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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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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Tax Deadline Will Be Here Before You Know It
It’s that time of year again. Tax time can be a welcome time for some, but for many Ontario residents who do not receive a refund, it can be a time of great stress and anxiety. For those people, even if they have tax deducted from their place of work, the government can require that they hand…
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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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Why do people say that going bankrupt is a bad thing?
For many people, the thought of filing bankruptcy is intimidating. It conjures up all sorts of horrible images of people losing their home, losing their car and destroying their credit rating forever. The reality is, people are usually misinformed when it comes to bankruptcy. The reality is that the Bankruptcy and Insolvency Act (BIA) was…
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Tips For Seniors In Debt
In Ontario senior bankruptcies are increasing rapidly. The unique social and economic situations of seniors put them at a higher risk of insolvency and financial hardship, including unexpected health and long-term nursing care costs. On top of that, in some cases seniors continue to financially support their adult children and grandchildren for longer than they…
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