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?
Chapter3: Income Sources
Section: Chapter Questions
Problem 51P
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?
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