This video is courtesy of ABC News. References to IRS can be replaced with CRA. The top consumer scams to watch for in 2017 will know no geographical boundaries. Top Consumer Scams To Watch For In 2017: Introduction Consumer experts are already predicting the rip-offs and top consumer scams to watch for in 2017. Our […]
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Consumer debt Canada: Introduction Consumer debt Canada and household debt as a percentage of income remains a hot topic these days. The high household debt as a percentage of income coupled with a Toronto housing boom and until recently a Vancouver housing boom, puts Canada’s economy at risk. Whenever we thought that Canada’s consumer debt […]
In last week’s blog we discussed the stakeholders and key players and their roles in a corporate restructuring. This week we’ll be addressing the Division 1 Proposal, commonly referred to as a Commercial Proposal or the Proposal. What is a Division 1 Proposal? The Division 1 Proposal is a legal document typically drawn up by […]
If You Declare Bankruptcy What Happens? Introduction to Financial Hardships In life, we often face unexpected challenges that test our resilience and determination. Such is the experience of people we help who have encountered financial hardships due to an unforeseen event outside of their control such as job loss. The burden of mounting debts and […]
Form 31 Proof of Claim Introduction The Office of the Superintendent of Bankruptcy (OSB) published several amended Forms under the Bankruptcy and Insolvency Act (Canada) (BIA) to promote a more efficient and effective insolvency system, removing some outdated elements and ensuring better data integrity for all stakeholders. These amended Forms were originally set to come […]
How to pay off credit card: Introduction to understanding the credit card debt crisis in Canada The financial services researchers at TransUnion Canada (TransUnion) have recently reported a concerning trend among Canadians. Many households struggle to keep up with the rising cost of living and higher interest rates, leading to a significant increase in credit […]
bankruptcy and cra debt Bankruptcy and CRA Debt Introduction Finance Minister and Deputy Prime Minister Chrystia Freeland introduced the 2024 Federal Budget on April 16. During her presentation in Parliament, she advised that Budget 2024 will include that any capital gain will be taxed from the current 50% to two-thirds. April 30 was the last […]
Definition of a Licensed Insolvency Trustee in Canada A Licensed Insolvency Trustee (previously called Trustees in Bankruptcy) in Canada plays a crucial role in helping individuals and businesses with debt problems. Navigating financial difficulties can be overwhelming, but understanding the role of a Licensed Insolvency Trustee can provide clarity and guidance. In this comprehensive guide, […]
Insolvency Meaning: Introduction In a vibrant economic environment where change is the only constant, legal and accounting experts have to be fluent in insolvency laws to be able to supply their clients with some basic advice they require to navigate tough financial situations. To use reliable guidance, lawyers and accounting professionals require a basic understanding […]
Debt Management Program: Introduction Are you drowning in credit card debt, tax debt or any other debt and feeling overwhelmed by mounting interest charges? Are you behind in some or all of your debt payments? Is there a collection agency hounding you? It’s a common struggle, especially with the recent increases in interest rates. But […]