Monir purchased 2,000 shares of the Royal Bank at $105 early in 2021, and sold them later in 2021 for $135 per share. He also purchased 5,000 share of iShares Global Clean Energy ETF, which he later sold for a capital gain of $32,400. The ETF was held in his TFSA, while the Royal Bank shares were held in a non-registered account. Monir also incurred a small non-registered capital loss of $5,250 on some long-term bonds he had purchased. Monir had major dental work done in 2021 amounting to $25,000. Their other medical expenses were negligible.
Both Monir and Jackie made their TFSA contributions in December. What would you say to them about the timing of this contribution?
Assume Monir has maxed out his TFSA. If he had withdrawn $5,000 on December 31, 2021, what would have been his TFSA contribution room as of January 1, 2022?