Question
Philip just won $100,000 in the lottery! With this money he would like to invest it wisely and put as much as he can in
Philip just won $100,000 in the lottery! With this money he would like to invest it wisely and put as much as he can in a Tax-Free Savings Account (TFSA). Calculate Philips maximum amount that he can contribute to his TFSA assuming the following:
We are December 17, 2021
Philip is 60 years old and just retired
Philip contributed $4,000 to his TFSA in 2019
| Tax-Free Savings Account (TFSA): Annual Limits | |||
| Years | Annual Limit | Years | Annual Limit |
| Year started 2009 - 2012 | $5,000/year | 2016 - 2018 | $5,500/year |
| 2013 - 2014 | $5,500/year | 2019 - 2020 | $6,000/year |
| 2015 | $10,000/year | 2021 | $6,000/year |
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$60,000
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Philip can no longer contribute to his TFSA as he is retired.
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$75,500
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$71,500
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$15,500
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