Question: 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

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2- She cannot deposit the money once it's been withdrawn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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

You are the Divisional Lead of Human Resources at a large international mining firm with operations located throughout the world. The senior leadership team wants to move away from providing a 100%...

The Business This practice set is designed to be five parts. In the first part, the student will complete the journal entries by writing the journal entries for Ivan's Instruments in the template...

Part One Instructions Record the September 2023 transactions, journal entries, in an Excel Spreadsheet. An example of an Excel spreadsheet follows the transactions below. No explanation is required...

(A) 1) Athena has $60 of birthday money which she will only spend on two goods, Lego Sets and Barbie Dolls.A Lego Set is $20, a Barbie Doll is $10. A) Determine if each of the following combinations...

1) (A) 1) Athena has $60 of birthday money which she will only spend on two goods, Lego Sets and Barbie Dolls.A Lego Set is $20, a Barbie Doll is $10. A) Determine if each of the following...

If anyone would be able to help with chapter 5 Smithville that would be great. attached is a copy of the guidelines. The journal entries and such in an excel document would be best way to get this to...

Help with City of Smithville journal entries for chapter 5-10. edition. thanks! Instructions City of Smithville Full Version Computerized Cumulative Problem For use with McGraw-Hill Education...

I need the solution Manual for chapter 9. I directions are attached. Instructions City of Smithville Full Version Computerized Cumulative Problem For use with McGrawHill Education Accounting for...

Need help journal entries City of Smithville Full Version 16E General Fund journal entries chapter 4 Street Improvement Capital Projects fund Chapter 5 Street Improvement Bond Debt Service Fund...

I need a solution for City of Smithville Chapter 1-4 Instructions City of Smithville Full Version Computerized Cumulative Problem For use with McGraw-Hill/Irwin Accounting for Governmental &...

What is a journal voucher? Describe how computer batch processing of journal vouchers may be used to update the general ledger.

Ely's preferences for bread and soup can be represented by the utility function U (S, B) = S(1 + B.) Soup costs $1 per pint and bread costs PB per ounce. Ely has $10 to spend. What is the formula for...

Please compare and contrast job - order costing and process costing. Please be sure to share examples of products that would likely use job - order costing and those that would use process costing.

economics is the study of how people make choices to satisfy with the fact that resources are limited is called we can satisfy our economic wants with , which is a term that includes both goods and...

Question 31 Which of the following statements are correct? Select all that apply. A B 1 Point During a recession, the federal government spends more on transfer payments, increasing aggregate supply...

Given below is a phase diagram of a hypothetical A-B system with eutectic (L a + B). At temperature T, B is practically insoluable in A, whereas B can dissolve 10 atom% A. A diffusion couple is made...

Express Travel decides to price delivery service according to the results of a recent activity-based costing (ABC) study. The study indicates Express Travel should charge $16 per order, 1% of the...

One of the steps in the data collection process is the establishment of the data set and the data code book. You also must establish a sampling error protocol (a statement of how you will handle...

Explain the global implications for recruitment.

Describe what competencies and competency modeling are.

Summarize job design concepts.