Blog - Page 8 of 50 - debtcare.ca

Affordable Housing in Toronto is Still a Major Problem

mgoldenberg@debtcare.ca October 16, 2019 No Comments

Affordable housing in Toronto has been difficult to find for a while now — but despite hopes that it would get better, it is still a major problem for many. A recent report from Zoocasa determined that in the Greater Toronto Area, it would take 32 years for a household earning a median income to save a down payment for a typically-priced home. And for those renting instead of buying,

How to Save Your Home During a Financial Crisis

mgoldenberg@debtcare.ca October 2, 2019 No Comments

In a financial crisis, all of your assets may be in jeopardy – especially your home. A financial crisis can take many forms: an unexpected bill, change in interest rates, job loss, buildup of long-term debt, and more. But one of the hardest to deal with — and most critical – is a CRA tax debt. When you owe the Canada Revenue Agency (CRA) money, they can act swiftly and

If I File for a Consumer Proposal Does It Mean I’m Bankrupt?

mgoldenberg@debtcare.ca September 18, 2019 No Comments

If you file for a consumer proposal does it mean you’re bankrupt? It’s a common question we receive, but the short answer is NO. While both programs are administered under the Insolvency Act, filing for a consumer proposal and filing for bankruptcy are two different things. Filing for a consumer proposal doesn’t mean you’re bankrupt, just as filing for bankruptcy doesn’t mean you’re in a consumer proposal. And both have

Requirement to Pay – If You Received One, Act Before Life Gets Uncomfortable

mgoldenberg@debtcare.ca September 4, 2019 No Comments

A requirement to pay is one of the most uncomfortable forms of debt collection you can receive. A requirement to pay can be: Sent directly to your employer (as a wage garnishment) so your employer will have to send a portion of your paycheque directly to the CRA. This can be embarrassing as now your employer will know you owe a tax debt. Sent directly to your clients if you

CRA Convictions – Yes, People Really are Prosecuted for Filing Taxes Late

mgoldenberg@debtcare.ca August 21, 2019 No Comments

Yes, it’s true — CRA convictions are a real thing and they happen to average people across the country. When it comes to filing taxes late, tax debt, and tax evasion, the Canada Revenue Agency (CRA) has many measures at its disposal. This includes collection action — such as wage garnishments, freezing bank accounts, and placing liens on assets — but they can also prosecute when they choose. Here are

Will the Federal Election Save You Financially? What to Expect for Housing Affordability, Financial Help, and More

mgoldenberg@debtcare.ca August 7, 2019 No Comments

The Canadian federal election is coming up — and housing affordability is on every party’s platform. According to a survey from Abacus Data, 57% of Canadians polled report that an issue related to cost of living, taxes, housing affordability, wages, or income inequality is the top issue that they feel will determine their vote in the upcoming federal election. Source: https://abacusdata.ca/memo-what-our-polling-on-affordability-anxiety-for-the-broadbent-institute-means-for-progressives-in-canada/ Between student debts, rising rents, and a high cost

2 Ways to be Out of Debt Within 5 Years

mgoldenberg@debtcare.ca July 17, 2019 No Comments

When you’re in financial trouble, you want to get out of debt quickly. But finding out how to pay off debt fast can depend on many factors: The amount of debt. If you are carrying a lot of debt, the time to pay it off in full may be longer. How much debt and interest you accumulate along the way. The problem with paying off high-interest debt is that the

How to Refinance Your Mortgage After You Have Destroyed Your Credit

mgoldenberg@debtcare.ca July 3, 2019 No Comments

You want to refinance your mortgage, but is your credit up to the task? A number of things can contribute to a low credit score, a.k.a. bad credit. This includes: Defaulting on a loan or bill payment. Poor payment habits, such as missing due dates or only paying the minimum balance. Accessing too many credit products. And more. In some cases, you might have already owned your home before you

Protecting Your Home Through Financial Restructuring

mgoldenberg@debtcare.ca June 18, 2019 No Comments

Having financial troubles can be stressful no matter where you are in life – but it’s doubly so if you own a house. There’s a common fear that financial restructuring will mean losing your home. Fortunately, there are ways to protect against this. The first thing to do is to make sure that you stay up-to-date with your mortgage payments. If you haven’t defaulted on your mortgage, your chances of

A Consumer Proposal is One Way to Stop a Wage Garnishment Dead in its Tracks!

mgoldenberg@debtcare.ca June 5, 2019 No Comments

How do you stop a wage garnishment? If your paycheque is being targeted by creditors, it’s a critical question to ask – and we have the answer. Stopping a wage garnishment immediately is vital to your financial health: A wage garnishment removes a percentage of your paycheque automatically. It can be embarrassing – your employer (or clients if you’re self-employed) will find out that you are being garnished. And it

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