Problem 1: Angela opened a tax free savings account in 2015. She contributed $4500 to the...
Problem 1:
Angela opened a tax free savings account in 2015. She contributed $4500 to the account in that year. In January 2016, Angela withdrew $2500. At the end of 2016, she contributed another $3500 to her TFSA. What is Angela’s unused TFSA contribution room at the beginning of 2020? Angela turned 18 in 2014.
Homework Answers
| Particulars | Amount | Amount |
| TSFA contribution room for 2014 | $ 5,500 | |
| TSFA contribution room for 2015 | $ 10,000 | |
| Less: contribution for 2015 | $ (4,500) | $ 5,500 |
| TSFA contribution room for 2016 | $ 5,500 | |
| Less: contribution for 2016 | $ (3,500) | $ 2,000 |
| TFSA contribution room for 2017 | $ 5,500 | |
| Add: withdrawal during 2016 | $ 2,500 | $ 8,000 |
| TFSA contribution room for 2018 | $ 5,500 | |
| TFSA contribution room for 2019 | $ 6,000 | |
| Unused TSFA room beginning 2020 | $ 32,500 |
Thus, unused room at the beginning of 2020 is $32,500.
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