Reference no: EM132704127

Albert earned $85,000 during his employment with Glass Co. CPP contributions of $2,898 and EI of $856. During his employment with Glass Co, Albert exercised options to purchase shares. The options were granted to him in January 2020. They allowed him to purchase 500 shares at an option price of $25 per share. At the time the option was granted to Albert, the shares were selling for $27.50 per share. Albert exercised his option on May 1, 2020 when the shares were trading at $29.50 per share. To help with the cost of the move back to Newfoundland and Labrador, Albert sold the shares in July 2020 at $38 per share.

• Albert also had a vehicle available for his use the entire time he was employed with GlassCo in 2020. The vehicle was leased at a monthly cost of $750. Albert drove the car 30,000 km in 2020 of which 25,000 were business related. GlassCo paid all the operating costs related to the vehicle as well. Albert also had $3,500 registered pension contributions withheld from his pay. His employer also matched this contribution.

Problem 1: What is employement income of Albert?