Can’t afford to pay CRA debt?
It’s common this time of year to have people meet with me to discuss options their government debt. It can be a huge shock to people when they get their income tax done and are given the unexpected news that they owe CRA. When someone is expecting to receive a return and are then told…
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How are rising interest rates affecting Canadians?
Since the Bank of Canada raised interest rates in July, it was only a matter of time for this to start impacting debt in Canadian households. A recent article published by Global News stated, “over 30 percent of Canadians say they’re concerned that rising interest rates could push them close to bankruptcy”. If your household budget…
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How will bankruptcy affect your spouse?
When you’re struggling with debt, there are a variety of options you can consider. In some instances, filing for bankruptcy is the best choice; although, it should always be the last resort. If you are insolvent, you may be contemplating this strategy. One important detail to keep in mind, if you’re married, is how filing…
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Why you shouldn’t pay only the monthly minimum on credit cards
When credit cards are used properly, they can be great. They provide a great deal of comfort to consumers who would otherwise struggle with paying medium to large sums of money upfront for their purchases. Using a credit card delays the actual payment with the idea of a temporary loan from your financial institutions and…
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Balancing Finances As New Parents
Having a baby is exciting. As a new parent, you have read all the books and prepared yourself for every waking moment with your new addition. One thing the baby books might forget to mention is your finances. After all, one parent typically takes maternity leave, which means your household income could drop. If that…
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Duties of a Bankrupt
Personal bankruptcy laws in Canada are governed by the Bankruptcy & Insolvency Act. Failure to complete your duties will delay your bankruptcy discharge so it is important you fully understand your requirements once you declare bankruptcy. To start As soon as your bankruptcy begins, you must complete the following: Disclose all property (assets) in your possession and…
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Q and A: Tax Season
With income tax season in full swing, I thought it would be a good time to answer some common questions that I hear regarding government debt and tax returns. What happens if I owe taxes to Canada Revenue that I can’t afford to pay? If you owe taxes that you cannot repay, contact CRA and…
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Tax Season For the Self-Employed
This year the deadlines for filing your 2017 tax return are as follows: April 30, 2018 for personal returns and June 15, 2018 for self-employed persons. Keep in mind, however, that any tax owing must still be paid by April 30, 2018. Though there are many benefits to being self-employed, there are additional responsibilities that should be taken into consideration…
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Consumer Proposal: What is it?
If your debt load is becoming overwhelming, and minimum monthly payments are finding you no further ahead than the previous month, a consumer proposal could be the right solution for you. Many people these days are trying to manage large debt loads and are feeling maxed out. Despite the amount you owe, these debts need…
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RRSPs and Bankruptcy
With the deadline to conribute to RRSPs looming (it’s on March 1, 2018), it’s a good opportunity to talk about how bankruptcy affects your RRSPs. Here’s some good new: RRSPs are exempt assets! RRSP’s, whether individual or employer sponsored, are yours to keep and are protected from your creditors with the exception of any new contributions…
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