Blog - Page 12 of 50 - debtcare.ca

Preparing a Budget to Manage Back-to-School Shopping

mgoldenberg@debtcare.ca July 25, 2018 No Comments

Back-to-school shopping in Canada can quickly get expensive. According to an Angus Reid poll of 1,500 people, in 2017 Canadians expected to spend $883 per family on back-to-school supplies and fashion — $325 more than they spent on holiday gifts last year. Over half of parents said that back-to-school shopping puts a strain on their household finances. Nearly 40% said it takes months for them to pay off the bill.

BOC Interest Rate Rises to 1.5%: Do You Need to Consolidate Debt?

mgoldenberg@debtcare.ca July 18, 2018 No Comments

Canadian interest rates are at a new high. On July 11, 2018, the Bank of Canada (BOC) interest rate rose to 1.5%. This is still a relatively low interest rate, but if you’re struggling with debt it could mean trouble. Canadian interest rates affect floating, or unsecured, debt. This could be anything from credit card bills to variable-rate mortgages to certain lines of credit. If you have debt with a

How Does the CRA Garnish My Wages? CRA Garnishment

mgoldenberg@debtcare.ca July 11, 2018 No Comments

A Canada Revenue Agency, a CRA garnishment is one of the most dreaded forms of collection action – and for good reason. If you’ve found yourself asking, “How does the CRA garnish my wages?” you’ve come to the right place. In a CRA garnishment (called a requirement to pay) the CRA can garnish your employment income or client invoices if you are self-employed. They can also garnish from your other

Will You Wait for the Canadian Interest Rate Surprise on July 11?

mgoldenberg@debtcare.ca July 4, 2018 No Comments

Most years, July 11 is just another day. But in 2018 it could mean a change to the Canadian interest rate. The Bank of Canada has scheduled its next interest rate announcement for July 11, 2018. This is when they will publicly say if interest rates are going to increase again or not. If they do increase, unsecured debt will be affected. Could you handle a hike? If you’re not

Happy Canada Day from DebtCare Canada!

mgoldenberg@debtcare.ca June 27, 2018 No Comments

Happy Canada Day from all of us at DebtCare Canada! Today and every day we are proud to live and work in a country that celebrates diversity, freedom, and natural beauty. From coast to coast, there is something special to see in every part of Canada. We hope you enjoy the day spent with family and friends!

Two Ways to Get Out of Debt in 5 Years or Less

mgoldenberg@debtcare.ca June 20, 2018 No Comments

What is the best way to get out of debt fast? Unfortunately, when it comes to debt there is rarely an easy way out. You likely didn’t get into debt overnight, so it’s going to take some time to regain your financial freedom. But there are options that can significantly speed up the process. We’re looking at two of these options: filing for a consumer proposal and securing second mortgage

Will Filing for a Consumer Proposal Ruin Your Credit?

mgoldenberg@debtcare.ca June 12, 2018 No Comments

One of the questions we’re asked most often has to do with filing for a consumer proposal and your credit score. Many people want to know – if you file for a proposal, will your credit be ruined? The answer isn’t as simple as “yes” or “no.” To start, we need to look at what classifies as having “good” credit. If your credit score is in a high range, but

2018 Tax Deadline for Contractors Coming Up

mgoldenberg@debtcare.ca June 6, 2018 No Comments

The 2018 tax deadline for sole proprietors and partnerships is on June 15, 2018. Have you filed yet? If not, don’t panic – you still have time. But it’s in your best interest to get your taxes filed by the deadline if you owe, or else you’ll be subject to Canada Revenue Agency (CRA) late-filing penalties, interest, and potentially worse consequences. The CRA late-filing penalty is 5% of your balance

Bank of Canada Mortgage Rates Stay at 1.25% After May 2018 Announcement

mgoldenberg@debtcare.ca June 4, 2018 No Comments

The Bank of Canada mortgage rate is remaining at 1.25% for now. In an announcement on May 30, 2018 the Bank of Canada (BOC) said that the overnight interest will stay at 1.25%, at least until the next statement scheduled for July 11, 2018. The BOC said it is proceeding with caution, but that it still believes higher interest rates will be needed for the future. Since July of 2017,

Ontario Bankruptcy Trustees – Why You Need to Hire Someone to Represent You First!

mgoldenberg@debtcare.ca May 16, 2018 No Comments

It may seem strange to say, but if you’re looking for an Ontario Bankruptcy Trustee, you need protection. Ontario Bankruptcy Trustees (officially called Licensed Insolvency Trustees, or LITs) are the only financial professionals in the province who are authorized to administer consumer proposal or bankruptcy proceedings. They’re an independent third-party who can make a deal with your creditors in a consumer proposal or file your bankruptcy — but it comes

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