Ben  Griffey  is  a  statistician with  a  Phd  in  mathematics.  He was employed with the local professional hockey team 

(Sharks Ltd) as their statistician until August 1, 2018.  On August 1st, he retired after working for the team for 20 years.  

Ben was bored with retirement and accepted an offer to work on a contract basis for the local professional roller hockey 

team.  Ben has provided you with the following information for the year: 

i) 

Net income from business - (September 15 to December 31st)   

 $15,000 

ii) 

Net employment income - Sharks Ltd (gross employment) 

 $31,000 

Employee contribution to company Registered Pension Plan (RPP) 

  $1,000   

iii) 

Gross rents received on a rental property  

  55,000 

iv) 

Operating expenses on rental property  

  30,000 

v) 

Taxable capital gain on sale of shares 

  10,000 

vi) 

Taxable capital gain on listed personal property 

   9,000 

vii) 

Business investment loss     

  22,000 

viii) 

Retiring allowance (paragraph 56(1)(a)) 

  35,000 

ix) 

Purchase of RRSP (paragraph 60(i)) 

  12,000 

x) 

Allowable capital loss on sale of jewellery (listed personal property) 

   3,000 

xi) 

Allowable capital loss on sale of shares 

   1,000  

xii) 

Interest income from term deposits   

   5,000 

xiii) 

Interest expense paid on loan to purchase the term deposits 

  (5,500) 

xiv) 

Gross amount of cash dividend received from a U.S. corporation 

in Canadian dollars 

   8,000 

xv) 

Income from employment - part-time job (A. Ltd) 

   2,000 

REQUIRED:

Calculate Ben's net income for tax purposes in accordance with the format of section 3 of the Income Tax Act.