Business, 25.12.2020 19:10 isabelj2004

On December 18, 2020, the Horton's won $300,000 in the lottery and decided to divide it evenly amongst all family members. They are very excited and want to use the money wisely. Each has agreed to open a Tax-Free Savings Accounts (TFSAs) and to maximize their contributions. To date, no family member has made any TFSA contributions except for Stan who contributed $60,000 over the years, he has never made any withdrawals. They have asked you to help them determine the maximum amount permitted under the TFSA rules and each will then contribute from their lottery winnings. (Hint: consider carryforward balances and contributions in 2020). Stan (father) turned 55 on June 20, 2020 Sandra (mother) turns 48 on March 2, 2020 Anna (Stan's mother who lives with them) turns 71 on December 1, 2020 Jonny (son) turned 23 on March 2, 2020 Twins (born minutes apart): Allen (son) turned 18 on December 31, 2019, and Alley (daughter) turned 18 on January 1, 2020 Eve (daughter) turns 17 on September 4, 2020 a) $205,000 b) $265,000 c) $211,000 d) $204,500 e) $261,500

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On December 18, 2020, the Horton's won $300,000 in the lottery and decided to divide it evenly among...

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