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Gege Xu retired in April $2023$ and moved from Thunder Bay to Vancouver Island. During her retirement, she plans to accept the occasional small consulting contract. Her financial transactions for $2023$ are summarized here.Required:

Calculate Gege's net income for tax purposes for the $2023$ taxation year in accordance with the aggregating formula of section $3$ of

the Income Tax Act. Assume Other Deductions total $$5,000.$

Gege sold her home in Thunder Bay for $$240,000.$ She paid a real estate commission of $$8,000$ and legal fees of $$2,000$ to complete the sale. Gege had purchased the home in $2017$ for $$110,000.$ In $2020,$ she purchased a summer cottage for $$74,000.$ She sold it in $2023$ for $$175,000.$ She paid a legal fee of $$1,000$ to draw up the sale agreement. Gege had used the summer cottage regularly for summer vacations.

Gege$$s gross salary from January $1,2023,$ to her date of retirement was $$33,000.$

Three years ago, Gege purchased $20\%$ of the shares of ABC Ltd$.$ and $15\%$ of the shares of XYZ Ltd$.$ Both are Canadian$-$controlled private corporations. ABC$$s assets consist entirely of investment properties, including shares, bonds, and rental properties. All of XYZ$$s assets are used to operate an active business. Gege sold her shares in both corporations in $2023.$ Details of the transactions are outlined in the following chart.

ABC Ltd$.$ XYZ Ltd$.$

Cost $ $33,000$ $ $44,000$

Selling price $ $69,300$ $ $30,800$

Gege received $$9,900$ in cash for the ABC Ltd$.$ shares, with the balance payable at the rate of $$9,900$ annually for the next six years. The XYZ Ltd$.$ shares were sold for cash.

A local farmer has been trying to purchase Gege$$s hobby farm land. Gege purchased the land in $2016$ for $$69,000.$ In July $2023,$ Gege received $$2,000$ from the farmer, for which she granted him an option to purchase the land. The option is open for two years and allows the farmer to purchase the land for $$100,000.$

In February $2023,$ Gege paid an investment counsellor $$400$ for investment advice. The same month, she purchased $5,000$ units of Q mutual fund for $$10$ per unit. An additional $3,000$ units were purchased in April $2023,$ at $$14$ per unit. On October $31,2023,$ Q fund distributed $$1,500$ of taxable Canadian dividends, which Gege reinvested in the fund, thereby acquiring another $100$ units. On December $3,2023,$ she sold $2,000$ units of Q at $$16$ per unit. At year$-$end, the fund units were valued at $$18.$

To obtain the money to complete the purchase of the Q mutual fund units, Gege increased the mortgage on her house by $$20,000.$ She incurred interest of $$600$ on this amount before paying off the mortgage when the house was sold.

In $2022,$ Gege invested in a real estate project with her friend, a real estate agent and part$-$time developer. Together, they purchased a parcel of land and constructed four town homes at a cost of $$550,000.$ In $2023,$ the four town homes were sold for $$638,000$ to a single buyer, who plans to use them as rental properties. Gege$$s share of the gain was $40\%.$ No cash was invested in the project, which had been funded entirely with bank financing.

Gege sold shares of X Ltd$.($a public corporation$)$ for $$19,800$ during the year. She acquired the shares in $2018$ for $$27,500.$

Most of Gege$$s investments have been in blue$-$chip shares that pay dividends. Recently, she decided to invest and trade in speculative Canadian mining shares and commodity futures. Before she does so$,$ she wants to know the tax implications of gains and losses on such trading.

Required:

Calculate Gege$$s net income for tax purposes for the $2023$ taxation year in accordance with the aggregating formula of section $3$ of the Income Tax Act. Assume Other Deductions total $$5,000.$

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