George is thinking that his TFSA investments are too conservative and wants to invest in XYZ Inc. as their stock is up 40%! If George invests all his TFSA money in XYZ Inc. and it continues to climb to the crazy predictions that his investment advisor says, then George expects his TFSA could have a market value of $400,000! This would pay for the cottage he has been looking at. If George indeed makes $400,000 by November 2022 and immediately withdraws the amount, how much could he then re-contribute to his TFSA in 2022? 2023?

2022: $____________

2023: $____________

Consider George’s example, but this time, instead of his TFSA growing to $400,000, he loses all the money as the company goes bankrupt in November 2022. How much would his contribution room then be for 2022? 2023?

2022: $____________

2023: $____________

Answer rating: 100% (QA)

Option 1 The TFSA contribution amounts are as follows 0 in 2022 87500 in 2023 Stepbyste... View the full answer