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.
You owe taxes to CRA and haven’t been able to make payment arrangements with a CRA account manager. One of the collection rights available to the Canada Revenue Agency is the ability to freeze bank... Read more »
What moves you to make certain money decisions? Needs, habits, fashion, susceptibility, bias, knowledge – all these traits influence how you deal with money. In this month’s digest, we’re helping you learn about your ‘money... Read more »
More young Canadians are getting into trouble repaying their student debt than ever before. A study by Hoyes Michalos found that almost 1 in 5 insolvencies involve student loan debt, and this number is rising.... Read more »
For the fifth year in a row, Hoyes Michalos is happy to sponsor the LaSalle Stompers boys soccer team for the season. This particular sponsorship is near and dear to my heart, as my son has... Read more »
If you are struggling with debt, you may need debt forgiveness as opposed to a repayment plan. Determining this can be assessed by answering three questions: Are you barely making the monthly minimum payments on... Read more »
While the terms bankruptcy, insolvency, and default all relate to debt and are often used interchangeably, they do not share the same meaning. This difference is important to understand as it can determine whether you... Read more »
The minimum amount of debt required to file bankruptcy in Canada is $1,000 in unsecured debt. However, to file bankruptcy you must also be insolvent which means you are unable to pay your debts as... Read more »
If life threw you a curve ball, would you be ready? One of the best ways to maintain financial well-being is to be prepared for unexpected events like job loss, illness, a home or car... Read more »
While this shouldn’t be complicated, terminology can lead to a lot of confusion. This is no truer than with the concept of a consumer proposal in Canada. Part of the problem is that non-licensed, non-registered... Read more »
A recent study by Leger found that one-in-five Canadians would be forced to sell off assets to pay off, or pay down, their debt. Most people we meet don’t have a manageable amount of debt.... Read more »
Every year, we analyze information we collect about our clients to develop an updated profile of the average person filing insolvency. We call this person Joe Debtor. As the economy changes, so too does Joe... Read more »
Interest rates are the price lenders charge to use money we borrow. The riskier the loan, the higher the interest rate. That’s why different types of loans have very different rates. The Bank of Canada... Read more »
The Office of the Superintendent of Bankruptcy has announced the new surplus income limits for 2019 bankruptcy filings: Family Size Income Threshold 1 $2,203 2 $2,743 3 $3,372 4 $4,094 5 $4,644 6 $5,237 7 $5,831... Read more »
Budgeting for bill payments and saving can be a straightforward process when you have a regular, consistent paycheque. But how do you stay on top of your finances when your income differs from one month... Read more »
Did you know that scammers will mention a small piece of personal information in order to look credible? This is one of the many tricks fraudsters use to gain your trust so you reveal even... Read more »
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