September 24th, 2010 by Questions
Will I be able to continue contributing to my TFSA while I have Creditors calling me?
Posted from: Ontario
September 25, 2010 at 6:33 am, A licensed trustee said:
You may, but I’n not sure it makes much sense. It is a good idea to have some savings, but if you have debts in collections you need to find a way to deal with them BEFORE they take some form of legal action against you. Just so we’re clear, a TSFA is NOT protected from your creditors. If they obtain a Judgment against you they may apply for a Writ of Seizure and take your TFSA.
If you have more than one debt in collections you may want to cosider whether or not you should be speaking to a professional about your istuation – a trustee or a credit counsellor.
Do me a favour – stay away for anyone that calles themselvers a “debt consultant”. These people will charge you a fee and then send you to see a trustee… call the trustee yourself and save the fee!
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