Mr. I.N. Vestor is retired and is slowly selling some of his assets to supplement his retirement income. He wants to have some idea of how much tax he is going to owe for 2020 on the asset sales that have taken place to date. He has provided you with the following details of his sales.

He sold his existing home and his cottage during the year and moved into a condominium. His home was purchased in 2004 at a cost of $85,000. He sold it in May 2020 for proceeds of $250,000. He paid real estate commission of $12,000 on this sale. His cottage was purchased in 2005 at a cost of $120,000. He sold it in September 2020 for proceeds of $320,000. He paid real estate commission of $10,000 on this sale. He did not own any other residences during the relevant years and, thus, has not previously designated any of the relevant years for purposes of the principal residence exemption.

Required:

Determine I.N. Vestor's net income for tax purposes as a result of the above information. Show all of your calculations.