1. Jack's home required some major renovations as a result of a fire.

While the
property was not inhabitable, ABC provided Jack with a company-owned apartment.
Jack stayed in the apartment for two months, paying $300 per month, while rent in
this building for a similar unit was $1,000 per month.

2. ABC provides Jack with a one-year membership in the Province of Alberta golf club.
The cost of this annual membership was $1,300, paid by ACB.

3. On Feb 15, 2022, Jack receives options to buy 200 shares of ABC. Common shares at
a price (exercise price) of $23. The market price was $21. Jack exercised the option
on August 12, 2022, when the price was $28 per share. Jack plans to hold those
shares for a few years

4. On Jan 1, 2022, ABC provided Jack with a $50,000 loan at an annual interest rate of
5.5%. The prescribed rate was 5% for all quarters in 2022.

5. The company installed recreational facilities at its head office. All employees are
permitted to use these facilities free of charge. The equivalent value for similar
facilities at a private club would be $1,100 per year.

6. Jack paid $1,800 in annual dues to a professional accounting association.

7. Other disbursements made by Jack include the following:

- Advanced accounting course tuition fees $1,200
- Payments of premiums on life insurance 2,400
required by his Bank (to cover his mortgage)

Required:

Calculate Jack’s net employment income for 2022.