TFSA – tax free savings account

April 27th, 2009 by Questions

I am still in bankruptcy and I have a savings of approx. $1,000 from surplus income.

I would like to invest it a TFSA to purchase stocks however I am wondering if any dividends or capital gains I may receive while I am still in bankruptcy will go to my creditors?

Posted from: British Columbia


One Response to “TFSA – tax free savings account”

, A licensed trustee said:

I am not a big fan of the TFSAs, but if you want to open one you certainly may. Any income you earn (interest, dividends, whatever) while you remain bankruopt must be reported to your trustee and will be subject to the surplus income rules. Speak to your trustee – I suspect the dollars involved won’t be significant enough for anyone to worry about it…

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