TFSA during bankruptcy
January 5th, 2009 by Questions
Can I put money into a Tax Free Savings Account during bankruptcy? If so, and I make money in the TFSA such as a return on an investment, can I keep that money or will I have to pay it to the Trustee as part of the surplus?
Posted from: British Columbia
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January 06, 2009 at 8:53 am, A licensed trustee said:
Yes, you may deposit money into a TFSA during your bankruptcy if you want to – in fact, if you are able to save money during your bankruptcy it will be encouraged.
In so far as any income earned on those savings, well, I’m guessing you haven’t looked into the interest rates they are currently paying – you won’t be earning enought to make much of a difference, but technically, you will be required to report it to your trustee…