Solution to Problem 9-2, 9-4

Solution to Problem 9-2, 9-4 - Solution to Problem 9-2...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Solution to Problem 9-2 Harvey Masters is 36years old and has a wife and 9 year old son. Mr. Masters commenced full-time studies at the University of Manitoba in Winnipeg. In June, he and his some move to a cottage in Pelican Lake here he works on a part-time basis. The move cost him $350 for a rental van and he earned $5,400 during the summer. He returned to Winnipeg in August and his move cost $500. He resumed his studies in September. In February, Mr. Masters opened a new TFSA and contributed $5,000. His wife also contributed $5,000 to his TFSA. During the year, Mr. Masters received the following amounts: Wages from summer employment $ 5,400 Scholarship in Sept. from University 3,500 Eligible Dividends from Cdn. Corp. 2,000 Child Support Received 6,000 Inheritance 25,000 TFSA Withdrawal 13,000 In December, Mr. Masters contributed $5,300 to his son’s RESP. His parents have contributed before, but is the first time Mr. Masters does so.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
What is Mr. Masters’ NIFTP? Advise him on future actions regarding the RESP.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/18/2011 for the course ECON 101 taught by Professor Professor during the Spring '11 term at American University of Antigua.

Page1 / 7

Solution to Problem 9-2, 9-4 - Solution to Problem 9-2...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online