Boris just inherited $200,000 from his brother's estate. He is thinking of contributing to his Tax-Free Savings Account (TFSA). What is the maximum Boris can contribute in 2023?

We are April 24, 2023

Boris is 72 years old

Boris retired in 2016

Boris opened his TFSA account in 2009 where he contributed $5,000 at that time (the only contribution that he has made to date)

Boris withdrew $8,000 from his TFSA in May 2022 when his account market value was $8,248

Boris no longer remembers how the TFSA works, but if he is eligible, he would like to use the money inherited from his brother's estate to make a lump sum contribution to his TFSA. He would also like to consider any carry-forward room that he may have.

Tax-Free Savings Account (TFSA): Annual Limits

Years	Annual Limit	Years	Annual Limit
Year started 2009-2012	$5,000/year	2016-2019	$5,500/year
2013-2014	$5,500/year	2019-2022	$6,000/year
2015	$10,000/year	2023	$6,500/year

Select one:

a.

$88,000

b.

Nothing can be contributed to his TFSA as Boris is retired and therefore can no longer contribute under the TFSA rules

c.

$83,000

d.

$91,000

e.

Nothing can be contributed to his TFSA as Boris is over age 71 and therefore can no longer contribute under the TFSA rules