Bobby Reid earned $$88,000$ of salary in $2023.$

In addition, he had the following:

Interest free loan from employer in the amount of $$140,000,$ this was outstanding for the

full year.

The loan was used to purchase a rental property. Details of the rental property are as

follows:

Four years ago, Bobby invested in common shares of a foreign corporation. In the

current year, he received dividends of $$18,700($net of $$3,300$ withholding tax$)$ from this

foreign corporation.

Bobby also received taxable eligible dividends of $$40,000$ from his investment in a

Canadian public company that is resident in Canada.

Bobby owns $$110,000$ worth of $3\%$ bonds.

Interest earned on his bank account of $$100.$

Dividend of $$8,000$ paid from a private corporation with low corporate tax rate on active

income.

Required:

Calculate Bobby's net income for tax purposes.