User Account

All Pages

Calculate philip maximum amount that he can contribute

Assignment Help Accounting Basics
Reference no: EM133094167

Question - Philip just won $100,000 in the lottery! With this money he would like to invest it wisely and put as much as he can in a Tax-Free Savings Account (TFSA). Calculate Philip's maximum amount that he can contribute to his TFSA assuming the following:

We are December 17, 2021

Philip is 60 years old and just retired

Philip contributed $4,000 to his TFSA in 2019

Tax-Free Savings Account (TFSA): Annual Limits

Years

Annual Limit

Years

Annual Limit

Year started 2009 - 2012

$5,000/year

2016 - 2018

$5,500/year

2013 - 2014

$5,500/year

2019 - 2020

$6,000/year

2015

$10,000/year

2021

$6,000/year

A. $15,500

B. $71,500

C. $60,000

D. $75,500

E. Philip can no longer contribute to his TFSA as he is retired.

Reference no: EM133094167

Questions Cloud

What is his ownership : Kim owns 1% or 5,000 shares of Kitty crypto Inc. The market value of his shares is $125,000. What is his ownership
Jobs ads for international salespersons : Look for at least 3 different companies requirements in their jobs ads for international salespersons.
Systemic functional multimodal discourse analysis : Systemic functional multimodal discourse analysis - Intravenous and antibiotics immunoglobulin was started after a lung cell test but the lungs become discolore
Effective governance and leadership : Effective governance and leadership are critical factors for the success of a team or organization. However, these roles come with many challenges,
Calculate philip maximum amount that he can contribute : Philip just won $100,000 in the lottery! With this money he would like to invest it wisely. Calculate Philip maximum amount that he can contribute
What are job-work benefits in canada : What are job/work benefits in Canada? What are the facts about Government-Mandated Benefits and voluntary benefits?
Leading sustainable change : Select a leader, either past or present, you would like to emulate, and highlight the characteristics that make him/her an effective leader. Based on the inform
Selective distribution strategy : This activity outlines two situations in regards to the potential impact on the firm's positioning due to their distribution channel selection.
What other development activities might vi want : What other development activities might Vi want to consider to develop its leaders? Identify the activity and explain why Vi should consider it.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd