It is December 11, 2024 and Kamran was thrilled to learn he just won $1 million dollars! While he has always been diligent about saving, he never focused on encouraging his family to do the same—a decision he now regrets. With the prize money, Kamran decided to share it with his family, but only on the condition that they use the funds to contribute to their Tax-Free Savings Accounts (TFSAs). Kamran has contributed the maximum allowable amount to his TFSA each year, except for this year’s contribution, which he still needs to make. None of his family members have contributed to a TFSA yet, and they will need to open accounts if eligible. Kamran has asked for help in determining the maximum contribution limits for each family member for 2024, including carry-forward amounts.
Family Members:
Kamran (father) turns 65 on December 13, 2024
Zara (mother) turns 58 on November 10, 2024
Kamran’s parents, Nader and Shirin, are both 85 and have birthdays in October
Children:
Tariq, celebrated his 21st birthday on April 1stTwins: Maya, celebrated her 18th birthday on December 31, 2023, and Kiana, on January 1, 2024Lila, celebrated her 17th birthday on April 20th
Question 24Select one:
a.
$345,000
b.
$332,000
c.
$419,000
d.
$340,000
e.
$338,000