Since opening her TFSA in 2012 (when she turned 18), Aaida has contributed the maximum TFSA dollar limit each year. In January 2020 she deposited $6,000 so she had effectively maxed out her TFSA contribution room.

a. How much had she contributed as of her last deposit in 2020?

b. Aaida took out $7,000 on March 2 for a trip she was planning to take. Unfortunately, due to COVID the trip was cancelled. She wants to know if and when she can deposit the money back into her TFSA.

i. She can deposit it right away, there are no restrictions

ii. She cannot deposit the money once it's been withdrawn

iii. She can deposit the money in 2021 and it will count towards her 2021 contribution room

iv. She can deposit the money in 2021 and it will be added to her 2021 contribution room

v. She can deposit only interest and earnings back into her TFSA, but with no restrictions on timing.