Sam turned 18 on April 18, 2020 and opened up his TFSA. $12,000 were contributed ($6,000 for 2021 plus $6,000 for 2022 - the maximum TFSA dollar limits for those years). By the end of 2022, the value in Sam's TFSA had increased to $12,800 with all the capital gains. Is it true that Sam can contribute more than $5,700 in the year 2023 (the TFSA dollar limit of $6,500 for 2023 less the $800 increase in value in his TFSA through 2022). True False

Answer rating: 100% (QA)

True Sam can contribute more than 5700 in the year 2023 Heres the breakdo... View the full answer