Consumer proposals are the most commonly used form of proposal to resolve debts when you have the ability to pay a meaningful portion of your debts in a reasonable period of time.
What Is a Consumer Proposal?
If you're in debt, struggling to make repayments and now your income isn’t what it used to be, you may have started receiving demands from collection agencies. Trust me when I tell you, "you are not alone". Many people are in the same position.
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.
Have you seen TV or online ads from companies claiming they can reduce your debts by up to 80%? Although these ads may seem appealing to you if you are struggling with debt, the promises they make are too good to be true.
Your debts do not affect your spouse’s credit rating!
Although personal debt is an issue that can touch anyone, it’s not the same for everyone.