Twenty$-$five years ago Ronaldo, an accomplished cyclist, purchased a small custom carbon fiber wheel builder Zircles Inc. He applied their expertise in carbon fiber to other bike components and transitioned the company to an OEM supplier. He sold the operating company last year for $$5$ million and retained the real estate which is held in a holding company, Zquares Co$.("$ZC$),$ which is CCPC$.$ You are presented with the following financial information and asked to calculate his tax liability for $2021.$ Ronaldo wants to minimize tax payable and will utilize any deductions and$/$or credits permitted.

Zquares Inc.

Management salary $ $100,000$

Dividends Paid from LRIP pool $ $50,000$

Capital Dividends Paid from Share Capital $ $20,000$

Interbike Trade Show With spouse, in Hawaii $ $10,000$

Gym membership $ $1,000$

Use of Range Rover

Market value $ $50,000$ Annual personal KMs $15,000$

MSRP $ $90,000$ Annual work KMs $25,000$

Investments

Non$-$registered investment portfolio

Interest $ $11,000$

Public company dividends from Canadian stocks $ $22,000$

Public company dividends from American stocks in CAD $ $44,000$

Capital Gains $ $40,000$

TFSA

Interest $ $3,000$

Public company dividends from Canadian stocks $ $5,000$

Public company dividends from American stocks in CAD $ $7,000$

Rental property in Kelowna

Office unit rentals. ACB $$1,900,000,$ UCC $$1,700,000.$

Rental revenue $ $24,000$

Property manager $ $2,000$

Utilities $ $3,000$

Property tax $ $4,000$

Ancillary Information

Spousal support payments $ $36,000$

Child support payments $ $18,000$

WCB compensation benefit received $ $10,000$

Unused RRSP contribution room and deductions nil

Charitable donation by Ronaldo $ $5,000$

Charitable donation by Sara $ $5,000$

Net Capital Loss from $2007$ $ $(75,000)$

In $2021$ the family was rear ended in a car accident and had the following medical expenses:

Sara Physio $ $3,500$

Clara $(14$ year old daughter$)$ Medicine and Physio $ $4,500$

Ronaldo Medicine and Physio $ $6,500$