Ontario Ltd. is a Canadian Controlled Private Corporation (CCPC). Mary Stewart, one of the employees, was granted a stock option on October 11, 2021 for 15,000 shares at $3 per share. Mary exercised the stock option on September 30, 2022 when the market price was $9 per share. In February 2023, Mary purchased a new home and sold the shares for $14 each. The fair market value on October 11, 2021 was $3. What is the effect of the above on Mary's taxable income, assuming Mary wants to minimize taxes?\\n\\nGroup of answer choices\\n\\n$127,500 in 2023\\n\\n$45,000 in 2023\\n\\n$45,000 in 2022\\n\\n$82,500 in 2023

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.