Restaurant Industry Hit Hard By COVID-19 – Financing Options for Restaurant Owners
COVID-19 has severely impacted the hospitality and restaurant industries – with smaller, more entrepreneurial ventures being hit the hardest. A report released by Dalhousie University shares that tnhe Canadian hospitality industry could lose up to $20 billion in revenue next year. This is because, in addition to a global pandemic, people’s habits have changed too. […]
Should I Refinance My Mortgage in Response to the Low Interest Rates?
You may be thinking of refinancing your mortgage given that the interest rates are unprecedentedly low. Refinancing your mortgage can help you preserve your credit score by using the equity in your home to consolidate high interest debt. This is often a great option because not only can you reduce interest, you can also reduce […]
Debt Management Plan – Restructure Finances as You Prepare to Change Careers
If you’re thinking of switching careers … you’re not alone. A survey commissioned by Amazon, and published on the CNN website, shares that 61% of job seekers surveyed are looking for a job in a new industry because of the pandemic. COVID-19 has given us an introspection opportunity. It has given us time to review […]
Now is the Time to File a Consumer Proposal – How Our Client Reduced $100,000+ Debt to $12,000
In today’s uncertain environment, creditors are more flexible than ever. If you’re facing financial distress, now is the time to consider filing a consumer proposal and making an offer to your creditors to settle your debts for less than what you owe. In most cases, you can even keep your home and ensure that your […]
Canadian Tax Consultants: Do You Have a Debt Relief Partner to Support Your Tax Clients Who are in Trouble?
It is not uncommon to find out that your client is facing financial troubles – particularly during the time of a global pandemic. In fact, many independent professionals and tax specialists including personal tax accountants, tax preparers, bookkeepers, financial advisors, lawyers, and estate planners are amongst the first to learn that their client is facing […]
Canada Emergency Response Benefit (CERB) and the CRA Tax Implications – Here’s What You Need to Know
There is no denying that the Canada Emergency Response Benefit (CERB) helped many Canadians – over 8.5 million individuals to be specific. To get the money into the hands of the Canadians who needed it, the government processed applications as swiftly as possible. To do this in record time, the government relied very heavily on […]
FAQ: I want to refinance but COVID-19 has ruined my credit?
With the pandemic causing business closures and layoffs across the country, many individuals feel that their credit score has taken a hit. Where to start? While the situation might seem gloomy at the moment, your credit may not be as bad you think it is. The first step towards creating a practical plan of action […]
Does a Lower Interest Rate Really Mean That You Should Borrow More?
As the economy is beginning to show signs of recovery and the physical distancing rules are being eased, various benefits and deferrals mandated by the government are also ending. With the buffer being removed, it is crucial for you to evaluate your financial position to ensure that you’re prepared to handle your debt payments. For […]
How to save your home through the COVID-19 crisis – deferrals are almost up!
Over the past few months, due to the COVID-19 pandemic, financial institutions have provided mortgage deferment options to homeowners to ease the burden of debt. In fact, payments of more than $180 billion in mortgages and home equity lines of credit have been deferred by top Canadian banks. In addition to this, collections activities, by […]
Homeowners: How to Cut $25,000 of Debt Down to a Minimum Payment of $320.00 Per Month?
With the COVID-19 pandemic affecting the overall income of most households, it is wise to re-evaluate your financial plans to ensure that you’re able to pay your debt and retain your assets. This is particularly useful if you’re anticipating additional expenditure or a decline in your monthly income. If you are looking for ways to […]