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Mike put the maximum allowed every year in his TFSA for 15 years. The account...

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Finance

Mike put the maximum allowed every year in his TFSA for 15 years. The account now has a balance of $107,900. Now he wants to start a new business and takes out $50,000. How much tax does he owe on the $50,000 if his marginal tax rate is 33%?

a.

$1,100
b.

$6,000
c.

$0
d.

$16,500

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