ou've been approached by Billy Gates who has requested your assistance in preparing his 2020 Individual T1 Tax Return. As he is a new client, you've asked him to summarize the significant events that occurred in 2020. He has provided the following notes for your file: a) Billy is currently a researcher at the Vaccines For All Foundation and is based in the regional office in Vancouver. He joined the company January 1, 2010. On April 20th, 2020, the company paid $950 to allow Billy to attend a course that taught new lab techniques on creating vaccines. Two months later, Billy was able to use those techniques to develop a new corona virus vaccine. To celebrate his achievement, Billy received an amazon.ca gift card in the amount of $300 and also received a team signed Vancouver Canucks Jersey worth $1,375. b) Billy took out a $165,000 loan with an interest rate of 0.5% from the Gates Foundation on May 15, 2019. The Loan interest was payable in the year. Billy used the loan proceeds to purchase a house in Vancouver. On June 30, 2020, Billy repaid the Gates Foundation loan. However, he decided to take out a new $165,000 loan with an interest rate of 0.5% on July 1, 2020 to purchase high yield bonds when the stock market crashed due to a mutation in the corona virus being announced. The Loan interest on this new loan was also payable in the year. The high yield bonds paid out $9,250 of interest income in 2020.

Assume the following prescribed rate were in effect in 2020: 2020 Q1 - 4.5% 2020 Q2 - 5% 2020 Q3 -1% 2020 Q4 - 7%

c) Gates Foundation pays Billy a salary in the amount of $239,000

d) Billy is also the main beneficiary of the Gates Trust. The trust held an interest in a partnership that sold custom T-shirts to the general public. The business generated 75,000 in Revenue and had operating expenses of $25,000.

e) Billy was required to incur expenses as part of his employment contract and the following costs were incurred during the year:

2.) Professional Vaccine Scientists Association Member Dues $600 3.) Meals at the Cactus Club in Vancouver with other foundation staff to discuss experiment results. $320. Employee contributions to the Registered Pension Plan (RPP) $3,750 4.) Gasoline and Car repairs in relation to employment use $2,300

f) Billy sold shares of Bank of Montreal for proceeds of $2,950. The shares had cost him $3,200 and he received no dividends during the year

g) Billy won the lotto max lottery and received the $47 million prize at the end of 2020

h) Billy received a motor vehicle allowance in the year for the use of his vehicle in the year. He was paid an allowance based on $0.59/km. Billy drove 5,000km for employment purposes in 2020.

Required Using section 3 format, calculate Billy's 2020 Net Income for Tax Purposes and Taxable Income. Please indicate any items that are not applicable as N/A