Greg has $385 in his bank account and has $86,750 in his Registered Retirement Savings Account (RRSP account). Greg’s Notice of Assessment from CRA indicates that he has $59,000 of unused RRSP contribution room. All of the money in this account is invested in GICs and Treasury Bills. He also has a Tax Free Savings Account (TFSA) with a current value of $6,250 which is intended as an emergency fund. The funds are invested in a Canadian equity mutual fund. He has provided you with the following activity in his TFSA account:

Year	Amount	Description
2015	$ 100	contribution
2016	$ 2,200	contribution
2016	$ 500	withdrawal
2017	$ 4,000	contribution
2018	$ 2,100	withdrawal
2019	$ 1,560	contribution
2020	$ 1,000	withdrawal

Calculate Greg’s 2021 TFSA contribution room.

Answer rating: 100% (QA)

For computing the amount of TFSA contribution first compute the ... View the full answer