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PARK LANE CIRCLE-PEOPLE WHO LIVE IN GLASS HOUSES CAN’T CHANGE THE RULES

40 Park Lane Circle, a mansion located in Toronto, was for sale in a proposed auction and has become quite the source of notoriety these days, although nothing and no one can rival Mayor Rob Ford in the headline grabbing department. Pictured below, it’s being referred to as the Bridle Path’s own Palace of Versailles. Located at 40 Park Lane Circle, it was most recently listed for$13.98 million.

PEOPLE WHO LIVE IN GLASS HOUSES CAN’T CHANGE THE RULES TO SUIT THEM-40 PARK LANE CIRCLE

40 Park Lane Circle, Toronto

COURTESY: CONCIERGE AUCTIONS

In the 40 Park Lane Circle case at hand (which our Firm was not involved in), the Receiver two months earlier made application to Court and obtained Court approval to conduct an auction of the main asset, a luxury home worth millions of dollars at 40 Park Lane Circle which is in a very fancy neighbourhood of Toronto. After the fact the Receiver was presented with an offer for the Property from a set of purchasers. Unfortunately the Receiver’s report did not explain how the offer came about, specifically whether the offerors were aware of the Court-approved auction process at the time they made the offer. The Receiver made a motion to discontinue an auction sale process and approve an offer to purchase the 40 Park Lane Circle real property. After the recent decision of the Honourable Mr. Justice Brown of the Ontario Superior Court of Justice (Commercial List) in HSBC Bank Canada v. Mahvash Lechcier-Kimel, 2013 ONSC 7241, the Receiver’s motion was denied and the auction was allowed to proceed. According to the latest reports the bidding is now closed and the sale is pending.

As Court Officers, we live in glass houses. Every action we take is on display for all to see. All stakeholders to the process are watching how we conduct the administration, and invariably, a party who thought they should be obtaining a better result for themselves will not be satisfied. Accordingly, the sales process has to be seen to be fair, even handed and transparent. The case of 40 Park Lane Circle is very interesting as it highlights that a fair, open and transparent marketing process in accordance with the seminal “Soundair” case is more important in the eyes of the Court, than what might be thought of as the highest potential offer.

What is the “Soundair” case and why is it so important? The criteria to be applied when considering the approval of a sale recommended by a receiver were first set out by the Ontario Court of Appeal in Royal Bank vs Soundair Corp. and hence referred to as the “Soundair principles” which are used when deciding whether a receiver who wishes Court approval to sell a property has acted properly, a Court is to consider and determine:

a) whether the receiver has made a sufficient effort to get the best price and has not acted improvidently;

b) the interests of all parties;

c) the efficacy and integrity of the process by which offers were obtained; and

d) whether there has been unfairness in the working out of the process.

As Trustees & Receivers, we are often asked when selling an individual’s or a corporation’s assets in a Court supervised administration, why can’t the Receiver or Trustee deviate from the Court approved process, or why can’t the Receiver or Trustee share with the party paying the costs of the administration the appraisal information. The answer, which we have always known to be the case, is that the Court and its Officer, be it a Receiver or Trustee, must ensure the integrity of the sales process. By the decision of the Court, the 40 Park Lane Circle property sale is no different.

Our firm has been involved in numerous cases where assets were sold in a Court supervised process. Ira Smith Trustee & Receiver Inc. is a full service insolvency and financial restructuring practice serving companies and individuals throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. We pride ourselves on our openness, transparency and maintaining the integrity of the process. Contact us today.

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FINANCIAL ADVICE THAT YOU SHOULD NEVER FOLLOW

bankruptcy, bankruptcy and insolvency act, credit history, credit rating, credit report, financial advice, insolvency, rebuilding credit, restructuring, student debt, toronto bankruptcy, trustee, vaughan bankruptcy, what is a consumer proposal, what is bankruptcy,woodbridge bankruptcyPeople mean well and many can’t resist giving advice, but when it comes to financial matters ONLY take financial advice from a qualified professional. Here are some classic examples of financial advice that you should never follow.

  • Don’t declare bankruptcy because it will ruin your credit rating. While it’s true that bankruptcy remains on your credit report for quite a while, if you aren’t paying your credit cards and other loans on time, your credit rating is probably already shot. With an insolvency process, we can provide you with easy ways to start rebuilding your credit fast. Without such a process, you will never get out from under your debt and won’t be able to rebuild your credit rating.
  • Credit cards will get you into trouble. Credit cards won’t get you into trouble if you charge only what you can afford to pay off. In fact, credit cards can help you to establish a credit history which future lenders will use when you want to take out a loan or a mortgage. Without a credit history you may find it very difficult to borrow money.
  • A house is always a great investment. Houses are not immune from market fluctuations. The prices of real estate are tied to changing demographics, interest rate spikes and the economy. There is no guarantee that your house will have increased in value at the point in time when you need to sell. Depending on the state of the real estate market when you purchase a home, there is always a possibility that your home may not increase in value and may even decrease in value from time to time, so don’t purchase the house because you need the increased value to be liquid on a specific date.
  • You can live for free if you buy an investment property and rent it out. Television shows on the Home & Garden channel have gone to perpetuate this bad advice. It’s not as easy as it seems on a one hour TV show and it’s a difficult and potentially financially hazardous route to take. Renovations almost always go over budget, so count on spending more than you planned on. Not every tenant is a jewel. Some are extremely difficult and can cost you a lot of time and money. Once you become a landlord you will have to manage your property. You just don’t find a tenant and expect that the property will manage itself. Expect to be called whenever something is not perfect and your tenant will expect immediate action. Be prepared for unexpected expenses.
  • Asking all your friends where can I get a loan with bad credit in Toronto. The lenders that would lend money to someone with debt problems and bad credit already charge extremely high upfront fees, very high interest rates and usually, you will never be able to pay off the loan and perhaps you will even fall behind on interest payments. The collection efforts of these types of lenders are not subtle or pleasant.
  • Student debt is good debt. Debt is debt, and borrowing more than you can repay is never a good idea. The Canadian Federation of Students estimates that average student debt is almost $28,000. According to the Canada Student Loan Program, most students take 10 years to pay off their loans. Does this sound like a good idea? We are certainly not advocating that students don’t pursue post secondary education, but keep the debt to a minimum by going to a more affordable college or university. Work part time during the school terms and full time during vacations.

When you need financial advice seek out a professional. Taking bad advice can be costly. If you are experiencing serious debt issues contact a trustee for advice. Ira Smith Trustee & Receiver Inc. is a full service insolvency and financial restructuring practice serving companies and individuals throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. We will give you sound financial advice that you can count on.

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THE 10 MOST COMMON CREDIT SCORE MISTAKES

canadian credit score calculator, credit score, credit scores, credit score mistakes, credit report, credit problems, credit history, bad credit, bankruptcy and insolvency act, bankruptcy alternatives, bankruptcy, consumer proposals, credit counselling, toronto bankruptcy, vaughan bankruptcy, trustee, woodbridge bankruptcy, what is bankruptcy, what is a consumer proposal, dave johnsonLast week we discussed how Your Credit Score Can Be Ruined Even If You Don’t Do Anything Wrong. This week we’ll be addressing The 10 Most Common Credit Score Mistakes.

What is a Credit Score? According to the Office of Consumer Affairs (OCA) “Your credit score is a judgment about your financial health, at a specific time. It indicates the risk you represent for lenders, compared with other consumers. Unfortunately, there is not an online Canadian credit score calculator tool.

There are many ways to work out credit scores. The credit reporting agencies Equifax and TransUnion use a scale from 300 to 900. High scores on this scale are good. The higher your score, the lower the risk for the lender. Lenders may also have their own ways of arriving at credit scores. In addition, lenders must decide on the lowest score you can have and still borrow money from them. They can also use your score to set the interest rate you will pay”.

What are the 10 Most Common Credit Score Mistakes?

1. Failing to check your credit report for errors: As we discussed in last week’s blog Your Credit Score Can Be Ruined Even If You Don’t Do Anything Wrong. Check your credit report at least annually. Mistakes on credit reports are more common than you may have imagined and you need to stay on top of the situation. If you do discover any errors, contact the credit bureau as soon as possible to correct the situation.

2. Not using your full legal name in financial documents: It’s possible that people with common names or similar sounding names could have their name attributed to a credit report that is not theirs, as was the case for Mr. Dave Johnson of Pembroke, Ontario. Use your full legal name on bank accounts, credit applications and other documents that become part of your credit history.

3. Paying your bills late and failing to make at least the minimum monthly payment: If you don’t pay at least the minimum amount due on time your creditors will eventually report your account as past due, which can damage your credit score. If there is a reason why you won’t be able to pay your bill on time, contact your creditor before your bill is due to work out an arrangement if possible.

4. Maxing out on your credit cards: If your credit cards are maxed out, potential creditors may question your ability to repay. If you are approved for a loan you may be charged a higher interest rate to compensate for what is viewed as a higher risk.

5. Not alerting creditors if you’ve moved: Your bill may arrive late and as a result your payments could be late, potentially damaging your credit score.

6. Registering for too many new credit cards: Consumers who often open new credit cards are viewed as a greater risk than those who don’t.

7. Closing older credit card accounts: Closing older credit card accounts shortens the length of your credit history and this can adversely affect your credit score.

8. Don’t co-sign for someone else’s loan: You could be liable for that person’s debt and damage your credit rating.

9. Don’t share your credit card or social insurance number with anyone: There are a lot of scams abound where people try by phone, email or mail to get your credit card or social insurance number. This can be a fast track to identity theft and financial disaster.

10. Ignoring the warning signs of credit problems: If you have trouble making the minimum payments on time and have maxed out all of your credit, you have serious debt problems.

Serious debt problems need professional help. Contact Ira Smith Trustee & Receiver Inc. and take the first step towards a healthy financial future. Starting Over, Starting Now a debt free life can be yours.

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YOUR CREDIT RATING CAN BE RUINED EVEN IF YOU DON’T DO ANYTHING WRONG

credit rating, credit score, collection agencies, collection agency, credit record, credit score mistakes, bankruptcy alternatives, Consumer Proposal, Bankruptcy, I came across this story not long ago about a man in Ontario who had his credit rating ruined by Rogers even though he has never had a Rogers account. I know this sounds unbelievable but Mr. Dave Johnson of Pembroke, Ontario has spent three years fighting a Rogers Bill that isn’t his. This story is a perfect example of why it’s so important that you are aware of your credit score and credit rating and check it periodically.

Rogers like many large companies outsources the collection of accounts that are in default to collection agencies. According to the Government of Canada you must be notified in writing that your file has been given to a collection agency. In this case Dave Johnson never received notification from the Rogers collection agency that his account was in default because he never had a Rogers account. Never-the-less, in 2010 he received a $5,400 bill from a Rogers collection agency working for Rogers Wireless. Mr. Johnson knew he wasn’t in arrears and contacted the collection agency letting them know that he didn’t have a Rogers account and that somewhere there was a clerical error. The collection agency seemed to be very reasonable and Mr. Johnson believed that the matter had been cleared up. Big mistake! The $5,400 debt to Rogers Wireless ended up on his credit record and as a result of this, leading to a poor credit rating:

  • He was turned down for credit cards.
  • He wasn’t allowed to co-sign for his son’s mortgage.
  • He couldn’t use the equity in his home.

In the process of trying to clear his name and restore his credit, and his credit rating, Mr. Johnson discovered that another man, also named David Johnson, has also been wrongly pursued for the very same bill. The reality is that the Rogers collection agency clearly didn’t have a file with accurate information of the debtor. They were going after anyone and everyone who had the same name, which unfortunately for the David Johnsons in Ontario, is quite common.

Rogers is not taking any responsibility for this problem. They are blaming the Rogers collection agency. In case you think that this is an isolated incident, CBC News received dozens of complaints last year about how collection agencies aggressively pursue unpaid debts. Howard Maker, Commissioner of Telecommunications Complaints, has confirmed that he is aware of this ongoing problem.

If you are being legitimately pursued by collection agencies because you’re experiencing serious financial difficulties and you are concerned about your credit rating, contact Ira Smith Trustee & Receiver Inc. We can help and Starting Over, Starting Now you will gain back your former quality of life. Watch for our next blog when we’ll be discussing Common Credit Score Mistakes.

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WHY ARE CANADIANS NOT AVOIDING BANKRUPTCY?

bankruptcy, personal bankruptcies, consumer proposals, bankruptcy alternative, insolvency, avoiding bankruptcy

There are many reasons why Canadians are struggling with debt and ultimately not avoiding bankruptcy. However it is widely agreed upon that lower interest rates have encouraged us to purchase big ticket items like cars and houses. The good news is that according to a CIBC report, personal bankruptcies have returned to pre-recession levels, to four insolvencies per 1,000 adults, from an all-time high reached during the recession of six per 1,000. However, that doesn’t really tell the story because the number of Canadians striking consumer proposals has grown to 40% of total insolvency cases, from about 15% in 2006 – an increase that underscores a major shift in how consumers are avoiding the full bankruptcy route. In fact consumer proposals now make up 50% of total insolvencies in Ontario.

According to the Office of the Superintendent of Bankruptcy (OSB) here are the top 10 reasons that Canadians go bankrupt:

  1. Overextension of Credit: 22%
  2. Seasonal Employment: 15%
  3. Job Loss: 12.8%
  4. Medical Problems: 11.3%
  5. Relationship Breakdown: 10.3%
  6. Money Mismanagement: 9.2%
  7. Failed Business: 9.1%
  8. Failure to Pay Taxes: 3.6%
  9. Gambling Addiction: 2%
  10. Inadequate Pension: 1.4%

The Bank of Canada’s Review of Household Insolvency in Canada (Winter 2011 – 2012) reports that the largest unsecured liabilities are credit card debt and bank loans.

 

LIABILITY TYPE – BANKRUPTCY/ RENTER

PERCENTAGE

Individuals/Doctors/Lawyers/Gov.

24.71

Credit Cards (bank/trust co. issuers)

18.99

Bank Loans (except mortgages)

17.26

Taxes

16.59

Credit Cards (other issuers)

8.19

Finance Co. Loans

7.92

Real Property Mortgages

3.28

Student Loans

2.83

Payday Loans

0.23

LIABILITY TYPE – BANKRUPTCY OWNER

PERCENTAGE

Real Property Mortgages

56.55

Individuals/Doctors/Lawyers/Gov.

13.52

Bank Loans (except mortgages)

11.26

Credit Cards (bank/trust co. issuers)

6.29

Finance Co. Loans

4.52

Taxes

4.34

Credit Cards (other issuers)

3.10

Student Loans

0.31

Payday Loans

0.11

Many Canadians are dealing with serious debt issues. Whether you decide to declare bankruptcy or opt for a bankruptcy alternative – Credit Counselling, Debt Consolidation, Consumer Proposals – you need the help of a professional trustee. Contact Ira Smith Trustee & Receiver Inc. as soon as possible for advice and a plan to tackle your financial difficulties. Starting Over, Starting Now you can live a debt free life.

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THE DANGERS OF JOINT CREDIT CARDS

bankruptcy and insolvency act and a joint account, debt, debts, credit cards, joint credit cards, credit card companies, bankruptcy, credit ratings, credit score, trustee, senior with credit card debtI recently met with a widow whose husband passed away deep in debt. Her late husband was very secretive about his finances and his widow only learned of how dire their position was when she became the executrix of his estate. After fending off collection calls relating to the estate, she learned she was liable for some of his debts. Why? Because her husband had applied for joint credit cards on his accounts, in his wife’s name. Needless to say, this woman, who never used the credit cards, was horrified to learn that she was now a senior with credit card debt rendering her insolvent.

It may seem pretty common for spouses to use a joint credit card, but consider the financial ramifications.

• Regardless of who incurs the debt on a co-issued credit card the primary and secondary card holders are jointly and severally liable. This means that the credit card companies view both parties as fully responsible for the entire account balance regardless of who is responsible for the expenses.
• If one card holder declares bankruptcy, the debts are enforceable against the other cardholder(s).
• Even if just one joint account holder acts irresponsibly, both credit ratings suffer. According to Clifton M. O’Neal, senior manager with TransUnion credit reporting, a 90-day delinquency can actually have a greater impact on an innocent party with relatively few accounts and no other credit infractions. The new delinquency may not make as much difference to the culprit’s credit score, if he/she holds other accounts with many more serious problems.

Joint credit cards may seem like a good idea for tracking expenses and collecting loyalty points, but they can also be a recipe for financial disaster. If you are experiencing serious financial problems as a result of a joint credit card, don’t delay. Contact Ira Smith Trustee & Receiver Inc. as soon as possible. We can help with your serious debt issues and Starting Over, Starting Now you can live a debt free life.

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SERIOUS ILLNESS AND MEDICAL DEBT CAN RUIN YOU FINANCIALLY ON BOTH SIDES OF THE BORDER

bankruptcy, file bankruptcy, medical debt, healthcare costs, credit card debt, group insurance, personal insurance, trustee, bankruptcy faqs, bankruptcy trustee, bankruptcyIn Canada we wrap ourselves in a blanket of socialized healthcare and believe that our provincial medical plans will protect us from financial ruin. People are unaware that serious illness and medical debt can ruin you financially on both sides of the Border. We feel immune from the financial disaster that afflicts many Americans who experience a serious illness. We are bombarded in the news about the financial devastation that many Americans are going through with very little commentary about how Canadians are affected. According to the National Debt Relief Organization in the U.S.:

  • 1.7 million Americans will be forced to file bankruptcy due to medical debt.
  • Over 11 million Americans will burden themselves with more credit card debt to cover their healthcare costs.
  • 56 million Americans will struggle with healthcare related bills.

As Canadians are we immune from the financial devastation of a serious illness? The answer is NO! According to Sun Life Financial:

  • Nearly half of Canadians facing a major health incident like cancer or a stroke are struggling financially as a result of their illnesses.
  • 40% of those surveyed earlier this year reported feeling financially strapped after a serious health event or diagnosis, while 53% of 45 to 54 year olds have been hit hard by unforeseen healthcare costs.
  • Only 13% had money set aside for uncovered healthcare costs.
  • Too many Canadians underestimate out-of-pocket health costs, especially when it comes to prescription drugs.
  • Over the past 12 months Canadians spent an average of $1,354 on medical or healthcare products and additional services; but few set aside money to cover health costs, with more than 81% putting nothing aside.
  • 20% had no group insurance, personal insurance or health expense savings to help absorb the shock.
  • 22% turned to credit cards or personal lines of credit, another 22% tapped into personal savings, 12% borrowed from a loved one and 5% were forced to either remortgage or sell their home.

Are you facing financial ruin as a result of a serious illness? Contact Ira Smith Trustee & Receiver Inc. as soon as possible. Also do some self-study using our You can do some self-study by checking out our bankruptcy faqs. We can help you get back on your feet financially and let you concentrate your efforts on getting well.

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IS CANADA’S 1% IMMUNE FROM INSOLVENCY OR BANKRUPTCY?

bankrupt, bankruptcy, insolvent, insolvency, financial plan, 1 percenters, trustee, canadian bankruptcyThere has been quite a bit of buzz recently about Canada’s high income earners, affectionately referred to as the “1% or 1 percenters”. According to a National House Survey in 2011, to be considered in such illustrious company you have to earn a minimum of $191,100. However, the average income among the top 1% was $381,300 while the average Canadian earns $38,700. The typical member of the 1% club is male, married or living common-law, between the ages of 45 and 64 and lives in Toronto, Montreal, Calgary or Vancouver.

Earning $191,100+ may sound rich to the average Canadian but they would probably be shocked to know that many 1 percenters have ZERO savings or investments and are living paycheque to paycheque. Many are living lifestyles far beyond their means with sky-high mortgages, luxury vehicles, wining, dining, exotic travel, personal grooming, household staff… They are candidates for Canadian bankruptcy. There is no correlation between money earned and money saved. Living a high flying lifestyle can be intoxicating and very difficult to give up. Sadly, those seeking luxury are younger than ever. American Express Cardmember and merchant data reports that Canada’s Generation Y (born from 1983 onwards) as the biggest spenders on fine dining, luxury and travel. Living on a financial high wire is risky business. It equates to flirting with disaster. These 1 percenters are no different from the celebrities who blow through millions in earnings per year and declare bankruptcy. Few are super rich enough to become immune from insolvency and bankruptcy.

In fact it doesn’t take much for some 1 percenters to become insolvent or bankrupt – a downturn in the market, an illness, job loss, bad investment… If you’re walking a financial high wire, it’s time to come down to safety. Contact Ira Smith Trustee & Receiver Inc. We’ll evaluate your situation and come up with a realistic financial plan so that Starting Over, Starting Now you can live a happy, productive life without the fear of falling off a financial high wire.

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EMPLOYERS CAN BE FORCED INTO BANKRUPTCY BY CRIMINAL PENALTIES

www.irasmithinc.com, consumer proposal, toronto bankruptcy, bankruptcy, bankruptcy trustee, bankruptcy (4)Ground Breaking News for Employers: On September 4, 2013, the Court of Appeal for Ontario held that, in appropriate cases, courts can essentially fine a company into bankruptcy for a Criminal Code conviction. The Court of Appeal released its decision in the sentence appeal in R. v. Metron Construction Corporation (“Metron”) as a result of tragic circumstances.

What circumstances brought about this ground breaking decision? In September 2009 there was a tragic worksite accident that left 4 workers dead and one who survived with serious injuries. Metron was restoring concrete balconies on 2 high-rise buildings in Toronto. They had arranged for a number of swing stages for the project; however 2 of the swing stages from an Ottawa-based supplier did not have any markings, serial numbers, identifiers or labels describing maximum capacity, as required by law and industry practice. They were delivered without manuals, instructions or design drawings and, contrary to legal requirements, were not accompanied by a written report from a professional engineer stating that the swing stage had been erected in accordance with design drawings. There were 2 lifelines for the swing stage to which workers could connect their fall harness. The normal practice was that only 2 workers would be on the swing stage at any one time. On December 24, 2009, 6 workers were on a swing stage at a height of approximately 13 storeys. The swing stage collapsed and 4 workers were killed, 1 survived with serious injuries and 1 who was actually connected to a fall arrest system was not injured.

After an investigation by the Ministry of Labour and the police it was determined that three of the four deceased, including the site supervisor, had recently consumed marijuana. It was also determined that the swing stage collapsed because its design was defective and it was unable to tolerate the combined weight of six men and their equipment. Many charges were laid by The Ministry of Labour against multiple parties under the Ontario Occupational Health and Safety Act (“OHSA”). After its own investigation, the Toronto Police Service also laid numerous criminal charges.

Employers Beware!

  • It appears possible that the criminally negligent behaviour of a single, low-level official could lead to a sentence that sends a company into bankruptcy, notwithstanding the absence of systemic conduct or the involvement of highly placed officials.
  • There is no due diligence defence to a criminal negligence charge and the corporate level at which the criminally negligent behaviour occurred is irrelevant and cannot diminish corporate culpability.
  • A corporation cannot diminish its culpability based on the hierarchical position of the criminally negligent individual(s) within the organization.
  • Criminal negligence is a different and more serious offence than a breach of health and safety legislation and is expected to result in more severe sentences.

If your small company, entrepreneurial corporation, or a multi-faceted complex organization has found itself in financial difficulty for any reason, Contact Ira Smith Trustee & Receiver Inc. immediately. Our practitioners are available seven days a week do deal with your urgent needs. Starting Over, Starting Now we’ll put an immediate plan in place and start the process for dealing with the longer-term situation.

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WILL I EVER BE ABLE TO RETIRE?

will i ever be able to retireWill I ever be able to retire?” is a common question amongst the Boomers generation. Last week we discussed the problem of living paycheque to paycheque. This week we’ll be addressing whether or not you will ever be able to retire. That’s right; there is a distinct possibility that many of you may never be able to retire. A new HSBC study reports that 17% of Canadians believe that they will never be able to retire, while a growing number of Canadians believe that retirement is getting further and further away and therefore the answer to their will I ever be able to retire question is NO.

  • 40% say they did not prepare well enough and of that group that doesn’t have enough money, 40% only came to the realization after they retired
  • 72% of retirees experienced a fall in income, yet only 48% had a similar drop in spending
  • 14% of people were funding a dependent in retirement while 32% of people not fully retired made the same claim

A BMO study reports that Baby Boomers are about $400,000 short of their retirement goals. Another reason why the answer to their will I ever be able to retire question is no. The money has to come from somewhere and as a result the BMO survey reports that:

  • 71% of Boomers plan to work in retirement and therefore feel that the answer to the will I ever be able to retire question will never be yes
  • 44% will sell off their valuable goods such as antiques or possessions they don’t use in order to raise funds otherwise the answer to their will I ever be able to retire question will never be yes
  • 33% plan to sell their home to help make ends meet otherwise the answer to their will I ever be able to retire question will always be no

According to Sun Life Financial’s annual Unretirement Index poll:

  • Only 27% of respondents believe they’ll retire by 66, a nearly 50% decline from the previous year
  • Economic uncertainty and poor financial planning are being cited as key reasons why a majority of Canadians surveyed say plans to retire by age 66 are more of a fantasy than a reality and their answer to the will I ever be able to retire question is no

Are you one of the many Canadians who haven’t been able to save for retirement? Is life a financial struggle to pay the monthly bills? Are you relying on credit to maintain your lifestyle? Are you forced to use expensive credit, such as an online bad credit loan or a bad credit line of credit? Do you feel that it is no longer worth spending your time thinking about the will I ever be able to retire question because your reality is too depressing?

If so, you are living in a financial danger zone. Consult a professional Trustee as soon as possible. Contact Ira Smith Trustee & Receiver Inc. for sound advice and a realistic financial plan to turn your life around. Starting Over, Starting Now we can solve your financial problems and put you back on track to living a debt free life. We want to help you answer a resounding YES to your will I ever be able to retire question.

Call a Trustee Now!