Each family member in the Wise family received a large unexpected inheritance from a long-lost uncle on April 1, 2023. They are still in shock about this inheritance and want to use the money wisely. They have all agreed that the smartest financial move would be for each of them to open Tax-Free Savings Accounts (TFSAs) and maximize their contributions. To date, no family member has made any TFSA contributions except for Steve who contributed $5,000 at the beginning of this year. They have asked you to help them determine the maximum amount permitted under the TFSA rules and they will then each contribute from their inheritance. What is the family total? (Hint: consider carryforward balances and contributions in 2023).

Steve (father) turned 55 on April 10, 2023

Stella (mother) turns 48 on May 5, 2023

Anita (Steves mother who lives with them) turns 71 on December 10, 2023

John (son) turned 20 on March 2, 2023

Twins (born minutes apart): Alley (daughter) turned 18 on December 31, 2022, and Joseph (son) turned 18 on January 1, 2023

Eva turns 17 on November 1, 2023

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.

$283,000

b.

$278,000

c.

$296,500

d.

$275,500

e.

$290,000