We are February 13, 2020. Gino is 60 years old and has always made the maximum yearly contribution to his Tax-Free Savings Account (TFSA) at the beginning of each year. He has never withdrawn from his TFSA to date.

1. Gino has already maximized his 2020 TFSA contribution, what is the total amount that Gino has contributed to his TFSA to date since the plans inception?
2. The market value of Ginos contributions is $89,325 as of February 13, 2020. If Gino were to withdraw this entire amount to go on a trip around the world, what is the earliest date that Gino could re-contribute to his TFSA without triggering penalties? (Highlight/underline your response)

February 13, 2020 (same day) or

March 13, 2020 (1 month later) or

February 13, 2021 (1 year later) or

January 1, 2021 (first day of the following year) or

or another date: _______________

3. What is the maximum amount that Gino could re-contribute to his TFSA on the date you selected in b) without triggering penalties:

TABLE C Tax-Free Savings Account (TFSA): Annual Limits Years Annual Limit Years Annual Limit Year started 2009 - 2012 2016 - 2018 $5,000/year $5,500/year $5,500/year $6,000/year 2013 - 2014 2019-2020 2015 $10,000/year TABLE C Tax-Free Savings Account (TFSA): Annual Limits Years Annual Limit Years Annual Limit Year started 2009 - 2012 2016 - 2018 $5,000/year $5,500/year $5,500/year $6,000/year 2013 - 2014 2019-2020 2015 $10,000/year