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Jerry Farrow is employed by a public corporation. His salary for 2020 was $65,000 and deducted...

Jerry Farrow is employed by a public corporation. His salary for 2020 was $65,000 and deducted CPP of $850, UI of $2,400 and RPP of $3,300. In Jan 2018, he was granted options to acquire 1,000 of his employer’s shares at $50 per share. At that time, it was estimated that the fair market value of the shares was $45. In Jan2019, when the estimated fair market value of the shares is $60 per share, he exercises all of these options. In Jan 2020, he sells all of the shares for $70 per share. What is Jerry's taxable income for 2020?

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The calculation for taxable income will include the income from salary after deuctions and the income from capital gains.

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