Mr. Ford is a software engineer working for a public high-tech company located in Toronto, 1. Below is his payroll information: Gross Salary $120,000 Payroll deduction: Income taxes $ 37,000 CPP 4,500 EI 1,500 Registered pension plan 5.300 (48.300) $71.700 Net Pay 2. In addition to basic salary, the employer also grants stock options to Mr. Ford. In the current year, Mr. Ford has obtained 200 shares through exercising his stock options for $ 15 per share. The fair market value of each share on the exercise date was $20 per share. Mr. Ford has received $1,000 dividend income from the employer's shares in the current year. 3. For the whole year, Mr. Ford has been driving a company-owned automobile costing $28,500 (including HST). Mr. Ford's kilometres for work use were 15,000 out of a total of 25,000 kilometres, Operating costs reimbursed by Joel Inc. during 2021 amounted to $2,600 (including HST) 4. During the 2021, Mr. Ford has gradually adapted to working from home and his employer has agreed him to work remotely permanently. As a result of the this, Mr. Ford has decided to relocate to Niagara Falls area and disposed three of his residences in April of 2021 (all amounts have been converted to Canadian dollars). He has never used the principal residence exemption since purchasing these properties. Date of purchase Cost Selling Price Toronto home 2012 $660,000 S880,000 Cottage in blue mountain 2014 $200,000 $260,000 New York City condominium 2017 $350,000 $486,000 5. Mr. Ford has some shares of a CCPC. The trading history of the CCPC's shares are listed below (round the weighted ACB per share to the nearest integer) December 20, 2019 purchased 150 shares @ $20 per share Jan 9, 2020-sold 100 shares @ $10 per share Feb 4, 2020 - purchased 300 shares @ $8 per share Dec 19, 20 -received a 10% stock dividend with each share received having a paid. up capital value of $ 8 In January 2021, Mr. Ford has transferred some of these CCPC's shares to three of his family members, the fair market value of the shares at the time of transfer is S15 per share. The CCPC shares distribute cash dividend of $1 per share in 2021. All the transferred shares were sold by family members in the end of 2021 at $30 per share, (1) 100 shares to spouse (Mrs. Ford) at $10 per share, no election out (2) 100 shares to adult daughter (25 years old) at $10 per share (3) 100 shares to minor son (15 years old) as a gif Required: Please determine Mr. Ford's net income for tax purposes (Division B income) in 2021 as a result of the information. Show all relevant calculations and explain any amounts, if necessary, No need to list ITA references. Write your answers under the title of Section IV on your Answer Booklet, you can use as much space as needed. Bad Mr. Ford is a software engineer working for a public high-tech company located in Toronto, 1. Below is his payroll information: Gross Salary $120,000 Payroll deduction: Income taxes $ 37,000 CPP 4,500 EI 1,500 Registered pension plan 5.300 (48.300) $71.700 Net Pay 2. In addition to basic salary, the employer also grants stock options to Mr. Ford. In the current year, Mr. Ford has obtained 200 shares through exercising his stock options for $ 15 per share. The fair market value of each share on the exercise date was $20 per share. Mr. Ford has received $1,000 dividend income from the employer's shares in the current year. 3. For the whole year, Mr. Ford has been driving a company-owned automobile costing $28,500 (including HST). Mr. Ford's kilometres for work use were 15,000 out of a total of 25,000 kilometres, Operating costs reimbursed by Joel Inc. during 2021 amounted to $2,600 (including HST) 4. During the 2021, Mr. Ford has gradually adapted to working from home and his employer has agreed him to work remotely permanently. As a result of the this, Mr. Ford has decided to relocate to Niagara Falls area and disposed three of his residences in April of 2021 (all amounts have been converted to Canadian dollars). He has never used the principal residence exemption since purchasing these properties. Date of purchase Cost Selling Price Toronto home 2012 $660,000 S880,000 Cottage in blue mountain 2014 $200,000 $260,000 New York City condominium 2017 $350,000 $486,000 5. Mr. Ford has some shares of a CCPC. The trading history of the CCPC's shares are listed below (round the weighted ACB per share to the nearest integer) December 20, 2019 purchased 150 shares @ $20 per share Jan 9, 2020-sold 100 shares @ $10 per share Feb 4, 2020 - purchased 300 shares @ $8 per share Dec 19, 20 -received a 10% stock dividend with each share received having a paid. up capital value of $ 8 In January 2021, Mr. Ford has transferred some of these CCPC's shares to three of his family members, the fair market value of the shares at the time of transfer is S15 per share. The CCPC shares distribute cash dividend of $1 per share in 2021. All the transferred shares were sold by family members in the end of 2021 at $30 per share, (1) 100 shares to spouse (Mrs. Ford) at $10 per share, no election out (2) 100 shares to adult daughter (25 years old) at $10 per share (3) 100 shares to minor son (15 years old) as a gif Required: Please determine Mr. Ford's net income for tax purposes (Division B income) in 2021 as a result of the information. Show all relevant calculations and explain any amounts, if necessary, No need to list ITA references. Write your answers under the title of Section IV on your Answer Booklet, you can use as much space as needed. Bad