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What are the implications of kimberly transfer

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In January of this year, both Kimberly and Martin contributed $5,500 to their respective TFSAs. At the beginning of the year, both individuals had unused TFSA contribution room of $7,500. Later this year, Kimberly and Martin underwent a divorce and as part of a court ordered settlement, Kimberly transferred the full amount of her contribution from this year into Martin's TFSA. If there are no further TFSA transactions for either person for the remainder of the year and assuming the TFSA dollar limit for next year is $5,500, what are the implications of Kimberly's transfer?

Reference no: EM133033304

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