Alina’s bank just called as she submitted a bank application for a mortgage. Her gross annual income is $130,000. Her monthly heating would be $375, condo fees of $550 per month, and annual property taxes would be $3,750 along with monthly debt payments of $1,565.

Given the bank has calculated Alina’s Gross Debt Service (GDS) ratio as 31%, how much is her monthly mortgage payment? 

Alina is planning on withdrawing the down payment from her Tax-Free Savings Account (TFSA) for the condo that she is looking to purchase. Alina has contributed the maximum to her TFSA since turning 18 with contributions totaling $38,500. The market value of her TFSA is now at $75,230 as she has done well with her investments. Alina will be withdrawing $50,000 on July 1, 2020 from her TFSA for the down payment, what is the earliest date that Alina can re-contribute to her TFSA without triggering penalties? (Highlight/underline your response)
July 1, 2020 (same day) or

August 1, 2020 (1 month later) or

July 1, 2021 (1 year later) or

December 31, 2020 (end of the year) or

January 1, 2021 (first day of the following year)

What is the maximum amount that Alina can re-contribute to her TFSA on the date you selected in b) without triggering penalties?  

Answer rating: 100% (QA)

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