Alex turned 18 years old in the year 2019, and he did not contribute to a TFSA. He did not contribute for the next few years and then in early 2022, Liam contributed $7000 to a TFSA. Later that year he withdrew $3200 from the TFSA. The TFSA contribution limit from 2019 to 2022 is $6000 each year and increased to $6500 in 2023. 1. Calculate what his TFSA contribution room at the beginning of 2022? 2. Calculate and show his TFSA contribution room at the beginning of 2023? Show your work for full marks.
Alex turned 18 years old in the year 2019, and he did not contribute to a TFSA. He did not contribute for the next few years and then in early 2022, Liam contributed $7000 to a TFSA. Later that year he withdrew $3200 from the TFSA. The TFSA contribution limit from 2019 to 2022 is $6000 each year and increased to $6500 in 2023. 1. Calculate what his TFSA contribution room at the beginning of 2022? 2. Calculate and show his TFSA contribution room at the beginning of 2023? Show your work for full marks.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Alex turned 18 years old in the year 2019, and he did not contribute to a TFSA. He did not contribute for the next few years and then in early 2022, Liam contributed $7000 to a TFSA. Later that year he withdrew $3200 from the TFSA.
The TFSA contribution limit from 2019 to 2022 is $6000 each year and increased to $6500 in 2023.
1. Calculate what his TFSA contribution room at the beginning of 2022?
2. Calculate and show his TFSA contribution room at the beginning of 2023?
Show your work for full marks.
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