Mr. Jackson Leonard has asked you to assist him in preparing his 2020 tax return. To this end, he provides you with the following information.

Mr. Leonard's employer is a mid-sized privately owned corporation. During 2020, Mr. Leonard received a gross annual salary of $68,000, living accommodations having a fair market value of $4,000 per month, and a Bonus $4,000 in recognition of outstanding job performance in 2019. The accommodations that were provided were not located in a remote region or prescribed zone. Bonus for performance are paid instead of investing in employee benefits, so there is no pension plan and Mr. Leonard's 2019 Pension Adjustment amount is nil. His employer withheld the maximum for CPP contributions and EI premiums.

On April 1, 2010, his employer granted him an option to purchase 2,000 of its shares at a price of $17 per share. The market price of the shares at that time was $12 per share. On December 1, 2019, the market price of the shares had increased to $35 per share. On that date, Mr. Leonard exercises his option and purchases the 2,000 shares. He sold all the shares on December 1, 2020 when the market price hit $40.

Mr. Leonard provides the following list of receipts and disbursements for the 2020 taxation year:

Receipts

Bond Interest2,430

Disbursements

RRSP Contribution On July 6, 2020$36,000

Rent Paid To Employer For Living Accommodation28,000

Financial Support Of His Father 37,100

You ascertain that his father is physically infirm, is wholly dependent upon Jackson Leonard for support, had income of $3,000 during the year, and lives in Florida for health reasons.

Mr. Leonard provides you with the following information on his dispositions of property during the year:

ProceedsCost

Diamond Ring $2,200$ 650

Painting3,000800

Pistol Collection 5,0002,400

On further enquiry, you learn that he is married and has one 19 year old son. Mr. Leonard's wife had income of $7,800 during the year.

His son lives at home and was employed during twelve weeks of the summer at a golf course as a greens keeper, at a salary of $150 per week. In September, he left his employment to commence full time studies at university. Tuition fees paid for the 2020 calendar year amounted to $9,860, and were paid by Mr. Leonard. The son's only other source of income was $700 in interest on bonds received from his father as a birthday gift in 2010. He will transfer any unused tuition credit to his father.

Required: For 2020, compute Mr. Leonard's Taxable Income and Federal Tax Payable.

Show all required calculations. (Round to dollar)