Financial Plan Introduction: The Urgent Need to Shift from Conversation to Action November’s Financial Literacy Month encouraged Canadians to “Talk Money”, create a financial plan and break the stigma around debt. That conversation is vital. Talking openly about money helps reduce shame and encourages people to seek help. But for many households in the Greater […]
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Sarah owns a small café in Toronto. One Tuesday afternoon, she called the Canada Revenue Agency, hoping to get CRA tax help on her business taxes. After 45 minutes on hold, she gave up. Her tax return sat unfinished. What began as a simple question turned into a $12,000 tax debt problem! Sarah’s story is […]
As a Licensed Insolvency Trustee at Ira Smith Trustee & Receiver Inc., I’ve guided many people through the bankruptcy process in the Greater Toronto Area. One of the most common questions I hear is: “What happens at my discharge hearing?” Recently, a significant Ontario court decision has shed new light on this crucial aspect of […]
A few months ago, I drove past something troubling. A house appeared to sit empty for weeks, then a realtor’s for-sale sign with the extra wording “Power of Sale” appeared on the lawn. As a Licensed Insolvency Trustee serving the Greater Toronto Area, I believed this wasn’t just a one-off situation. What I discovered when […]
Insolvency Trustee Court Order: Introduction As a Licensed Insolvency Trustee (formerly called a trustee in bankruptcy) at Ira Smith Trustee & Receiver Inc. in the Greater Toronto Area, I meet with people and business owners every day who feel overwhelmed by debt. Many believe we only handle bankruptcies. The truth is, our role goes much […]
The Toronto condo market in 2025 has become a harsh teacher for many investors. What once seemed like a sure path to retirement wealth has turned into financial stress for thousands of people across the Greater Toronto Area. As a licensed insolvency trustee firm with decades of experience, we’ve seen firsthand how real estate investments […]
Introduction: Understanding Canada’s Cost of Living Landscape Life in Canada used to mean certain dreams were within reach: a comfortable home, food on the table, and savings for a secure future. But for many Canadians, due to the cost of living over recent years always rising, those dreams feel further away than ever. The Canadian […]
The Greater Toronto Area is facing its worst business debt crisis in decades. As a licensed insolvency trustee who has helped many GTA businesses navigate financial challenges, I’m seeing alarming trends that every business owner needs to understand. The GTA Business Landscape: Canada’s Economic Powerhouse Under Pressure Toronto is Canada’s business and financial capital. It […]
Bankruptcy and Insolvency Act Forms Introduction Dealing with debt can feel overwhelming. If you are a person looking into bankruptcy or a consumer proposal in Canada, or you are a business owner putting your company into a formal financial restructuring process, you’ll need to understand the paperwork involved by the insolvency profession. As a Licensed […]
What is a Stay of Proceedings? A stay of proceedings is like hitting the pause button on debt collection. When you file an assignment in bankruptcy, a consumer proposal or a Notice of Intention To Make A Proposal in Ontario, this legal protection automatically stops most unsecured creditors from taking collection action against you. If […]