Consumer Proposal vs. Bankruptcy – We Break It Down
Consumer proposal vs. bankruptcy – what is the difference, and which one is the best choice for you? If you want to find out the answer, read on! For Canadians struggling with debt, both filing for a consumer proposal and filing for bankruptcy can be a way out. But how can you tell which one […]
Bankruptcy and Consumer Proposals Rise as Consumer Debt Reaches Record Limits
Are you struggling with consumer debt? If so, you’re not alone. According to BNN Bloomberg, the average Canadian household owes $1.76 for $1 of annual disposable income. The same household devotes $0.15 of every disposable dollar to making principal and interest payments on debt, which is a record high. BNN Bloomberg also noted that when […]
2020 Plan to Fix Your Credit and Finances
The new year is around the corner. It’s the perfect time to make a plan to fix your credit, finances, and get out of debt for good! 2020 isn’t only a new year — it’s also a new decade. Start the next 10 years off on the right financial footing with these tips. Here’s how […]
Holiday Financial Planning… Steps to Start 2020 on a Strong Financial Footing
The holiday season is an expensive time for many! Between gifts, decorations, parties, and travel, the costs (and credit card charges) can quickly add up. To keep your budget and debt in check, holiday financial planning is a must. According to PwC Canada, the average Canadian consumer will spend $1,593 during the 2019 season — […]
Requirement to Pay Truly is a Requirement to Pay – So You Got One, Now What?
A Canada Revenue Agency (CRA) requirement to pay is a serious matter and should never be ignored. If you have received a requirement to pay, it means the CRA is about to take collection action. They are telling you that you are required to pay them. If you don’t, CRA collections could follow, including: A […]
How to Save Your Home During a Financial Crisis
In a financial crisis, all of your assets may be in jeopardy – especially your home. A financial crisis can take many forms: an unexpected bill, change in interest rates, job loss, buildup of long-term debt, and more. But one of the hardest to deal with — and most critical – is a CRA tax […]
Protecting Your Home Through Financial Restructuring
Having financial troubles can be stressful no matter where you are in life – but it’s doubly so if you own a house. There’s a common fear that financial restructuring will mean losing your home. Fortunately, there are ways to protect against this. The first thing to do is to make sure that you stay […]
CRA Collections are More Aggressive Than Ever – How to Stop CRA Enforcement Action
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 […]
Consider Consolidating Debt Before Canadian Interest Rates Go Through the Roof!
The interest rate may go up again – are you prepared? If not, it may be time to consider consolidating debt before this happens. It’s been all over the news that the Bank of Canada (BOC) recently announced a significant increase in Canada’s prime interest rate. A strong Canadian economy was one contributing factor in […]
New Mortgage Rules Make Now the Best Time to Refinance to Consolidate Debt
A few weeks ago, we discussed the current housing market and the fact that it seems to be cooling. This comes, many have argued, as a direct result of the Ontario government’s 16-point Fair Housing Plan. This plan, which attempts to bring about some balance to the housing market, comes on the heels of new […]