Maureen, a resident of Canada, has the following sources of income and losses for tax purposes for

Question:

Maureen, a resident of Canada, has the following sources of income and losses for tax purposes for the current year.
• Employment income………$60,000
• Business X profit………3,000
• Business Y loss………7,000
• Interest income………2,000
• Taxable capital gain on sale of land………18,000
• Allowable capital loss on sale of securities. 20,000
• Allowable business investment loss………5,000
Calculate Maureen’s net income for tax purposes for the current year in accordance with Section 3 of the Income Tax Act.