Daniela has simply transferred the amounts to both her Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) based on what her tax advisor recommends. Daniela has always contributed the maximum to both her RRSP and TFSA on January 1^st each year. She however does not understand how either the RRSP or TFSA work. She has therefore asked you to work out a few scenarios to help her better understand. (5.5 marks)

Daniela: (currently 35 years old, birthday is June 27th):

• started her own dental practice upon graduation and has always drawn a salary of $200,000 each year from her company for the last 18 years, this year (2022) she has exceptionally paid herself a salary of $250,000.
• Scenario 4:

• Daniela is looking to purchase her first home and would like to pay cash. She is looking to make an offer of $350,000. The current market value of Danielas TFSA as of today is $352,000. If Daniela withdraws $350,000 from her TFSA, how much could she then re-contribute to her TFSA in 2022? 2023?

  (1.5 marks)

  2022: $

  2023: $