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c ) After Jack made the maximum Tax - Free Savings Account ( TFSA ) contribution, he realized he needed money for Max s funeral!

c) After Jack made the maximum Tax-Free Savings Account (TFSA) contribution, he realized he needed money for Maxs funeral! He immediately withdrew $9,000 to cover all the funeral expenses. Jack was unaware that Maxs son had already covered all the funeral expenses, so Jack wanted to re-contribute the $9,000 back to his TFSA. (see Table C)
Highlight and underline the correct response. (1 mark for .25 each)
Jack can contribute $9,000 to his TFSA in 2024. True or False
Jack can contribute $9,000 to his TFSA in 2025. True or False
Jack can contribute $16,000 to his TFSA in 2025. True or False
If Jack contributes more than his available TFSA contribution room, he will have to pay a tax equal to 1% of the highest excess TFSA amount in the month, for each month that the excess amount remains in his account. True or False

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