October 29th, 2012 by Questions
I have a few thousand dollars saved in a TFSA, will that be seized, or paid to the trustee if I declare bankruptcy?
Posted from: Alberta
October 29, 2012 at 12:04 pm, A licensed trustee said:
Yes, it will be seized for the benefit of your unsecured creditors. If you “cash it out” just before you file for bankruptcy the Court may order to pay an amount equal to whatever you receive into your bankruptcy before they will release you from your debts.
Go and speak to a trustee about your situation BEFORE you do anything with the TFSA.
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