Angelo is employed fulltime as the Global Head of Human Resources at State Fund

Corporation ("State Fund"), a large public corporation with its head office located in

Toronto. The following information is provided regarding his 2023 taxation year:

1) Salary $275,000

Payroll deductions:

CPP and EI contributions 4,756

Registered pension plan contributions 15,000

Income tax 110,400

2) State Fund paid for the following amounts on Angelo's behalf in 2023:

a. Registered pension plan contributions $15,000

b. Gym membership 1,800

c. Group term life insurance premium 700

d. Extended health and dental 600

e. Sickness and accident insurance 400

f. Golf fees 2,500

g. Company backpack and water bottle 50

3) Angelo is provided with a company car and State Fund pays the $1,100 per month

lease cost. The company also pays for the annual operating costs of $3,500.

Angelo drove the car for 20,000km in 2023, and his travel log shows that about

30% of the total km related to driving between Angelo's home and State Fund's

office. The remaining 70% of the total KM has absolutely no connection to Angelo's

employment.

4) Angelo also participates in State Fund's employee stock option plan. In 2015 he

was granted the option to acquire shares for $45 per share. At the time, the shares

were trading for $39 per share. Angelo exercised his option in January of 2023 and

acquired 1,000 shares (the shares were trading for $50 per share at that time). In

December 2023, Angelo sold 800 shares for $52 per share.

5) On May 1,2023, State Fund loaned Angelo $50,000 interest-free to assist with

the purchase of a home in Toronto. No principal repayments are required for two

years. Assume the CRA prescribed rates of interest for taxable benefits were 5%

for January through September and 6% for October through December.

6) State Fund allows employees to work from home two days a week. Angelo

maintains a home office and allocates 10% of his housing costs (property tax,

internet, utilities, home insurance) to this office. In 2023,10% of the total costs

were $2,400. Angelo also purchased a new computer in 2023 for $3,000 to be

used exclusively for working from home. Angelo does not spend time meeting with

clients of State Fund

Required

Calculate Angelo's income from employment for 2023. You must provide a brief

explanation for anything you've intentionally omitted from the calculation.