Boris has maximized his annual contribution to the plan. In March of 2016, Boris mistakenly deposited $8,000
Question:
Boris has maximized his annual contribution to the plan. In March of 2016, Boris mistakenly deposited $8,000 into his TFSA. Later in 2016, as instructed by the Canada Revenue Agency, he withdrew the excess portion of his contribution. In the same year, he also withdrew $1,700 to pay for some car repairs. The next transaction in his TFSA-a contribution of $3,500-will not take place until 2019. Assuming the dollar limit since the inception of the TFSA has been $5,000 from 2009 to 2012, $5,500 in 2013 and 2014, $10,000 in 2015, $5,500 from 2016-2018 and $6,000 in 2019, what is the MAXIMUM amount Boris can contribute to his TFSA in 2019 without incurring a penalty?
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young