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    Jack received a gross salary of $60,000 from his employer ABC, a Canadian-controlled private corporation, in 2022. He also received $2,400 in director's fees from XYZ, a public corporation controlled by ABC. As a bonus for his performance, Jack was awarded $20,000, of which he received $12,000 in 2022 with the remainder to be paid in 2023. ABC also provided Jack with a $700 iPhone for his personal use and he rented his employer's condo in Colorado with his spouse for two weeks.

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    Jack received a gross salary of $60,000 from his employer ABC, a Canadian-controlled private corporation, in 2022. He also received $2,400 in director's fees from XYZ, a public corporation controlled by ABC. As a bonus for his performance, Jack was awarded $20,000, of which he received $12,000 in 2022 with the remainder to be paid in 2023. ABC also provided Jack with a $700 iPhone for his personal use and he rented his employer's condo in Colorado with his spouse for two weeks.

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    Jack received a gross salary of $60,000 from his employer ABC, a Canadian-controlled private corporation, in 2022. He also received $2,400 in director's fees from XYZ, a public corporation controlled by ABC. As a bonus for his performance, Jack was awarded $20,000, of which he received $12,000 in 2022 with the remainder to be paid in 2023. ABC also provided Jack with a $700 iPhone for his personal use and he rented his employer's condo in Colorado with his spouse for two weeks.

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    1. Jack is an employee of ABC, a Canadian-controlled private corporation (CCPC).

    The
    following was provided to you by Jack regarding all his financial and non-financial
    transactions during 2022. He received the following during 2022:

    Gross salary $60,000

    Payroll deductions:

    Income taxes $12,000

    CPP premium 2,307

    EI premium 840

    RPP – employee contributions 4,200

    Union Dues 375

    Group accident disability insurance 200

    Use of employer car 1,900 (21,822)

    Net pay $38,178

    2. Director's fees of $2,400 received from being on the board of XYZ, a public
    corporation controlled by ABC (100% of XYZ voting shares owned by ABC).

    3. For his good performance, he was awarded a $20,000 bonus of a total bonus he
    received $12,000 on Dec 25, 2022, and the remainder is to be paid next year.

    4. A birthday gift of a new iPhone was given to Jack for his personal use. ABC corporate
    policy was to deduct such gifts; the cost of the phone was $700, not including 5%
    GST

    5. Jack and his spouse rented the company's condo in Colorado for two weeks during

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