Mabel turned 18 in 2001. She opened a TFSA in Jan 2024. She has not contributed to the TFSA so far. What is the maximum that Mabel contribute today?
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Mabel turned 18 in 2001. She opened a TFSA in Jan 2024. She has not contributed to the TFSA so far. What is the maximum that Mabel contribute today?
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- In 2022, Deborah had a balance of $109,000 in her TFSA. That year, she withdrew $40,000 to fund her nephew's university education. Now, two years later she has received a cash inheritance of $70,000 and wants to contribute the $40,000 that she withdrew, back into her TFSA. She has not made any deposits into the TFSA both this year and last year. What is the maximum she can contribute to her TFSA now that she has the money, and given that the contribution limit was $6,500 last year and $7,000 this year?Carmelina is 68 years old and has lived in Canada for 42 years. She qualifies for full Old Age Security (OAS) benefits but, she has no other source of income beyond government pensions. This year, Carmelina plans to live in Italy for the whole year. What statement is true?Oa) She will receive the full amount of her Old Age Security and Guaranteed Income Supplement (GIS) payments. b) Her GIS benefits will be reduced by $1 for every $2 of OAS benefits she receives.c) Later this year, she will be subject to a suspension of GIS payments because of her absence from Canada.Od) She will not receive either OAS or GIS payments while she is absent from Canada.Mary-Ann is age 60 and plans to retire this year. She and her husband Wayne, age 66 have approached David the CFP to review her payment options from her defined contribution RPP. Wayne is already retired and receives $85,000 in annual indexed pension income which meets her lifestyle needs. They have no savings aside from their pension plans. Wayne wants to have financial flexibility in the event of an unforeseen circumstance, and Mary-Ann wants to ensure that their adult son Jim would receive financial support should they predecease him. Which of the following options would best meet their objectives? Question 11 options: Open a RRSP for Mary-Ann transferring the RPP balance into it Transfer the RPP balance into a LIRA for Mary-Ann Purchase a single life annuity with a 10-year guarantee, naming Jim as contingent beneficiary Select a joint life annuity with a level survivor benefit for Wayne