Question
A client of yours is meeting with you in 2024 and provides you with the following information: after reaching the age of18 in 2015 they
A client of yours is meeting with you in 2024 and provides you with the following information:
after reaching the age of18 in 2015 they opened a TFSA account and contributed $5,000,
they have been a Canadian resident since they were born.
there has been no additional contributions to the TFSA after the original one
The balance in their TFSA in Dec. 2021 was $7,000 and they withdrew the entire amount in December of 2021 for post- secondary costs. After graduating, and now being well paid while working in the family business, and still living with their parents, they wish to contribute the maximum amount permitted in 2024.
How much would they be eligible to contribute to aTFSA in 2024?
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
18th edition
125969240X, 978-1259692406
