Blog - Page 9 of 50 - debtcare.ca

Don’t Wait Too Long to Refinance Your Mortgage – Get Ahead of Rising Interest Rates

mgoldenberg@debtcare.ca May 22, 2019 No Comments

If you’re interested in refinancing your mortgage, it’s better to act sooner rather than later. Why? Let’s break down the reasons. New Canadian mortgage regulations are making it harder to access financing. On January 1, 2018, the Canadian government implemented new mortgage rules onto federally-regulated lenders (such as banks). These lenders now have to implement a mortgage “stress test” on potential homebuyers, and those seeking mortgage refinancing. What this means

Housing Affordability Crisis in the GTA: How to Find Other Savings in Your Budget

mgoldenberg@debtcare.ca May 8, 2019 No Comments

Housing affordability in the GTA is close to the worst it’s ever been. According to the RBC Housing Trends and Affordability report, a household in Toronto would need 66% of its income to cover housing-related expenses. And the difficulties continue whether you’re looking to own a home or rent. First-time homebuyers have to pay a higher cost to get into the housing market in the first place. Even relatively more

April Showers Bring May CRA Tax Debt… April 30 is the Income Tax Deadline

mgoldenberg@debtcare.ca April 24, 2019 No Comments

The 2018 Canadian income tax deadline is almost here. On April 30, 2019, all personal taxes must be filed for the 2018 tax year. If you miss this deadline, you will officially be a late filer in the eyes of the Canada Revenue Agency (CRA). When you file taxes late, and you owe a balance, not only will you still have to pay the principal tax debt, but you’ll also

Liberty Tax Filers – What to Do if You Will Have a Tax Debt You Can’t Pay?

mgoldenberg@debtcare.ca April 10, 2019 No Comments

It’s income tax season and many Canadian filers may be turning to online tax preparation services, like Liberty Tax. These services are great options for submitting your income tax return, and for finding more deductions and rebates you may not have known about. But what happens if you’re assessed with a tax debt that you can’t afford to pay? Online tax preparation services like Liberty help you file your taxes

CRA Collections are More Aggressive Than Ever – How to Stop CRA Enforcement Action

mgoldenberg@debtcare.ca March 20, 2019 No Comments

You might have heard the phrase “the bark is worse than the bite.” But when it comes to Canada Revenue Agency (CRA) collections, the bite is definitely scarier. The CRA has many options available for collecting on unpaid tax debts – far more than other creditors, and often with less red tape involved. CRA enforcement action might include: Wage garnishment. Requirement to pay from your clients, if you are self-employed.

Bank of Canada Interest Rate Stays at 1.75% for March 2019

mgoldenberg@debtcare.ca March 6, 2019 No Comments

The Bank of Canada interest rate is staying at 1.75% for March 2019. On March 6, 2019, the Bank of Canada (BOC) announced they are maintaining the overnight interest rate for the time being. Their reasons were: The slowdown to the global economy has been worse than the BOC predicted – including trade tensions and uncertainty. In Canada, consumer spending is down despite employment growth. Essentially, people are spending less

CRA Director Liability and You – Protect Yourself!

mgoldenberg@debtcare.ca February 20, 2019 No Comments

CRA Director Liability and You – Protect Yourself Before It’s Too Late! If you own, or are a director for, a company and accept trust money for the federal or provincial governments, you could be subject to CRA director’s liability. CRA director liability means that the Canada Revenue Agency (CRA) can decide that you owe a tax debt for your business – personally. Like anything, director’s liability is a process

10 Better Budgeting New Year’s Resolution Ideas

mgoldenberg@debtcare.ca February 6, 2019 No Comments

It’s been 2019 for more than a month — so why are we writing about New Year’s resolutions in February? Did you know that only 8% of people actually stick to their New Year’s resolutions — and 80% of resolutions fail by the second week of February? If you are in this boat, it’s not too late. You can still meet your goals, or even create new ones if you

What You Should Know to Be Financially Prepared for 2019

mgoldenberg@debtcare.ca January 23, 2019 No Comments

Make a Personal Finance Plan for Higher Interest Rates, Mortgages, Line of Credit Payments, and More The new year is upon us. Do you have a personal finance plan for 2019? The Canadian economy is changing. We have already seen the effects of this in 2018. Canadian consumer debt is staying at high levels — Canadians owe more than $2.13 Trillion in debt —and interest rates are continuing to rise.

No Interest Rate Increase for January 2019: Time to Restructure Debt?

mgoldenberg@debtcare.ca January 10, 2019 No Comments

There will be no interest rate increase this month, or in February 2019. The Bank of Canada (BOC) announced on January 9, 2019 that the overnight interest rate would remain at 1.75% for the time being – at least until the next announcement, scheduled for March 6, 2019. Reasons for the hold include the global trade economy (especially U.S.-China trade conflict); lower oil prices; and weaker-than-expected housing investment and consumer

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