In debt? Feeling helpless? We are here to help!
Being in debt can cause people to feel helpless and ashamed, and those feeling are visible on the faces of many of the clients that walk into our office for the first time. In our initial meetings with clients, our goal is to eliminate the feeling of helplessness and replace it with relief. In that…
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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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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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Who will know about my bankruptcy?
Filing a bankruptcy means that certain documents can become public, but in your personal life, the only people who will know about your bankruptcy are those who you choose to inform. The amount of information that is public is very limited, and in fact is not very front and center. The Office of the Superintendent of Bankruptcy will…
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Debt and Divorce
When people get divorced, there are many unforeseen expenses that may lead you into financial difficulty. Household expenses essentially double, which alters your current financial situation and causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Not only that, but you will still…
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What happens if my creditors don’t accept my consumer proposal?
It is extremely rare that creditors do not accept a consumer proposal. Creditors know that if a consumer proposal fails, chances are the debtor will file a personal bankruptcy, which they know will produce less recovery than a consumer proposal. In the rare case that your creditors don’t accept your consumer proposal as filed, we will…
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When choosing a bankruptcy trustee…
When someone files bankruptcy, whether of your own choosing or not, it isn’t an ideal nor an overly pleasant situation. Even if it is the best option for you and can actually improve your day-to-day life, the social stigma of bankruptcy is felt very keenly by many people. It is desirable, then, for the process…
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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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What is a credit score?
When thinking about filing for bankruptcy, many people are hesitant to do so as they are worried about the effect it will have on their credit score. So, what exactly is a credit score? Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you…
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Can’t fulfill your duty as a bankrupt? Here is what you can expect.
Once you file personal bankruptcy, you have certain duties that you must complete in order to keep your bankruptcy on schedule and your discharge date in tact. Therefore, it’s important to understand your duties before filing bankruptcy. Some of the most important duties of a bankrupt are: Disclose all assets in your possession and deliver…
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