Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our blog includes podcasts, videos, articles, case studies and Industry Insights about consumer proposals and bankruptcy in Ontario as well as personal finance, credit rebuilding and other money management tips for anyone looking to get out of, or stay out of, debt.
Almost 1 in 10 Canadians took advantage of mortgage and loan deferrals during COVID-19. Some did so because they were out of work and needed the money for more urgent living expenses. Others deferred loan... Read more »
Your car is perhaps one of the first things that come to mind when you decide to file a bankruptcy. If you depend on your vehicle to get to work, you may wonder if you... Read more »
If you find yourself unable to pay your mortgage, you may be facing the potential repossession and forced sale of your home. In Ontario, this can happen through one of two legal procedures available to... Read more »
When you fall behind on your mortgage payments, you may be concerned about mortgage foreclosure and wonder if bankruptcy can help stop a foreclosure process. In Canada, bankruptcy and mortgage foreclosure are two different legal... Read more »
There are several options available for dealing with your debts in Ontario, but today I want to discuss bankruptcy versus credit counselling. There could not be two debt relief programs viewed more differently by consumers.... Read more »
Collection agents are getting creative: they are now threatening to force Canadians into bankruptcy. If you don’t voluntarily pay them the amount owing, they say they will go to court and get an involuntary bankruptcy... Read more »
A Canadian consumer proposal must be filed with a Consumer Proposal Administrator, who is also a Licensed Insolvency Trustee. No-one else can administer consumer proposals in Canada. Not a lawyer, not an accountant, and not... Read more »
When the COVID-19 crisis hit at the beginning of 2020, millions of Canadians saw their income reduced significantly or lost it altogether. Renters struggled with rent payments; homeowners were worried about meeting their monthly mortgage... Read more »
The first time it happens, it’s alarming to learn that your bank seized money from your chequing or savings account to pay off a debt you owe them. What the bank has done is exercised... Read more »
In Canada, each province has its own laws, rules and regulations around debt collection. If you are receiving collection calls, it’s essential to understand your rights when dealing with a collection agency. In this guide... Read more »
You often read in the media that the average Canadian has a debt-to-income ratio (DTI) of around 176%. Statistics Canada monitors the financial health of consumer households with this ratio. For their purposes, they use total household credit (including all... Read more »
CRA charges penalties and interest when you file a tax return or fail to pay your taxes or installments as they become due. The Canadian tax act has specific provisions for taxpayer relief through the... Read more »
Once you have filed your consumer proposal and it has been (deemed) accepted by your creditors and (deemed) approved by the court, there are really only two requirements left to meet: attend two mandatory financial... Read more »
It didn’t take long for the economic shutdown due to COVID-19 to impact personal insolvencies in Canada. Even though Canadians continued to carry excessive debt, their financial priorities during the initial stages of the coronavirus... Read more »
Roughly 30% of Canadians don’t pay their credit card balance in full each month. To make matters worse, only 64% of Canadians have enough in an emergency fund to tide them over for three months. That means over a... Read more »
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