This is a multi-part question. You must answer both parts for full credit. For part a, enter a number. Exclude commas or dollar signs.

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? Answer

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.

1- She can deposit it right away, there are no restrictions

2- She cannot deposit the money once it's been withdrawn

3- She can deposit the money in 2021 and it will count towards her 2021 contribution room

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

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