Payday Loans: An Ugly Cycle
Based on the number of payday loan commercials I’ve seen lately, I think it’s safe to say that payday loans are becoming a force to be reckoned with. The way a payday loan works is that the borrower usually takes out a fairly small loan and usually pay it back by their next pay…
Read More
Missed consumer proposal payments? It may be time to change your strategy.
Once your consumer proposal has started, if you miss three payments the consumer proposal is annulled. If your consumer proposal is deemed annulled then your proposal ends and you are no longer protected from your creditors There are a few options that you may pursue if your consumer proposal is deemed annulled, but to figure out which option is…
Read More
Should you file bankruptcy before the new year?
There are some clear advantages to filing before the end of the year. When you file personal bankruptcy the trustee will prepare and file your income tax return and keep the refund for the year of bankruptcy and any prior taxation year that you had not yet filed and received the refund for. What this means is…
Read More
Students Need Basic Financial Literacy Skills
With the number of young people seeking financial help these days, it’s becoming even more apparent that financial literacy needs to be taught in schools. I can’t tell you the last time I had to solve an algebra equation or explain to someone the properties of matter, but budgeting and money management are skills I…
Read More
Is playing hockey worth it if it means going into debt?
A recent survey shows that many Canadian parents are going into debt, or borrowing money from others, to register their children in recreational hockey. In a way, I get it. Hockey is a national past time and it almost feels like it’s our duty as Canadians to involve our families in hockey. But is it…
Read More
Black Friday: To Partake Or Not To Partake
With Black Friday making it’s appearance this week, it may be time to evaluate this “holiday” and decide if it’s a day we should actually partake in or if it’s just a ploy to push us further and further into debt. Like the U.S., Canada has become not just a country of big spenders, we are…
Read More
Debunking Canadian Bankruptcy Myths
Many people believe that bankruptcy is a rare occurence in Canada, but it may happen more than you think. In fact, bankruptcy happens to almost 120,000 Canadians every year. If that’s surprising to you, here are some myths about bankruptcy that might surprise you even more! Myth #1 – Filing bankruptcy will affect my spouse Many have the…
Read More
Job Loss And Debt
According to Statistics Canada, the unemployment rate in Canada in October 2015 was 7%. That percentage has increased 0.4% since October 2014. Job loss and unemployment are very common causes of financial difficulty. For most people, unemployment is temporary and at some point they will get back to work. But, unemployment can also cause people to…
Read More
407 ETR Debts Can Be Included In Bankruptcy
You heard right! In November, the Supreme Court of Canada issued a decision stating that any 407 ETR customers that have completed the bankruptcy process and remain in plate denial for pre-bankruptcy amounts. Anyone who had debts discharged through a bankruptcy proceeding can now get their Highway 407 toll debt rolled into it, and no longer be…
Read More
We Are Getting A New Name: Licensed Insolvency Trustees
These days, more and more people are choosing to make consumer proposals in order to avoid filing personal bankruptcy. Therefore, the Office of the Superintendent of Bankruptcy (OSB) announced this month that there will be a formal change in our professional designations as of April 1, 2016. “Licensed Bankruptcy Trustees” will be known as “Licensed Insolvency Trustees”. We will…
Read More
