Mr. Dennis Fraser is married and has three children. View the family information. View the information about the business. Read the requirement. View the family's eligible medical expenses. View the holdings. Family Information Dennis's wife, Emma, works as a personal fitness trainer on a part-time basis and, in 2022, her net income is $9,000. His two youngest children, Brent and Bedisa, are twins. They are 14 years old and, unfortunately, Brent has been blind since birth. Neither child has any income of their own. Dennis's other son, Brandon, is 19 years old and attends university on a full-time basis for 10 months of the year. His tuition fees total $8,600, which are all paid by Dennis. Brandon has net income from part-time jobs of $10,300 during 2022. Brandon has agreed to transfer the maximum amount of the tuition credit to his father. The family has always lived in rented premises. However, because the current level of mortgage rates makes purchasing a home attractive, they purchase a home at a cost of $622,000. They move into the new home on September 1, 2022. Elgible Medical Expenses Eligible medical expenses for Dennis's family, all of which were paid by Dennis, are as follows. Business linformation Dennis has a management consulting business that he carries on as a sole proprietor out of a building that he owns. For the taxation year ending December 31,2022 , the business has accounting income of $207,500. Other information about this business is as follows. 1. Expenses include $12,100 in business meals and entertainment. None of these amounts are billed to clients. 2. Dennis owns a zero-emission automobile that is used in the business. It was purchased on January 1,2022 , for $45,800. Operating expenses in 2022 totalled $4,650. These expenses were all deducted in determining the accounting business income. In 2022 , the automobile was driven 31,500 kilometres, of which 23,500 were for business purposes and 8,000 were for personal use. 3. The building that is used in the business was a new building when purchased in 2020. It has a January 1,2022, UCC of $452,000. Dennis's business uses 100% of the space in the building and he has filed an election to maintain the building in a separate class. 4. The furniture and fixtures in the building have a January 1, 2022, UCC of $42,400. In 2022, additional furniture was purchased at a cost of $11,700. It replaced furniture that had cost $9,600. Derek sold the used furniture for $3,200. 5. Amortization of $18,200 was deducted in determining the accounting business income. This included amortization on the automobile, the furniture and fixtures, and the building. Holdings In addition to carrying on his own business, Dennis has been an active investor in various types of investments. Information on his holdings are as follows. Borderland Common Shares On January 1,2022 , Dennis owns 2,200 shares of this company. The ACB of the shares is $116,600 or $53 per share. On February 1, 2022, he sells 1,000 of these shares for $63 per share. On July 1, 2022, he acquires an additional 1300 shares at $55 per share. In 2022 he receives eligible dividends on these shares totalling $8,400. Revival Mutual Fund Trust On January 1,2022, Dennis owns 4,900 units of this trust. The ACB of these units is $146,000. In 2022 , the trust makes a distribution of $2.30 per unit. Of this total, $1.00 represents a return of capital, with the remaining $1.30 consisting of property income. Dennis reinvests the entire distribution and purchases additional units in the trust at $32 per unit. Debt Security On July 1,2021 , Dennis purchases a debt security with a maturity value of $100,000. The debt security was issued on the same day, matures five years later on June 30,2026 , and has an annual interest rate of 7%. Interest for the first 18 months is paid on December 31, 2022, with the remaining interest due when the security matures on June 30, 2026. Foreign Term Deposit On January 1,2022, Dennis owns a foreign currency term deposit with a maturity value of $250,000. In 2022, the term deposit earns interest of $21,000. Foreign income taxes of $8,000 are paid. All amounts expressed in Canadian dollars. Requirement Calculate Mr. Fraser's minimum 2022 net income, taxable income, and federal income tax payable. Ignore GST/HST \& PST considerations, the need to make CPP contributions by Dennis and Emma, and the possibility of pension income splitting