Collection Agencies and The CRA – Do You Know Your Rights?
When you owe money, whether to a creditor or the Canada Revenue Agency (CRA), this knowledge can be stressful. If you can’t pay and are being contacted regarding the debt, that stress is likely to increase tenfold. However, there are limits, and if a collection agency or the CRA is becoming more aggressive than you’re […]
Toronto Housing Market Cooling? Now’s the Time to Get Mortgage Financing Locked Down
Back in April, after much discussion and prompting from outside sources, the Ontario government instituted several measures to cool a continually hot Toronto housing market. These measures are an attempt to temper rising prices which are becoming more and more prohibitive for the average Canadian and to reduce the impacts of a potential crash. As […]
What a 1% Increase in Interest Rates Would Mean to Canadians
We’ve been hearing reports for months now that the Bank of Canada is likely to raise the Canadian interest rate in the coming months, and just a few weeks ago it finally happened. As it stands, Canada’s interest rate is sitting at 0.75%. The previously low rate made it possible for many Canadians to enter […]
Tax Debt: Are You Self-Employed but Haven’t Filed Yet?
We are well into July now and that means, if you are self-employed, your tax filing deadline has passed. If you filed on time, great, you’re set for another year. However, if you’ve yet to file, for whatever reason, you may be facing some serious penalties and a significant tax debt. Many people don’t file […]
Don’t Help the Canada Revenue Agency Take Collection Action
If you owe money to the Canada Revenue Agency (CRA), you can be sure that the next few months will find you dealing with various attempts to collect. The CRA is quite aggressive when it comes to collecting a tax debt, and waiting for you to pay up just isn’t the name of their game. […]
Who Does a Bankruptcy Trustee Represent?
While bankruptcies and consumer proposals are two common practices for Canadians looking to deal with problematic debts, they can also be somewhat confusing or misunderstood. One of the most common misconceptions comes with regard to who a bankruptcy trustee represents. This blog aims to clear the confusion. In the simplest terms, a personal bankruptcy in […]
Happy Canada Day from DebtCare
Happy 150th Birthday Canada! Enjoy the Canada Day celebrations with family and friends, check out some fireworks and fill up on some great food! All the best on this momentous national occasion!
Demographic Shift? Worsening Income Inequality in Ontario Leading to Higher Rates of Insolvency
Bankruptcy has, for decades, proven to be an incredibly important resource for those Canadians struggling to meet their monthly obligations, and for good reason. It provides a fresh start when things have become too difficult to handle, providing significant relief from overwhelming debts and reducing the overall amount a person is required to repay. That […]
How to Stop a CRA Wage Garnishment
With the tax season behind us, those sitting with tax debts may be concerned about payment plans and what actions the Canada Revenue Agency might take to obtain money owed. A CRA wage garnishment is a very common form of enforcement action. If you’re concerned about a possible garnishment, or are currently trying to have […]
Paying Off OSAP: Student Loans, Consumer Proposals and You
When you’ve studied tirelessly and spent years working towards that well-earned degree or diploma, the last thing you want to think about once you graduate is the debt that accumulated in your quest to obtain it. Unfortunately, student loans are unique in their formation, particularly OSAP loans, and so today we attempt to clear the […]