Should you get a loan for an RRSP contribution?
With the RRSP contribution deadline just around the corner (February 29), it’s better late than never to consider making a contribution. If you don’t have a lump sum of cash set aside for your contribution, should you forgo your contribution this year or should you borrow from the bank? This is a popular debate at…
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RRSPs And Creditors
With the February 29th RRSP deadline looming, people who are struggling with debt may be curious about how their RRSP contributions may be affected if they were to file bankruptcy. Certain RRSP and RRIF holdings are protected from creditors under a provision of the Bankruptcy and Insolvency Act. RRSP and registered retirement income fund (RRIF) proceeds held under any…
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RRSP Contributions And Filing Your Income Tax
You can make RRSP contributions during the first sixty days of 2016 and claim these contributions on your 2015 income tax return. Most years the RRSP contribution deadline is March 1, however because 2016 is a leap year the RRSP contribution deadline is February 29, 2016. The main benefits of contributing to RRSPs are; you can build an asset for retirement…
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Will I lose my house if I go bankrupt?
People have many concerns when they come into my office, but a few concerns seem to come up more often than not. One concern that is in the forefront of many minds is the fear of losing their home. The answer depends on whether or not there is any net equity available if your property…
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Are consumer proposals ever rejected by creditors?
When you file a consumer proposal, your creditors are entitled to vote for or against the acceptance of your consumer proposal. Creditors have 45 days to vote on whether they will accept the terms that you offer them as settlement on your debt in full. When clients hear that, their first instinct is to worry….
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Don’t Be Fooled By Minimum Payments
If you think you’re managing your money by paying just the minimum monthly amount, think again. By doing that, you’re paying far more than the cost of your purchase. Minimum payments are designed to make you pay a fortune over time. Minimum payments can really cost you. Your payment is divided between the interest and the…
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Can I “redo” my mortgage if I file for personal bankruptcy?
Can I redo my mortgage if I file for personal bankruptcy? This is a question I get asked on a regular basis, so it’s one that I like to revisit every once in a while. The answer to this question depends on what is meant by “redo”. Obviously filing personal bankruptcy damages your credit rating. Filing personal bankruptcy results in a…
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When To Consider Bankruptcy
Financial troubles can happen to anyone at any time. Even the most financially conscientious individuals can be struck by an unexpected circumstance like an illness or job loss. If you are struggling with debt and are unable to keep up with your bills, you may be wondering if bankruptcy is the answer. Here are a…
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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…
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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…
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