Holiday Season and Payday Loans
I know that for some people, Christmas isn’t even on the horizon, but for others, the credit cards are already out and the spending has begun. It’s a financially daunting time of year for many people, but the idea of having lots of presents under the tree is important to some people as well. With…
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Debt Repayment Options and Your Home
When you make a consumer proposal, your home and related equity is unaffected. The trustee and creditors will not take possession of your property and you will be able to keep any house equity that you have accumulated. On the flip side, if you file personal bankruptcy any equity that you have in your home becomes property of your bankrupt estate. So, before we make…
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Black Friday (Week)
There was once a time when shopping on Black Friday meant huge savings that day which drew in crowds as early as 6 o’clock in the morning. People would take the day off work to wait in long lines in the hopes of getting an amazing deal on an item that they may or may…
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Can you inherit debt if a family member dies?
Typically when someone dies, their personal debt does not get passed on to surviving family members. Their debt belongs to them and them alone; it is not passed on to their family members when they die. Normally, the person would have made a will in which an Executor would be appointed. The Executor is the person…
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Seek financial help sooner rather than later!
Many people, upon leaving my office after their initial consultation with me, tell me that they wish they had sought financial help sooner. The biggest mistake most people that have personal debt problems make is that they wait too long to get the help they need. Many people will struggle for years with these issues,…
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Credit Counsellors and Debt Consultants – Who can you trust?
When people are in a lot of debt, their finances are constantly on their mind. Often times they hear commercials on the radio form Debt Consultants or Counsellors promising to reduce their debt by 70%. The thing is, before you decide to contact a debt consultant, it’s important to know what you are really dealing…
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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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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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5 Things to Do With Your Tax Refund
With tax season here, many people are eager to file their tax returns for only one reason: the possibility of a tax refund. How wonderful it would be to see unexpected money arrive. Pondering how to use the refund? There is no right or wrong way to use the money but getting your priorities straight…
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