Michel has heard of some Canadians that are millionaires with their TFSA’s. If that were the case and they withdrew $1 million dollars from their TFSA account in 2023, how much tax would they pay on the withdrawn funds if they were in a 53.31% marginal tax bracket? Tax calculation on $1 million TFSA withdrawal:
Michel has heard of some Canadians that are millionaires with their TFSA’s. If that were the case and they withdrew $1 million dollars from their TFSA account in 2023, how much tax would they pay on the withdrawn funds if they were in a 53.31% marginal tax bracket? Tax calculation on $1 million TFSA withdrawal:
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 84IIP
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- Michel has heard of some Canadians that are millionaires with their TFSA’s. If that were the case and they withdrew $1 million dollars from their TFSA account in 2023, how much tax would they pay on the withdrawn funds if they were in a 53.31% marginal tax bracket?
Tax calculation on $1 million TFSA withdrawal:
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