What an incredible year for the Lucky family. Max Lucky (father) played the lottery for the first time in his life and won!!! He decided to split the winnings amongst his family but with the requirement that they contribute the maximum to their Tax-Free Savings Account (TFSA). With the remaining amount, Max will contribute to a Spousal Registered Retirement Savings Plan. It is December 16, 2023, and Max has not yet told anyone in the Lucky family that he just won $500,000. He decided to wait until December 25th to surprise family members who can contribute to a TSA and present them with this special holiday present! Max knows the importance of a TSA as he has been contributing the maximum early since 2009 when TFSAs were first introduced, which is why he believes his gift is so exciting. Max also understands the effect of compounding interest, which is why he contributes the maximum amount to his TSA on January 1st of each year. He has also made contributions in the past to his Registered Retirement Savings Plan (RRSP) but still has an RSP contribution room of $190,000 which includes carried forward room from previous years. His spouse, Rosina has an RRSP contribution room of $18,000 which includes carried forward room from previous years. After calculating each family member's TSA contribution for 2023, (taking into consideration carryforward balances), calculate the amount that Max will contribute to the Spousal RRSP account with the remaining balance from the lottery winnings.

In 2023, the following family members had their birthdays:

Max (father) turned 50 years old

Rosina (mother) turned 49 years old

Sid (Rosina's father who lives with them) turned 71 years old

Florence (Rosina's mother who lives with them) turned 70 years old

Roberto (son) turned 21 years old

Lizzy (daughter) turned 19 years old

Gino (son) turned 18 years old

Hans (son) turned 16 years old

Select one:

O a. $192,500

O b. $190,000

O c. $188,500

O d. $18,000

O e. $307,500

Tax-Free Savings Account (TFSA): Annual Limits