In 2024, Cici, a physician who is 55 years old, brought in $200,000 before taxes. In ten

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In 2024, Cici, a physician who is 55 years old, brought in $200,000 before taxes. In ten years, she intends to leave her current position to launch her own company. Cici plans to open new TFSA, RRSP, and non-registered investment accounts with TD Bank in addition to the multiple accounts she currently has with RBC. She will set aside money in RBC for emergencies and retirement and use TD Bank for his business endeavours. Cici will only make deposits to TD bank accounts going forward, until she retires, and she has the ability to save $100,000 a year in real, before-tax money. She contributes to an RRSP, TFSA, and non-registered investment account at TD Bank as part of her savings plan.

She will make contributions to the TFSA in 2024 up to the 2024 annual cap; after that, her contributions will rise yearly to keep up with inflation. Because of employer contributions, the RRSP contribution is still fixed at $20,000 in real dollars. Any savings that are left over go into the investment account that isn't registered. At year's end, contributions are made. It is anticipated that Cici will always have a 50% marginal tax rate. The nominal rate of return on all investments is 6%, while the rate of inflation is 1.5%. After ten years, Cici intends to take the entire amount out of each account.
Assume that the TFSA and RRSP contribution limits will rise annually in line with inflation.

There were no contribution rooms from prior years that were carried over into the current year.

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