Simard Ltd., a CCPC, had no GRIP balance at its year end on December 31, 2017.

During 2018, the Company received eligible dividends of $37,000 and designated $23,000 of its dividends paid as eligible. At the end of 2018, Simard has a GRIP of $37,000.

For 2019, Simard has Taxable Income of $476,000. This amount includes taxable capital

gains of $14,000, interest income on long-term bonds of $7,000, and a net capital loss deduction of $14,000. In addition, the Company receives eligible dividends during the year of $17,000. In determining 2019 Tax Payable, the Company has a small business deduction of $76,000. During 2019, Simard Ltd. pays dividends of $25,000, with $18,000 of this amount being designated as eligible.

Required Determine the Companys GRIP balance at the end of 2019.