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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
Get Debt Help Without Leaving the House – Here’s How
In the past, before the novel coronavirus (COVID-19) people might have gone to see a financial consultant in person for debt help or otherwise, but with social distancing in effect, that is not advised right now unless absolutely essential. However, debt help is more necessary than ever right now. The impact of COVID-19 has left […]