Ontario Students With OSAP Debt Often Seek Our Advice

Post-secondary debt blues in Ontario? You’re not alone and we can help. Just last week, we talked to two young adults in exactly this same position. Why did they call a Licensed Trustee? Pretty simple – they got student loans to help fund their education and with limited income, they were struggling to make the required payments. This…
Read More

Self-employed (sole proprietorship or partnership) and considering bankruptcy?

We recognize that every business is unique with its own issues and complexities. Therefore we recommend that you review your situation with one of our licensed trustees in bankruptcy. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent you from continuing to be self-employed or starting a…
Read More

Repaying Tax Debt

Government debts including income tax, HST and payroll source deductions are no different than any other debts you may owe. The only difference between Canada Revenue Agency and other creditors are their special collection rights. These rights include the ability to: Garnish wages and seize assets without a court order Register an involuntary mortgage on…
Read More

Filing Personal Bankruptcy And Your Student Loans

What happens to student loans when you file for personal bankruptcy? Student loan debts will be eliminated provided that you have ceased being a full or part-time student for a minimum of 7 years, as at the date of filing. If it has not been 7 years since you ceased being a full or part-time…
Read More

Personal Debt In Canada Is Not The Same As In The USA

Personal debt issues are a common concern touching people everywhere. In Ontario, we are seeing a significant increase in both the information available through the media that discusses personal debt action plans and offers advice. As a Canadian, you may not realize that a lot of these articles are coming from U.S.-based sources. This information from…
Read More

Can I make a lump sum payment on my Ontario student loans?

MARCUS ASKED: Is it possible to make one-time payments to your Ontario Student Loan debt, without having to start paying monthly? ANSWER: I know from personal experience dealing with student loan debt can be challenging. I’m sure that you can make a lump sum payment. However, the government and banks don’t make it easy. A few years ago, we…
Read More

E-Filing Tax Returns After Filing Personal Bankruptcy

Many people who have filed personal bankruptcy in the past have difficulty e-filing their income tax return even after being discharged. The Canada Revenue Agency (CRA) does not allow individuals who have filed personal bankruptcy to e-file their income tax returns until the trustee has been discharged. There are two discharges associated with personal bankruptcy filing…
Read More

Consumer Proposal and Tax Debt

If you have tax debt and can’t afford to pay it, one option for dealing with this debt is to file a consumer proposal. Some advantages of filing a consumer proposal are: Canada Revenue Agency will often accept less than the full amount of the tax debt owing. If your tax debt is less than…
Read More

When can I include my student loan in a bankruptcy?

As I’ve stated in previous blog posts, student loan debts will be eliminated with personal bankruptcy after you’ve ceased to be a student for a minimum of seven years. There has been some confusion with this in that past as people aren’t sure when the seven years is up. It has to do with when you…
Read More

Personal Bankruptcy And Tax Returns

There are two tax returns required with personal bankruptcy. The trustee is required to file your income tax return for the tax year in which you file personal bankruptcy. The tax return relating to the year in which you file personal bankruptcy is not standard. In fact it is not one tax return, instead it…
Read More