How to Rebuild Your Credit Blog Series – Part 3 Credit Balances That Are At, Close to, or Over
This is the third part in a four part blog series about how to rebuild your credit. Learning how to rebuild your credit begins with learning how to manage it. One major impact to your credit score is when you have credit card products that are close to, at, or over their limits. Many people […]
How to Rebuild Your Credit Blog Series – Part 1 Too Many Applications for Credit
This is the first part of a four part blog series about how to rebuild your credit. Many people don’t realize how important credit is until it is damaged. Once credit is damaged, it takes a long time to rebuild, and if you want to know how to rebuild your credit the first thing you […]
Canada Revenue Agency Forms and Requests: – Beware
If you have a tax debt that you cannot pay in full, you should be very careful dealing directly with the Canada Revenue Agency (CRA). In fact, many agencies, including law firms, advise people who have large tax debts not to deal with the Canada Revenue Agency directly. Why? Because CRA agents are hired by […]
The Canada Revenue Agency Consequences of Missing the Income Tax Deadline
In Canada, this year’s Canada Revenue Agency (CRA) income tax deadline was April 30th, 2012. The CRA’s income tax deadline is the last date that individual Canadian taxpayers can file their annual income tax returns with the CRA without incurring penalties and interest. Corporations are not subject to this deadline and have their own year-end […]
Sued in the Small Claims Court? What Happens Next?
There are over 90,000 new Small Claims Court Actions filed in Ontario each year and more than 150,000 Small Claims Court actions filed throughout Canada. Small Claims Court actions are usually filed by creditors like banks, finance companies and the collection agencies who represent them. Court Actions are also filed by individuals and businesses who […]
Dealing with Debt Part 3 – Divorce Debt in Canada
Canada has the 8th highest divorce rate in the world. Human Resources Development Canada has reported that the proportion of marriages expected to end in divorce has fluctuated between 35% and 42% in recent years. In 2008, 40.7% of marriages were expected to end in divorce before the 30th wedding anniversary. In 2008, there were […]
Debt to Income Ratio Crisis in Canada – How to Deal with Debt and Protect Your Assets
While the recession in Canada may have subsided, debt continues to cripple Canadians. So many Canadians struggle with debt for a myriad of different reasons. Many families who find themselves drowning in debt didn’t have it occur simply because of overspending. Those who lost employment or income during the recent recession represent a large group […]
Dealing With Canadian Income Tax Debt
Tax time is here. For those who anticipate a large refund it is an exciting time. For those who know they will have to pay it is quite the opposite. Thinking about doing your taxes, knowing that you are about to face a large Canadian income tax debt, one that you know you will not […]
Bill Collectors and the Collection Agencies Act – How to Stop Collection Calls
If you default on payments to creditors the first people you are likely to hear from are bill collectors. Bill collectors are collection agents who work for collection agencies. Having a debt in collections can be stressful and may leave you wanting to figure out how to stop the collection calls from bill collectors. In […]
What is a Good Budget and What is a Debt Service Ratio?
The first step to building a positive financial future is to have a budget and to understand your debt service ratios. What is a debt service ratio? There are actually two kinds of debt service ratio. A debt service ratio is a measurement used by the bank to determine if your bills represent an acceptable […]