What is Scott's unused TFSA contribution room given his circumstances and changes?

To determine Scott's unused Tax-Free Savings Account (TFSA) contribution room, it's essential to understand how the contribution limit works and Scott's specific circumstances.

First, the TFSA contribution room accumulates each year and is not dependent on whether the individual has contributed in the past. The annual contribution limit for TFSAs commonly changes, and for 2023, this limit is set at $6,500.

If Scott has never contributed to his TFSA since its introduction in 2009, he would accumulate contribution room for each year up to 2023. This includes the maximum contribution limits from each previous year added to the current year’s limit.

Here's the annual limit structure:

• 2009-2012: $5,000 each year (total $20,000)

• 2013-2014: $5,500 each year (total $11,000)

• 2015: $10,000 (total $10,000)

• 2016-2018: $5,500 each year (total $16,500)

• 2019-2022: $6,000 each year (total $24,000)

• 2023: $6,500

Adding these