Who do we help?
There is no clear pattern for how people find themselves in financial difficulty. It can happen suddenly through injury or illness, separation or divorce, or it can be due to not knowing how to manage your finances effectively. Whatever the reason, the important thing now is to find out what options are available to you…
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Student Loans and CRA Debt
When people come and meet with me, they usually assume that certain debts can be included in bankruptcy or a consumer proposal, for instance, vehicle, credit card, payday loans, etc. But what people may not know, is that you may be able to include Student Loan and Canada Revenue Agency debt. Student Loan Debt Student…
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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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Will I still have to pay my student loan debts if I go bankrupt?
If your student loan is more than seven years old from the date you ceased to be a full- or part-time student, it is considered a dischargeable debt, meaning that you would not be required to pay the balance remaining should you file bankruptcy. There has been some confusion with this in that past as…
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What happens if you don’t have enough money to pay your tax debt?
For people who anticipate owing at tax time, it can be a very stressful time…especially if they are already in debt. It’s important to be aware of where you stand so that when tax time comes, you can be prepared. But for some people, it’s not that easy. So, what happens if you don’t…
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What do I need to know about tax season?
Tax season is upon us and it’s common to have questions. Here are some common questions I hear that may help you get through this season. What paperwork will I need? T1 General 2018 If you’re an employee, a T4, Statement of Remuneration Paid form If you’re retired, a T4A, Statement of Pension, Retirement, Annuity and Other Income…
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Student Loan Repayment Tips
Many post-secondary students are excited to be finishing their education and are looking forward to the beginning of their career. But, if you are graduating this spring, and you have student debt, you should have a repayment strategy in place. You don’t want to start your professional life drowning in debt and without a plan…
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Can’t afford to pay the CRA? You have options!
With tax season in full effect, worry may be at the forefront of some peoples’ minds. Worry that they won’t receive an income tax return. And even more worry that they will owe more than they can afford. It can be a huge shock to people when they get their income tax done and are…
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I Cannot Pay CRA!
Owing the government money can be overwhelmingly stressful. When you owe the CRA money, there is concern that any collection action will result in loss of income and will leave an individual without sufficient resources to meet their basic living expenses let alone any other debt payments. CRA has the right to proceed with collection…
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I Can’t Pay CRA! Part 2
Despite your best intentions to pay the debt, sometimes it is not enough when you owe a lot of money to CRA. It may be the amount of the debt is just too high or perhaps the budget does not allow for a monthly payment. If that is the case, I recommended you speak to a…
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