Jack turned $71$ years old on February $15,2023.$ He transferred his Registered Retirement Savings Plan $($RRSP$)$ into a Registered Retirement Income Fund $($RRIF$)$ before he left for Florida on April $15,2023($which is the date he leaves each year for his two months$$ vacation in the US$).$ Jack never married. a$)$ Based on Canada Revenue Agency$$s $($CRA$$s$)$ Prescribed RRIF Factors, what is the minimum amount that Jack must withdraw from his RRIF in $2024?(1$ mark$)$ Jack was not sure what date was needed to calculate the minimum required withdrawal amount, so he provided a number of dates with his account$$s market value: $$846,200$ as of January $1,2023$ $$856,190$ as of February $15,2023$ $$860,128$ as of April $15,2023$ $$869,300$ as of December $31,2023$ $$870,320$ as of January $1,2024$ $$876,180$ as of February $15,2024$ $$895,323$ as of April $15,2024$ Calculation of the minimum required withdrawal from Jack$$s RRIF in $2024$: $(1$ mark$)$ b$)$ Jack has never contributed to a Tax$-$Free Savings Account $($TFSA$).$ At his age, he is not sure if it is too late to contribute. Jack was devastated in losing his best friend, Max who passed away on April $1,2024.$ Max left him an inheritance of $$100,000($life insurance which Jack received right away$).$ Max was a tax accountant and had always counselled Jack to open a TFSA. Jack regretted that he never listened to his buddy, so Jack went straight away to the bank to open a TFSA and made the maximum contribution permitted to his TFSA using the inheritance, the remainder, he put in his savings account. Calculate the maximum Jack can contribute to his TFSA in $2024,$ taking into consideration carryforward amounts. $($see Table C$)(1$ mark$)$ Calculation of the maximum Jack can contribute to his TFSA in $2024$: c$)$ After Jack made the maximum Tax$-$Free Savings Account $($TFSA$)$ contribution, he realized he needed money for Max$$s funeral! He immediately withdrew $$9,000$ to cover all the funeral expenses. Jack was unaware that Max$$s son had already covered all the funeral expenses, so Jack wanted to re$-$contribute the $$9,000$ back to his TFSA. $($see Table C$)$ Highlight and underline the correct response. $(1$ mark for $\mathrm{.}25$ each$)$ Jack can contribute $$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