Final answer:
A taxpayer who withdrew $1 million from their TFSA could re-contribute that amount plus the new contribution room for the following year, which has recently been $6,500, subject to the current year's limit set by the CRA.
Step-by-step explanation:
If a taxpayer withdrew $1 million from their TFSA (Tax-Free Savings Account), the amount they could re-contribute the following year would be equal to the amount they withdrew the previous year plus any new contribution room for the current year. Since the question asks us to ignore previous years' and the contribution room for the year 2024, the taxpayer could re-contribute $1 million plus the TFSA dollar limit for the current year, which the Canada Revenue Agency (CRA) typically indexes to inflation and rounds to the nearest $500. In past years, this amount has varied, with the limit for 2023 being $6,500. Assuming similar figures, the taxpayer would be able to re-contribute around $1,006,500 for the year after the withdrawal, subject to the exact limit set by the CRA for that year.