When can I include my student loan in a bankruptcy?

As I’ve stated in previous blog posts, student loan debts will be eliminated with personal bankruptcy after you’ve ceased to be a student for a minimum of seven years. There has been some confusion with this in that past as people aren’t sure when the seven years is up. It has to do with when you…
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Personal Bankruptcy And Tax Returns

There are two tax returns required with personal bankruptcy. The trustee is required to file your income tax return for the tax year in which you file personal bankruptcy. The tax return relating to the year in which you file personal bankruptcy is not standard. In fact it is not one tax return, instead it…
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Preparing Students For a Financially Sound Future

As students prepare to make the leap from high school to college or university, many have not been prepared for life on their own, especially when it comes to money. Low financial literacy can lead to major debt challenges down the road. Coming out of university with major debt is one of the worst things…
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Getting Rid Of OSAP And CSL Debt

Struggling with student debt is common. Many of the people I see on a daily basis are still struggling with student debt. Graduates don’t have a lot of time to start making money before they have to start paying back their loans. If you owe money to Ontario Student Assistance Program (OSAP) or have a Canada Student Loan (CSL), you have…
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Should you file bankruptcy before the new year?

There are some clear advantages to filing before the end of the year. When you file personal bankruptcy the trustee will prepare and file your income tax return and keep the refund for the year of bankruptcy and any prior taxation year that you had not yet filed and received the refund for. What this means is…
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Top Concerns For Canadian Students

It’s almost September, which means it’s time for students to start worrying about many things. Will I like my roommate? Who is going to make me dinner? What if I can’t find my way around campus? These are all common concerns you would expect from students just entering their post-secondary career. According to an article…
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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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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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Does a bankruptcy cover Canada Revenue Agency debts?

If you owe Canada Revenue Agency (CRA) for income taxes, GST, or employee remittances, these debts can be included in a bankruptcy and can be discharged under certain conditions. Generally speaking, a discharge of the debt is granted if you have completed your duties under the Bankruptcy and Insolvency Act and you have complied with…
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CRA and Consumer Proposals

Back taxes are one of the most difficult debts to absolve because they are owed to the government and required by all income-producing residents. Making a consumer proposal can be a good option when you have tax debt as you could potentially pay less than what you owe. However, Canada Revenue Agency (CRA) will not…
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