Johannes Brahms is a professional musician with the Toronto Symphony Orchestra. He made TFSA contributions of $5,000 each year in 2018, 2019 and 2020. His TFSA has a current balance of $17,500 including both the contributions and the investment income. Johannes has withdrawn $17,500 in 2021 to purchase a car. What is his TFSA contribution room in 2021 and 2022? (Assume annual TFSA contribution limits are $5,000 for each year and disregard any carry-forward amount Johannes may be entitled to)

Answer rating: 100% (QA)

The TFSA contribution room for Johannes in 2021 and 2022 can be calculated by subtracting the total ... View the full answer