Dr. Mary Stewart has engaged your professional services to file her income tax return. Dr. Stewart is a retired surgeon. Due to her failing eyesight, Mary was required to retire from her occupation at a younger age than normal. Fortunately, Mary has more than enough income to support herself as a result of years of receiving a very large salary as a surgeon and a family inheritance. Mary has invested most of her past employment earnings into a large portfolio, which paid the following amounts during the current year: Item Dividends from public Canadian corporations Dividends from private Canadian corporations Interest income received from Canadian sources: Dividends from foreign corporations (translated into Canadian dollars): Amount $21,500 32,750 18,250 12,100 Note: Total foreign dividends earned was net of foreign tax withheld of $1,350 Mary's portfolio of investments includes a five-year investment contract purchased three years ago on September 1. The investment contract has a maturity value of $150,000 and an annual interest rate of 3%. The total interest earned on the investment contract will be paid on maturity on September 1, two years from now. Mary did not receive any interest (cash) from this investment contract in the current year. Mary's portfolio of investments is managed by a large Canadian brokerage firm called Sureline Investments Inc. ("Sureline"). Sureline charges Mary investment counsel fees of $5,250 during the current year. In the previous year, Mary received a large family inheritance, which she invested into a rental property. The property was purchased in the prior year for $425,000 ($100,000 of this value relates to the land, the remainder to the building) and has been rented continuously for the entire previous and current taxation years. Mary claimed the maximum amount of capital cost allowance (CCA) on the property in the previous year and would like to claim the maximum CCA deduction on the rental income this year. The rental income and expense information for the current year is as follows: 5 ACCO 340 TUTORIALS - FALL 2020 Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: CCA Amount $2,700 per month 4,550 for the year 120 per month 150 per month 600 per month 1,500 12,220 To assist with filing her tax return, Mary provides you with detailed records from her bank. The documents indicate that Mary has borrowed the following amounts from her bank: $200,000 mortgage on the rental property with principal repayments totaling $12,500 and interest payments of $6,500 for the current year. $350,000 mortgage on Dr. Stewart's personal home with principal repayments totaling $15,000 and interest payments of $7,750 for the current year. $150,000 loan used to purchase mutual funds with Sureline Investments Inc. Mary paid interest of $4,950 on this loan during the year. $50,000 loan used to purchase Mary's personal use vehicle. Mary paid interest of $2,320 on this loan during the year. Required Compute Dr. Stewart's net property income for the current year