Rising Consumer Debt in Canada and the Need for Timely Personal Finance Management
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 […]
What’s the ‘Right’ Debt-to-Income Ratio?
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 […]
CRA’s Personal Income Tax Debt Collection – All You Need to Know
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 […]
Facing Bankruptcy During COVID-19? There are Other Options too.
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 […]
The Complete Guide to Credit Repair for Real Estate Investors
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 […]
Debt and Divorce: How to Handle Your Finances During a Divorce
Debt and divorce. How to handle your finances during a divorce isn’t an easy task. Since approximately 38% of marriages end in divorce in Canada, it is no wonder that people want to know how to deal with their own debt and marital debt during divorce. This article will explain your options and comes from […]
Debt Consolidation 101 – Dealing with CRA Collection Action
Have you recently received a phone call or a letter from the CRA regarding your existing debt? That’s because, as of September 2020, the CRA has resumed its debt collection activities. The CRA has confirmed that it is reconnecting with taxpayers to re-evaluate their respective financial situations and discuss debt repayment options. The CRA has […]
CERB Ineligibility and Repayment – Actions CRA Can Take in 2021
If you have received a letter from the CRA regarding Canada Emergency Response Benefit (CERB) ineligibility – you’re not the only one. Many Canadians have received letters regarding repayment of CERB for one of the following reasons: Collected CERB payments from both Service Canada and the CRA. Did not meet the minimum income requirement. According […]
Credit Advice for the New Year: How to Get Out of Debt in 2021?
Happy New Year! A new year is a new start. If you’ve faced some financial challenges last year, now is a good time to take some steps to rebuild your credit score and manage your debt. A series of small changes are all you need to bring your credit back on track! Here are some […]
Happy Holidays from DebtCare Canada!
Happy Holidays from all of us at DebtCare Canada! 2020 has been a difficult year for most of us. It has taught us that it is important to surround ourselves with our loved ones and focus on things that really matter – like our physical and mental well-being. As the year draws to a close, […]