RRSPs and Bank Loans
It’s that time of year again. It feels like it was just tax season, but alas, it’s arrived again. With tax season, come RRSP contributions. Some people set aside money throughout the year to contribute to their RRSP, and others tend to wait too long and when the RRSP deadline approaches (this year the deadline…
Read More
Keeping Your Vehicle
Every day at Welker & Associates, we field questions about whether or not people can keep their car when declaring bankruptcy. Terms like thresholds, equity and wholesale value get thrown around, and it can be confusing for people in an already complicated situation. In order to make it easy to understand, let me explain it…
Read More
Keeping your Savings with a Consumer Proposal
How does making a consumer proposal affect your TFSAs and RRSPs? With a consumer proposal, you get to keep your assets, which includes your tax free savings account and your RRSPs. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying, “let me keep all of my…
Read More
What would you do if you were me?
This is a question I often times hear from people who meet with me. It’s a question I can’t answer unless I have more information. I also can’t tell someone what to do, as it’s ultimately a decision they need to make. But, the fact that this question is being asked in my office is…
Read More
