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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

  1. $15,500

  2. Philip can no longer contribute to his TFSA as he is retired.

  3. $71,500

  4. $60,000

  5. $75,500

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