife withdrew $2,000 from the RRSP to fund a jewelry purchase. Mrs. Tong had no income in 2018. On February 10, 2019, Mr. Tong contributes $6,000 to a spousal RRSP.

8 At the beginning of 2018, Mr. Tong had un-deducted RRSP contributions carried forward from 2017 of $2,000. Mr. Tongs 2017 Earned Income was $67,500. Because he was only admitted to his employers pension plan at the beginning of 2018, he has no 2017 PA.

9. Mr. Tong purchased a sports car for $6,000 on February 20, 2018, with the intent of restoring it for resale. He rebuilt the car and sold it to a collector for $20,500 on April 10, 2018. He incurred costs of $6,500 for new parts and supplies.

10. Mr. Tong, was assigned to work in the Vancouver Office as of Dec 1, 2018 and incurred moving expense of $9,500 while his income from Vancouver office was $8,500.

11. Mr. Tong incurred net capital losses of $5,500 in 2015 [(1/2)($110,000)], $4,000 in 2016 [(1/2)($8,000)]. He has not been able to deduct any of these amounts in previous years.

Required:

A. Determine Mr. Tongs minimum Net Income For Tax Purposes and his minimum Taxable Income for the 2018 taxation year using the form provided.

B. Based on your answer to Part A, Use the form provided calculate Mr. Tongs minimum federal Tax Payable for the 2018 taxation year before consideration of any income tax withheld by his employer.

In preparing the required information, ignore any GST or PST

Please solve it in details