Calculating the Contribution Room in a TFSA Today's date is January 1, 2021. Your client is JJ. JJ was born February 1998 (now age 22). JJ opened his TFSA in March 2016 (at age 18) at TD Bank and contributed $5,000 at that time. JJ made no withdrawals from this account in 2016. In March 2017, JJ contributed $4,500. In September of that same year, he withdrew $1,500 to pay for his vacation. In December 2017 JJ withdrew another $1,000 for holiday presents. In June 2018, JJ contributed $3,000. No withdrawals in 2018. In February 2019, JJ withdrew $2,000 and made no contributions that year. In 2020, JJ made no contributions or withdrawals to his TD Bank TFSA.

REQUIRED: Calculate the maximum amount that JJ can contribute to his TFSA in 2021.