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Assume we are January 1, 2024. Samuel turned 20 years old on December 31,2023 , while his twin sister, Samantha turned 20 years old on

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Assume we are January 1, 2024. Samuel turned 20 years old on December 31,2023 , while his twin sister, Samantha turned 20 years old on January 1,2024 . For their special 21st birthday, their grandmother gave them $30,000 each with directives to save and not spend it. They both decided to maximize their investments and have reached out to you for help in calculating the maximum amounts they can contribute to a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP) and/or savings account. They are going to the bank on January 2, 2024 See Table C and E and include carried forward amounts from previous years. (3.75 marks) Samuel: would like to maximize his TFSA contribution first, then he would like to contribute the maximum to his RRSP, and lastly, if any amounts remain, they will go to his savings account. Samuel had three part-time internships working at Ielus. In 2021 he made $7,300, and in 2022 he made $8,500. In the summer of 2023 , he only worked the month of June and made $4,300 as he decided to travel throughout Europe from July to the end of September. He started a new full-time job on October 1st and makes a gross monthly salary of $5,100. He was also able to join his company's group RRSP as of his hire date where he makes contributions of $200/ month. Throughout the years, Samuel has made a total of $5,000 in TFSA contributions and no other RRSP contributions besides the contributions made through his current employer. Samantha: graduated December 2023 and has been interviewing all throughout December. She thinks she may get a job offer making a gross annual salary of $65,000. This would be her first jobl She opened a TFSA when she turned 18 and had deposited her birthday money back then of $1,000 for which she immediately withdrew $860 to buy an iphene She would like to know the maximum TFSA contribution she can make. Any amount remaining from her grandmother, she would like to contribute it to her RR

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