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Tax Relief and the Canada Revenue Agency Tax Payer Relief Program Who Qualifies?

mgoldenberg@debtcare.ca August 20, 2026 No Comments

When an individual or business falls behind filing tax returns, it is imperative that they become tax compliant. Filing tax returns and being up to date is very important. It is important because as long as tax returns remain in arrears the taxpayer will not only face massive interest and penalties, but could also face prosecution. Usually financial problems are the primary reason cited for people falling behind in filing

Small Business HST and Past Due Tax Returns What You Need to Know

mgoldenberg@debtcare.ca August 20, 2026 No Comments

HST has intensified the tax obligation of small business owners. Prior to the HST, many small business owners only had to collect and remit 5% GST. With the amount that must be collected and remitted increased to 13%, the stakes for those who fall behind in filing their HST returns is much higher. The Canada Revenue Agency is much more aggressive when collecting past due HST as opposed to GST

It’s a Matter of Life and Debt: Understanding Debt for Young Adults

mgoldenberg@debtcare.ca August 17, 2021 No Comments

Though nobody should aim to be in excessive debt, managing marginal debts helps people to establish credit. Another word for credit in this context is trust. You build trust with creditors by managing any outstanding debts you owe. By building this trust with creditors, you gain access to larger lines of credit. This is how credit is supposed to function in a perfect world. However, circumstances arise that quickly

Rising Consumer Debt in Canada and the Need for Timely Personal Finance Management

mgoldenberg@debtcare.ca June 16, 2021 No Comments

Consumer debt has been increasing over time in Canada. Even in 2020, due to a very resilient housing market and applications for new auto loans, total consumer debt went up by 3.8% to $2.041 trillion in the third quarter of the year! Equifax Canada shared in-depth insights, drawn from banks and other lenders, in its recent report. Some of the key findings included: In Q3 2020, mortgage balances increased by

What’s the ‘Right’ Debt-to-Income Ratio?

mgoldenberg@debtcare.ca May 12, 2021 No Comments

When it comes to managing your personal finances, it is essential to keep a track of your debt-to-income ratio. This helps you keep an eye on your debt levels and take corrective measures if your debt seems to be going on an upward trajectory. This is particularly true during a global pandemic! So, what is the debt-to-income ratio? This ratio measures the amount of debt held by a person or

Credit Repair Companies: How Do They Work?

mgoldenberg@debtcare.ca April 29, 2021 No Comments

If you’ve been working on getting out of debt and improving your credit score, you’ve likely come across credit repair companies during your journey. This encounter leads to a lot of questions about what credit repair companies do, if the process works, or if it’s all just a scam. Here’s everything you need to know about credit repair companies, so you can determine if this course of action is right

CRA’s Personal Income Tax Debt Collection – All You Need to Know

mgoldenberg@debtcare.ca April 14, 2021 No Comments

This year has been a challenging one for most Canadians. Restrictions continued to evolve and business and individuals, across different provinces, are being impacted. The measures put into place to curb the spread of the COVID-19 pandemic have resulted in job losses and financial distress for many. Even though the government launched multiple programs to support Canadians, debt has continued to accumulate for many. While collection action was temporarily halted

Looking to Buy a House?

mgoldenberg@debtcare.ca April 9, 2021 No Comments

Our feature in Redfin’s latest article: 11 Tips on How to Save for a Downpayment Owning a home is a milestone is a person’s life. However, it has not always been easy to accomplish. By learning some of the basics of home ownership and how to save for a downpayment, you will be able to make wiser decisions about owning a home. Whether you are looking to buy a condo

Facing Bankruptcy During COVID-19? There are Other Options too.

mgoldenberg@debtcare.ca March 17, 2021 No Comments

If you are faced with tough financial decisions, bankruptcy can seem like the option that will reduce the burden of debt. As Bankruptcy Canada puts it, in simplest terms, in personal bankruptcy, you assign everything you own to a Licensed Insolvency Trustee in exchange for the elimination of your debts. While many individuals and companies file for bankruptcies, particularly during financial crises, bankruptcies come with their own challenges. To begin

The Complete Guide to Credit Repair for Real Estate Investors

mgoldenberg@debtcare.ca March 16, 2021 No Comments

The importance of a good credit score should never be overlooked or taken lightly. This is more trying for real estate investors. A high credit score means better offers, deals, and money-saving options, which would provide a real estate investor many options to finance properties and manage the mortgage lending process. In this blog, we will talk about the impact of credit reports on real estate investors, as well as

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