1. Shaun turned 20 on July 1, 2020 (resident of Quebec). His Aunt Mathilda gave him a lottery ticket which turns out to be a winning number where he won $20,000! He decided to put the money in a Tax-Free Savings Account (TFSA). He is however not familiar in how it works; he just knows that one of his buddies made a lot of money in his TFSA! He is wondering what the maximum TFSA contribution could be into his newly opened TFSA account. Any amount remaining, he would like to contribute it to his Registered Retirement Savings Plan (RRSP).Know that Shaun has never worked in the past and with COVID-19, he is still out of work. (see Table C and D)
2. Shaun can contribute $12,000 to his TFSA and can contribute $8,000 to his RRSP.
3. Shaun can contribute $17,500 to his TFSA and can contribute $0 to his RRSP.
4. Shaun can contribute $6,000 to his TFSA and can contribute $14,000 to his RRSP.
5. Shaun can contribute $20,000 to his TFSA.
6. Shaun is not able to contribute to his TFSA nor his RRSP.