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 (TSA), 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.

Samuel: would like to maximize his TSA contribution first, then he would like to contribute the maximum to his RSP, and lastly, if any amounts remain, they will go to his savings account. Samuel had three part-time internships working at Telus. 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 $4,300as he decided to travel throughout Europe from July to the end of September. He started a new full-time job on October 1 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 job! She opened a TFSA when she turned 18 and had deposited her birthday money back then of $1,000 for which she immediately withdrew $800 to buy an iphone. 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 RRSP, then to her savings account. To date, she has never made an RRSP contribution.

a) Calculate maximum TFSA contribution for both samuel and samantha.

b) calculate maximum RRSP contribution for both samuel and samantha.

c) calculate the saving accounts amount of both samuel and samantha.

Table C

TFSA: Annual Limits

years started (2009-2012): $5000/year

2013-2014: $5,500/year

2015: $10,000/year

2016-2018: $5,500/year

2019-2022: $6000/year

2023: $6,500/year

2024: $7000/year

Table E

formula for RRSP contribution limit: 18% of your previous years earned income less your previous years pension adjustment to an annual maximum.

RRSP: Annual limits

2021: $27,830

2022: $ 29,210

2023: $30,780