On January 1, 2009, the Government of Canada introduced a new tax-free savings account (TFSA). This allows

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On January 1, 2009, the Government of Canada introduced a new tax-free savings account (TFSA). This allows individuals to contribute up to $5,000 to a TFSA each year. While the contribution is not deductible, all earnings are tax free and will never be taxed. You have decided to contribute the maximum amount every year, starting immediately on January 1, 2009. Use an interest rate of 3%.
Required:
Calculate your account balance after 5, 8, 10, 15, 20, and 30 years.
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Financial Management for Decision Makers

ISBN: 978-0138011604

2nd Canadian edition

Authors: Peter Atrill, Paul Hurley

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