John Ingles has provided you with the following information related to his various investment holdings as of December 31, 2012.
Interest earned on joint bank account with his spouse (spouse contributes equally)......... $ 2,000
Interest earned on his investment account (not joint) with his investment broker................ 800
Interest earned on 2011 personal income tax assessment.............................................450
Interest on short-term investments:
$20,000 term deposit taken out November 30, 2012 (interest at maturity in six months)
Accrued interest from December 1 to December 31, 2012........................................... 85
$200,000 GIC purchased November 1, 2011 (interest payable at maturity on October 31, 2014)
Accrued interest from November 1, 2011 to October 31, 2012 .................................16,000
Accrued interest from January 1, 2012 to December 31, 2012...................................16,214
Government of Canada Treasury Bills purchased for $9,009 on January 3, 2012
Amount received on maturity on December 31, 2012.............................................10,000
Cash dividends received from investment in common shares of Canadian resident public corporations..............................................................................................24,000
Cash dividends received from common shares in US corporations (net of $3,000 of foreign withholding taxes; all in Canadian dollars).........................................................17,000

Interest expenses paid during 2012:
Interest on bank line of credit used for investing in shares described above.......$50,000
Interest on loan to acquire an automobile for his daughter for her 18th birth-
day .............................................................................................3,200
Interest on a parcel of vacant land (purchased in 2007, the land does not
generate any income)........................................................................10,000
REQUIRED
Prepare a calculation of John's property income. Comment on the income tax implications of items not included in your calculations.

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Property1 Property 2 Gross rental revenue Utilities Propety taxes Repairs .30,000 5,000 2,400 ,500 20,000 46,000 8,000 3,500 4,800 32,000 Opening UCC