Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Amanda put in the maximum into her TFSA for the past 10 years upto 2020 and her account grew to a balance of $102000. In

Amanda put in the maximum into her TFSA for the past 10 years upto 2020 and her account grew to a balance of $102000. In 2020, she withdrew $44569 to start her baking business. Her business is phenomenally successful beyond her wildest dreams, and now two years later she will be able to put the $44569 back into her TFSA. She has not made any deposits into the TFSA both this year (2022) and last year (2021).

What is the maximum she can contribute to her TFSA now that she has the money, and given that the contribution limit remains at $6000 for both the years?

Step by Step Solution

3.54 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

The contribution limit for TFSAs for the years 2021 and 2022 is 6000 each Since Amanda did not contr... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for business decision making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

978-1119191674, 047053477X, 111919167X, 978-0470534779

More Books

Students also viewed these Finance questions

Question

6.10 a. Find a z o such that P(-z

Answered: 1 week ago

Question

Solve the following the equation. 5(2-c)=10(2c-4)-6(3c+1)

Answered: 1 week ago