For example, if you file bankruptcy and your income is higher than the limit set by the government, you are required to pay a surplus income penalty in bankruptcy. (consumer-proposals.org)
If you expect to earn income over your limit, you may want to consider a consumer proposal as an alternative to paying the surplus income penalty. (bankruptcy-canada.com)
You can withdraw / use CD interest income penalty free, however you can't withdraw the principal from CD early without facing a penalty. (financialsamurai.com)