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 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 »
As anyone who follows me on Twitter knows, I can be quite passionate about financial knowledge people should have but may not. I also know financial literacy is hard. It’s not just math – it’s... Read more »
Most everyone understands that your lender will look at your credit score when they extend credit. Lenders use your credit profile to determine how risky it is to loan you money. They may deny your... Read more »
When the financial impact of the coronavirus hit Canadians, the federal government moved quickly to put money into the hands of households who lost wages due to COVID-19. The Canadian Emergency Response Benefit (CERB) allows... Read more »
Nearly 40% of all bankruptcy and consumer proposal filings in Canada are caused by payday loans or some other form of high-cost, predatory lending. Even more concerning, our average client usually has more than one... Read more »
Applying jointly for a loan can improve your chances of being approved, but should a married couple use their combined credit to consolidate debt, especially if one partner has a bad credit score? The correct... Read more »
When a homeowner files bankruptcy or a consumer proposal, their unsecured debts are eliminated by their discharge from bankruptcy or upon the full completion of their proposal. This matter can be complicated when an unsecured... Read more »
You may find yourself owing money to the Canada Revenue Agency, or CRA, after completing your annual tax return or because the CRA reassessed your tax return and perhaps denied some deductions. While CRA will... Read more »
There are many ways to pay off or consolidate a few bills and credit card debts, but is getting a title loan the best consolidation option? I’m going to explain how title loans work, their... Read more »
If you have a few problem debts, perhaps an outstanding credit card balance, a cell phone bill, or unsecured financing loan, what can you do to pay off that debt faster? Should you consolidate your... Read more »
With many Canadians facing a cash crunch during the COVID-19 lockdown, a quick-fix solution has been to defer debt payments. Here are some fast facts about how popular loan deferrals were with Canadians: Close to... Read more »
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