No, emptying your bank account before a divorce without mutual consent or legal advice is not advisable and can lead to legal repercussions. Such actions can be viewed as an attempt to hide assets from [...]

To avoid paying taxes on a divorce settlement involving a TFSA, ensure that transfers of TFSA funds between spouses are conducted under a properly structured separation agreement or court order, which allows for tax-free rollovers.

No, you cannot have a joint TFSA. Each individual must have their own TFSA, but one spouse can contribute to the other’s TFSA within contribution limits, which then becomes subject to division upon divorce if [...]

Upon a marriage breakdown, each spouse's TFSA is assessed for contributions and growth during the marriage. This assessment helps determine how TFSAs will be divided between the parties, aiming for a fair distribution of marital [...]

Yes, TFSAs can be split in a divorce to the extent of contributions and appreciation made during the marriage. This division is part of the overall asset division process and can be arranged through mutual [...]

In a divorce, TFSAs are considered individual assets. However, any contributions made during the marriage and the growth of these contributions are subject to division. Parties may negotiate or require a court order to determine [...]