In 2022, Deborah had a balance of $109,000 in her TFSA. That year, she withdrew $40,000 to fund her nephew's university education. Now, two years later she has received a cash inheritance of $70,000 and wants to contribute the $40,000 that she withdrew, back into her TFSA. She has not made any deposits into the TFSA both this year and last year. What is the maximum she can contribute to her TFSA now that she has the money, and given that the contribution limit was $6,500 last year and $7,000 this year?
In 2022, Deborah had a balance of $109,000 in her TFSA. That year, she withdrew $40,000 to fund her nephew's university education. Now, two years later she has received a cash inheritance of $70,000 and wants to contribute the $40,000 that she withdrew, back into her TFSA. She has not made any deposits into the TFSA both this year and last year. What is the maximum she can contribute to her TFSA now that she has the money, and given that the contribution limit was $6,500 last year and $7,000 this year?
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
Related questions
Question
In 2022, Deborah had a balance of $109,000 in her TFSA. That year, she withdrew $40,000 to fund her nephew's university education. Now, two years later she has received a cash inheritance of $70,000 and wants to contribute the $40,000 that she withdrew, back into her TFSA. She has not made any deposits into the TFSA both this year and last year. What is the maximum she can contribute to her TFSA now that she has the money, and given that the contribution limit was $6,500 last year and $7,000 this year?
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education