Mini$-$Case B

The year is $2024.$ Ramy Anoub graduated three years ago with a Masters in Aerospace

Engineering. He was happy to be finished his studies at last and embark upon his chosen

career. Since graduating Ramy has purchased an electric car and condo on the Lachine

Canal $-$ both involving considerable debt.

Ramy thought that with the salary he makes $($$$250,000)$ he should have no financial

problems. But with his high car and condo payments, and uncontrolled spending on

entertainment, he finds that his credit cards are always maxed out and he makes only

the minimum payment. Sticking to any type of savings plan seems impossible.

Ramy's company offers a Registered Contribution Pension Plan to which he and his

employer each contribute $$12,500$ a year. They also offer a generous medical plan

covering $80\%$ of medical bills $($his plan premium is $$2,500).$ Nevertheless, Ramy's

multiple sclerosis $($MS$)$ medication still costs him $$4,320$ a year. He is thankful that his

only other medical bill involves $$600$ a year for dental work.

Part $5$:

Ramy was born in May $1995.$ If he opened a Tax$-$Free Savings Account $($TFSA$),$

how much could he contribute today? Show your calculation year by year.