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TFSA during bankruptcy

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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One Response to “TFSA during bankruptcy”

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…