more about government programs available to help them. Both have recently turned 25 and have contributed the maximum permitted to their TFSAs from gifts received from their parents. Only Samuel has an RRSP currently valued at $65 ,000. They plan to use the funds in their TFSAs and draw down the maximum, if they qualify, under the Home Buyers Plan towards the down payment and $15,000 of closing costs.

How much has each contributed to a TFSA? Assuming each contribution was made at year-end and they have earned a 5% effective annual return, how much would they have to put toward a down payment by the end of this year (2023)? Their 2023 contribution will be made on December 31, 2023. Round to the nearest dollar. Expand the table as required.

Year

Age

Maximum $ Contribution FV Calculation P/Y and C/Y = 1 $

FV to end of 2023

If the couple uses the full amount in their TFSA and the maximum withdrawal available to them under the Home Buyers Plan toward a down payment and closing costs, what is the maximum conventional mortgage they can take, assuming they qualify under the GDS and TDS ratios?