IFIC Mutual Funds Licensing Practice Exam · Question
Emily contributed $2,000 to her TFSA in January 2023. In June 2023, she withdrew $1,000. In January 2024, if the TFSA limit is $7,000, how much can Emily contribute to her TFSA assuming no other contributions or withdrawals?
TFSA withdrawals in one year are added back to contribution room at the beginning of the next calendar year. Emily's 2024 contribution room will be the new annu
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Question: Emily contributed $2,000 to her TFSA in January 2023. In June 2023, she withdrew $1,000. In January 2024, if the TFSA limit is $7,000, how much can Emily contribute to her TFSA assuming no other contributions or withdrawals?
Answer options:
- $7,000 ✅ $8,000
- $6,000
- $7,500
Correct answer: $8,000
Explanation: TFSA withdrawals in one year are added back to contribution room at the beginning of the next calendar year. Emily's 2024 contribution room will be the new annual limit ($7,000) plus the amount she withdrew in 2023 ($1,000), totaling $8,000.
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