By the Numbers: What is a Bad Credit Score?
Your credit score is very important. It represents how lenders perceive you as far as risk and impacts how likely you are to obtain various credit products. If you’re concerned about your credit, you may be wondering what a bad credit score is – and so today’s blog should help you better evaluate your own […]
Are You Ready for Canadian Mortgage Interest Rates to Go Up?
Currently, Canadian mortgage interest rates are at record lows. This has been great for those looking to obtain mortgage financing over the last few years, whether first or second mortgages. However, as the saying goes, nothing lasts forever. Back in March, CTV News reported that experts are warning of a rise thanks to U.S. bond […]
Trying to Negotiate with the CRA is a Dangerous Game
We are officially reaching the end of the 2017 tax season, and that means that most Canadians have completed filing and many are patiently waiting for their refund cheque in the mail. If, however, you’ve yet to file because you know a tax debt is headed your way, or have filed and have your assessment […]
Breaking Down Second Mortgage Options and Costs
A second mortgage is an excellent tool for dealing with debt. In recent years, many Canadians have come to recognize the value of using their home to consolidate debt. Today we discuss second mortgage options and costs and the benefits of using your home to deal with debt. Firstly, a second mortgage is great because […]
Protecting Your House When You Have a Tax Problem
Tax season is officially upon us, and many Canadians have already filed or have at least started the process. While a bit of a hassle, it is usually not accompanied by a great deal of stress. However, if you are like one of the countless individuals sitting with the knowledge that a tax debt is […]
CRA Tax Consequences: Late Filing Penalties
The Canada Revenue Agency timeline requirements which all taxpayers must abide by are well known. As a Canadian, you are required to file your income taxes by a certain date each year, and failing to file on time can result in penalties and interest assessed, often inflating a tax balance owing by an overwhelming amount. […]
Who Represents You in a Consumer Proposal?
For many Canadians drowning in debt, a consumer proposal is a very valuable resource. The ability to reduce the amount of debt you owe, reduce interest and combine all payments into a single monthly payment you can afford, are all really significant benefits. That being said, a consumer proposal is a complex legal process, one […]
What to Do if You Have a Large Tax Debt That You Can’t Pay
Many of us have been there; sitting with a major tax debt with no foreseeable way to pay it off. This is a common and incredibly stressful situation to find yourself in. The Canada Revenue Agency is ruthless, and when money is owed, you can’t ignore the issue. This week we discuss what you can […]
What is the Difference Between a Consumer Proposal and Bankruptcy?
Often we have clients come to us with financial troubles looking for advice regarding the difference between a consumer proposal and bankruptcy. While both are very valuable resources when it comes to dealing with debt that has spiraled out of control, there are significant – and important – distinctions between the two. Today we discuss […]
Does CRA Collections Need a Court Order to Take Enforcement Action?
When you owe money to the Canada Revenue Agency, it is very different from owing money to a regular creditor, but at the same time very similar. While a regular creditor can indeed take measures to collect the debt, the same measures taken by the CRA, CRA collections doesn’t need to follow the same route. […]