On the Cheap: Free or Cheap GTA Family Activities
Summer is fast approaching and that means it is time to start planning those family activities and adventures. Yes, we know the summer can become really expensive, really quickly, when you add up all the things you want to do. If you’re looking for something to do that won’t cost an arm and a leg, […]
Will a Creditor Actually Sue You When You Default on a Debt?
We often have clients call us, when debt becomes unmanageable, asking if a creditor will actually sue if you default on a debt. While it may seem unlikely, it is, unfortunately, very common. A creditor may sue you themselves, hire a paralegal to cover it, or assign your account to collections, whereby the collection agency […]
What is a Licensed Insolvency Trustee (LIT)?
When you’re researching your options for getting control of your debt, you may find yourself confused by the vast array of terms out there – both for the options and the people who provide and manage them. This week, in an effort to clear some of the confusion, we are covering one crucial term – […]
Dealing with Income Tax Debt – What Happens if You Owe?
The income tax filing deadline is April 30th, and that means, if you owe a tax debt to the Canada Revenue Agency (CRA), you may be wondering what happens when you owe and how long you’ve got before the CRA will start asking for their money. Firstly, failing to file is never a good idea, […]
By the Numbers: What is a Bad Credit Score?
Your credit score is very important. It represents how lenders perceive you as far as risk and impacts how likely you are to obtain various credit products. If you’re concerned about your credit, you may be wondering what a bad credit score is – and so today’s blog should help you better evaluate your own […]
Trying to Negotiate with the CRA is a Dangerous Game
We are officially reaching the end of the 2017 tax season, and that means that most Canadians have completed filing and many are patiently waiting for their refund cheque in the mail. If, however, you’ve yet to file because you know a tax debt is headed your way, or have filed and have your assessment […]
Breaking Down Second Mortgage Options and Costs
A second mortgage is an excellent tool for dealing with debt. In recent years, many Canadians have come to recognize the value of using their home to consolidate debt. Today we discuss second mortgage options and costs and the benefits of using your home to deal with debt. Firstly, a second mortgage is great because […]
Protecting Your House When You Have a Tax Problem
Tax season is officially upon us, and many Canadians have already filed or have at least started the process. While a bit of a hassle, it is usually not accompanied by a great deal of stress. However, if you are like one of the countless individuals sitting with the knowledge that a tax debt is […]
CRA Tax Consequences: Late Filing Penalties
The Canada Revenue Agency timeline requirements which all taxpayers must abide by are well known. As a Canadian, you are required to file your income taxes by a certain date each year, and failing to file on time can result in penalties and interest assessed, often inflating a tax balance owing by an overwhelming amount. […]
Who Represents You in a Consumer Proposal?
For many Canadians drowning in debt, a consumer proposal is a very valuable resource. The ability to reduce the amount of debt you owe, reduce interest and combine all payments into a single monthly payment you can afford, are all really significant benefits. That being said, a consumer proposal is a complex legal process, one […]