1. Jasmine just celebrated her 19^th birthday on July 5, 2021. Her grandmother gave her $10,000 as a special gift for this milestone. Jasmine wanted to put it into her savings account at her bank where she already had $5,000 saved from her previous years birthday money. Her boyfriend Roy suggested that she put it in a Tax-Free Savings Account (TFSA). She is however not familiar in how a TFSA works but trusts Roy and put the entire amount of $15,000 into her newly opened TFSA account. Note that Jasmine has never worked either full-time or part-time as she had difficulty finding work during COVID-19. Which of the following statements is correct?

(See Table C)

1. Jasmine will have overcontributed $3,000 to her TFSA and will have a penalty to pay.
2. Jasmine is only allowed to put $6,000 into her TFSA, she can put the remaining money into her Registered Retirement Savings Account (RRSP).
3. Jasmine is allowed to put the entire amount of $15,000 into her TFSA which is a wise decision as neither the earnings inside her TFSA nor her withdrawals will be taxed.
4. Jasmine would have been better off putting the money insider her Registered Retirement Savings Account (RRSP) instead of her TFSA.
5. Jasmine is not able to contribute to her TFSA as she has never worked.