Are you self-employed and struggling with debt? A consumer proposal may be a good option for you. It’s a legal debt relief process intended for individuals who can’t pay the full amount of their debts, but don't want to file bankruptcy. Awareness of consumer proposals has grown significantly in recent years as more and more […]
It can be hard to know who to turn to when you are dealing with the Canada Revenue Agency and you need tax debt help. Some situations are relatively simple and can be resolved on your own, while other situations may require more expertise. Find out which professional you need for different tax situations in today's podcast.
Canadians are receiving threatening and fraudulent phone calls from individuals claiming they work for the Canada Revenue Agency (CRA). They are being told they must act fast to deal with an outstanding debt owed to CRA and if they do not pay something right away their assets will be seized or they may go to […]
Approximately 1 in 10 insolvencies we file are for individuals who are self-employed or operating a small business at the time they declare bankruptcy. For anybody who is contemplating declaring bankruptcy, there are numerous potential issues or questions. For somebody who operates a small business or is self-employed, there is a unique set of issues to […]
A situation that we do not like to think about (but is very common in today’s society) is seniors with debts. With the increase in the availability of credit, more and more seniors are retiring with balances still owing on their credit cards. The extra layer that can happen is that these seniors often start […]
When you talk to a trustee at your initial debt assessment, one of the questions we will ask is "who do you owe money to?" This question, if answered properly, can provide the trustee with a lot of information necessary to determining what your next steps should be. We will add up how much you […]
I hear it all the time: why bother going through a five year consumer proposal when you can just go bankrupt and be done with it? I heard it again on Twitter two weeks ago when Richard Cooper of Total Debt Freedom (a debt settlement company) posted a tweet saying: I'm getting tire of Trustees […]
In the work I do, income taxes are a very popular topic of conversation. Maybe “popular” is a poor choice of words. People typically aren’t very happy to talk about taxes. However, it’s an important part of the conversation if taxes are the reason for your financial difficulty. Last week, I wrote about the powers […]
The mandate of the Canada Revenue Agency (CRA) is to assess and collect the correct amount of tax for individuals and businesses in Canada. My colleague Bill Kilner blogged last week about how it’s easy to ignore your taxes after you start to fall behind. I want to expand a little bit on why it’s important […]
Tax debt is included if you file a consumer proposal or bankruptcy.