FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Phone

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Tfsa

I have a TFSA worth $ 5000, i owe a friend $15000. My TFSA is invested in penny stock that will and has made my investment over 15000. We are going to do a consumer proposal very soon. If my investment goes up to what I owe my friend, will I be penalized for withdrawing and repaying him, it was for home renovation work, a cash job.

Posted from: Ontario

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “Tfsa”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Yes, paying your friend would be a bad idea. It would be considered a fraudulent preference as you are paying off one of your creditors and not providing the same treatment to the general body of your creditors. So this is considered an offence, it would likely result in you not being eligible to have the proposal approved by the court. So don’t do it!