Peter acquired a house in 2016 for $800,000. In 2019, he acquired a cottage for $550,000. He lived in the house in the winter and in the cottage in the summer. In 2022 he sold both properties and he received $1,220,000 for the house and $880,000 for the cottage.

Required:

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