Navjit sold both her house and cottage in 2022. She provided you the following additional information:

HouseCottageCost$510,000$255,000Proceed of disposition945,000362,000Years of ownership8 years4 years

Required:

Determine the minimum taxable capital gain to be reported by Amandeep on the sale of the two properties.

Note: You are required to show your work in order to earn full marks but you are not required to reference legislation in Income Tax Act