Question
Today's date is December 1, 2022. Your client is Bill Smith. Bill was born on January 30, 1995. He opened his TFSA in March 2013
Today's date is December 1, 2022. Your client is Bill Smith. Bill was born on January 30, 1995. He opened his TFSA in March 2013 at TD Bank and contributed $5,000 at that time. No withdrawals from this account in 2013. In March 2014, Bill contributed $3,500. In September 2014 Bill withdrew $1,500 to pay for his vacation. In December 2014 Bill withdrew another $1,000 for holiday presents. In June 2015, Bill contributed $3,000. No withdrawals in 2015. In February 2016, Bill withdrew $2,000 and made no contributions that year. In 2017, Bill made no contributions or withdrawals to his TD Bank TFSA. However, Bill opened up a second TFSA at the Bank of Montreal (BMO) In 2017, Bill made no contributions or withdrawals to his TD Bank TFSA. However, Bill opened up a second TFSA at the Bank of Montreal (BMO) because of their higher interest rate, On October 1, 2017 Bill contributed $2,000 into his BMO TFSA. In 2018, Bill made no contributions to either one of his TFSA. However, he withdrew $500 from his BMO TFSA in December 2018. In 2019, Bill made on TFSA contributions or withdraws. In 2020, Bill contributed $4,500 to his BMO TFSA. No withdrawals. In 2021, Bill contributed $7,000 to his TFSA at TD Bank. No withdrawals Years Additional Contribution Room Added to the TFSA Each Year by the Government 2009 to 2012 $5,000 per year 2013 and 2014 $5,500 per year 2015 $10,000 for the year 2016 to 2018 $5,500 per year 2019 $6,000 for the year 2020 $6,000 for the year 2021 2022 $6,000 $6,000 REQUIRED Calculate the amount of TFSA contribution room for Bill for 2022. HINT: Start your calculation in the year in which Bill turned 18 years of age
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