George is thinking that his TFSA investments are too conservative and wants to invest in XYZ Inc. as their stock is up 40%! If George invests all his TFSA money in XYZ Inc. and it continues to climb to the crazy predictions that his investment advisor says, then George expects his TFSA could have a market value of $400,000! This would pay for the cottage he has been looking at. If George indeed makes $400,000 by November 2022 and immediately withdraws the amount, how much could he then re-contribute to his TFSA in 2022? 2023? (.5 marks-.25 marks each)

2022: $____________(.25 marks each)

2023: $____________(.25 marks each)

Consider Georges example, but this time, instead of his TFSA growing to $400,000, he loses all the money as the company goes bankrupt in November 2022. How much would his contribution room then be for 2022? 2023? (.5 marks-.25 marks each)

2022: $____________ (.25 marks each)

2023: $____________ (.25 marks each)