REQUIRED: Calculate Jayden s minimum net employment income for the 2022 taxation

year. Please indicate/explain inclusions and exclusions using footers/notes.

Jayden Packett has been employed for over 10 years by a large Canadian public corporation. He works in their Victoria office.

For the 2022 year, his gross salary is $75,000. While he does not receive commissions, he was awarded a bonus of $15,000 in 2022 based on his sales performance. One-half of the bonus is paid in December, 2022, and the other half paid in February, 2023.

In 2022, Jayden's employer withheld the following amounts from his gross wages:

Federal Income Tax	$14,350
EI Premiums	953
CPP Contributions	3,500
RPP Contributions	3,100
Donations to the United Way	750
Union Dues	275
Payments for personal use of company car	1,500
Premiums for Group Life Insurance Policy	200

1. Jayden is provided with a car that the company leases at a rate of $723 per month, including both GST and PST. The company pays for all of the operating costs of the car and these amounted to $4,200 during 2022. Jayden drove the car a total of 33,000 kilometers during 2022, 27,500 kilometers of which were carefully documented for employment purposes and 5,500 for personal use. The car was available to him for 10 months of the year.

2. Jayden was granted options to acquire 500 shares of his employer's common stock at a price of $31.00 per share 2 years ago. On the date the options were granted, the shares were trading at $29.50 per share. These options were exercised by Jayden on February 16, 2022, when the shares were trading at $34.75 per share. Jayden does not plan to sell the shares for at least 2 years.

3. In order to assist Jayden in acquiring a new residence in Victoria, his employer granted him a three year, interest free loan of $175,000. The loan was granted and received on July 1, 2022 and, at this point in time, the interest rate on open five year mortgages was 4.5%. Assume the relevant prescribed interest rate on employee loans was 2% on this date. Jayden purchases a house for $327,000 on October 2, 2022.

4. On his birthday, Jayden received several gifts including a hoverboard and drone. In his enthusiasm for his new toys, he flew the drone over his neighbour's swimming pool while maneuvering the hoverboard on the sidewalk in front of the two homes to watch it. The result was a concussion, a broken leg, a shattered wrist and a drowned drone. He was unable to work for a period of two months. As his employer provides disability insurance coverage, he received benefits during this period totaling $8,500. All of the premiums for this insurance plan are paid for by the employer and totaled $560 for 2022. The plan provides periodic benefits that compensate for lost employment income.

5. Other disbursements made by Jayden include the following:

Tuition Fee for Operations Management Course	$1,300
Tuition Fee for Medieval History Course	950
Fees Paid to Employer recommended Financial Planner	450

Jayden's employer reimbursed for the tuition fees for both the operations management course and the medieval history course, as well as the fees paid to the financial planner.

6. Jayden's employer made a payment to the group life insurance policy on his behalf. The premiums for 2022 totaled $200.