Alex is a salesperson andhas beenemployed byCCI for several years. CCI is aCanadian controlled private corporation (CCPC). Thecompanycarries ona business of selling clothing through retail outlets in Calgary.In 2023, Alex received a total salary of $130,000. The following amounts were deducted by CCI from his earnings:

Federalandprovincialincome tax $20,400

EIpremiums 1,002

CPP contributions 3,754

PHSPEmployee portion 900

Union dues 200

Disability plan 275

Additional details regarding Alex's employment are as follows:

1. Alex was granted options to buy 1,000 of the company's shares at $30 per share. This option price was lower than the estimated FMV of the company's shares at the time the options were granted in January 2020. On December 15, 2023, Alex exercised these options to purchase 1,000 shares. At this time the FMV of the shares was $48 per share. Alex has not sold the shares.

2. Alex obtained a low-interest loan from CCI to acquire a boat. On January 1, 2023, he borrowed $20,000 and was obligated to pay a 3% interest on any remaining balance. Alex repaid $8,000 of the principal amount to CCI on September 30. Subsequently, all outstanding interest was settled on January 15, 2024.

3. Due to a car accident in late November 2023, Alex couldn't work for a few months. Fortunately, he received benefits from CCI's disability plan, providing periodic payments to offset the loss of employment income. In both 2021 and 2022, Alex contributed $300 annually to this plan personally, with his employer matching his contribution. In December, Alex received a total of $10,000 from this plan.

During the year, Alex has disposed of several capital properties; the information is as follows.

	Proceeds	Cost
Diamond Necklace	$1,200	$ 600
Rare Book	1,800	1,200
Coin Collection	900	1,100
Vintage Car	16,500	17,000

Alex has net capital loss carryovers on listed personal property of $600 that were incurred three years ago.

Alex acquired a house in 2017 for $450,000. In 2020, he purchased a cottage in Revelstoke for $240,000. He lived in the house most of the time and in the cottage for most of the long weekends. In 2023, he sold both properties. He received proceeds of $500,000 for the house and $270,000 for the cottage.

Alex came into possession of a rural piece of land located outside Calgary through inheritance. However, due to time constraints, Alex found it difficult to utilize or manage the land effectively. In 2023, he made the decision to sell the land. He negotiated a selling price of $300,000, while the cost of the land to Alex was $100,000. Unfortunately, the buyer was only able to make a payment of $10,000 in 2023. The remaining balance is scheduled to be paid in three equal installments over the next three years.

While attending school, Alex focused on a major in finance. Since completing his studies, he has been applying his financial knowledge by actively participating in stock market investments. Alex engages in buying and selling shares, occasionally making long-term investments to generate additional income.

The following are the investing activities provided by Alex.

• Received dividends of $3,000 from shares invested in a CCPC.
• Received $8,500 in dividends (net of withholding tax at 15%) from investments in a foreign country.
• Purchased a $20,000 GIC (guaranteed investment certificate) on June 1, 2022. The GIC pays interest at maturity on May 30, 2025, at a rate of 4.75% compounded annually.
• Owned 5,000 shares of ABC Ltd with an adjusted cost base of $9 per share. On December 15, 2023, these shares were sold at $8.00 per share. Subsequently, on January 10, 2024, an additional 4,000 shares of the same class from ABC Ltd were acquired at a cost of $9 per share.

Required:

DetermineAlex's2023Net Income for Tax Purpose. Showyourcalculations.(29 points)