Ms$.$ Vicky is a Certified Financial Planner $($CFP$)$ with many years of successful experience. She has

decided to take a position with ECO. LTD$.$ a Canadian controlled private corporation located in London,

Ontario. After selling her house in Toronto, she commenced working for ECO. LTD$.$ on May $1,2024.$

Other Information:

$1.$ Because of her strong professional reputation, ECO. LTD$.$ paid her a signing bonus of $$12,000.$ The

signing bonus was paid on June $1,2024.$

$2.$ During the period May $1,2024,$ through December $31,2024,$ Vicky earned gross salary of

$$130,000.$ The Company withheld the following amounts from her salary:

Income Taxes $$18,650$

CPP $3,868$

EI $1,049$

RPP Contributions $3,700$

Charitable Donations $200$

$3.$ ECO. LTD$.$ contributed $$3,500$ on Vicky$$s behalf to the Company$$s RPP$.$

$4.$ ECO. LTD$.$ provides group medical coverage to all of its employees. The private health plan premiums

paid by ECO. LTD$.$ on Vicky$$s behalf cost $$556$ for the year.

$5.$ During the year, Vicky received two non$-$cash gifts, a birthday gift worth $$425$ and a Christmas gift worth

$$300.$

$6.$ Because of the need to invest some of her additional income, ECO. LTD$.$ provided Vicky with financial

counseling services. The value of these services was $$1,200.$

$7.$ To assist her move to London, ECO. LTD$.$ agreed to compensate her for one$-$half of the $$100,000$ loss

on the sale of her Toronto home. The $$50,000$ payment was made on December $1,2024$

$8.$ On December $12,2024,$ a bonus of $$10,600$ was accrued for Vicky. Vicky received $$5,300$ of this bonus

on December $29,2024,$ with the remainder being paid on January $17,2025.$

$9.$ To help Vicky with financing her new London residence, ECO. LTD$.$ provided her with a $$220,000$

interest free housing loan. The funds are provided to Vicky on November $1,2024.$ Assume that the

prescribed rate for all of $2024$ is $2$ percent.

$10.$ ECO. LTD$.$ Offered Vicky a stock option plan on January $1,2023,$ to purchase $200$ shares at $$30$ per

share. The market value of shares on grant date $($January $1,2023)$ was $$31$ per share. Vicky acquires

$200$ shares on January $15,2024,$ when market value was $$34$ per share. On December $15,2024$ she

sells $100$ of these shares for $$35$ per share.

$11.$ Vicky paid $$1,600$ in CFP dues in $2024$ ECO. LTD$.$s policy is to reimburse $50$ percent of such

professional dues. ECO. LTD$.$ reimbursed her $$800$ in December $2024.$

Employment Income

$2024/2025$

$12.$ ECO. LTD$.$ provides its professional employees with a membership in the London Curling Club. They

believe this is a useful venue for entertaining clients of the Company. The cost of this annual

membership was $$1,300.$

$13.$ ECO. LTD$.$ provides Vicky with a vehicle that was purchased in $2024$ for $$50,200,$ including HST of

$$5,775.$ The vehicle was used by Vicky for all $8$ months during the period May $1,2024,$ through

December $31,2024.$ During this period, she drove the vehicle a total of $47,000$ kilometers, of which

$35,000$ were related to her employment duties. ECO. LTD$.$ pays all operating and maintenance costs,

a total of $$8,900$ during the period that Vicky used the car.

$14.$ Vicky$$s new job requires her to meet with clients outside of regular office hours throughout the

week. ECO. LTD$.$ will sign form T$2200$ stating that she is required to pay for certain employment

expenses without reimbursement and use a portion of her home for work.

Vicky has set aside a separate room in her apartment to be used exclusively to meet with clients. She

used this office space between May $1$ and November $30,2024.$ This home office occupied $150$ square

feet of the $1,250$ square feet available in her apartment. The home office in the residence she moved

into on December $1,2024,$ will not be available for use until $2025.$ ECO. LTD$.$ has agreed to let Vicky

use head office space as needed during December.

Home office between May $1$ and November $30,2024,$ related costs are as follows:

Monthly Rent $$2,200$

Office Furniture $3,400$

Computer Purchase $896$

Stationery And Office Supplies Purchased $147$

Monthly Phone Line Charge $($Total For $7$ Months$)210$

Employment Related Long Distance Calls $($Total For $7$ Months$)110$

Electricity Charge $($Total For $7$ Months$)350$

Paint For Apartment $165$

Property Insurance $($Total For $7$ Months$)175$

$15.$ Vicky received an allowance of $$325$ per month for $7$ months to cover the costs of maintaining a

workspace in her home.

Required: Determine Vicky$$s net employment income for $2024.$