Tag: Bankruptcy

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40 PARK LANE CIRCLE, 44 PARK LANE CIRCLE TORONTO FOR SALE: ARE FINANCIAL PROBLEMS CONTAGIOUS?

40 Park Lane Circle, 44 Park Lane Circle Toronto

40 Park Lane Circle, 44 Park Lane Circle Toronto for sale, 44 Park Lane Circle, 40 Park Lane Circle, debt, budget, collection agencies, trustee, financial plan, starting over starting now
40 Park Lane Circle, 44 Park Lane Circle

40 Park Lane Circle, 44 Park Lane Circle Toronto for sale: it seems that life in Toronto’s very exclusive Bridal Path is not always what it appears to be. We tend to categorize the people who own these properties as “the rich and famous” while in reality some of them are “not so rich and infamous”. Two Bridal Path properties have garnered quite a bit of attention #40 Park Lane Circle which used to be owned by Mahvash Lechcier-Kimel and #44 Park Lane Circle which used to be owned by Norma Walton and Ronauld Walton.

Are financial problems contagious?

Are financial problems contagious between 40 Park Lane Circle, 44 Park Lane Circle Toronto for sale or just the entire street? Of course not; but when you get caught up in a high flying Bridal Path lifestyle and have to support a massive property like either one of these, or any other property that the average person would describe as a mansion, it’s very easy to accumulate enormous amounts of debt, leaving you to house rich and cash poor. And, if the spending is not controlled and the debts keep piling up it can be easy to lose everything.

Everyone needs a realistic and proper budget

A realistic and proper budget should be an important part of your life. It will keep you from overextending yourself while trying to keep up with your next-door neighbours. Without a proper budget, it’s very easy to get caught up in a cycle of overspending – bigger houses, faster cars, and exotic vacations. The lure of luxury is intoxicating, especially in the low-interest-rate environment we currently live in; but what happens when you wake up and find letters from creditors in the mail demanding payment? How many of those demand letters do you think found their way to the mailboxes of these two luxury Bridle Path?

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So whether you are in over your head with debt due to the ownership of a massive property or for other reasons, such as you’re living a lifestyle that you can’t afford and are being hounded by creditors and collection agencies, now’s the time to contact a professional trustee today. The Ira Smith team can set you back on a path to financial health with immediate action and a solid financial plan. Starting Over, Starting Now you can live a debt-free life.

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DEATH OF A DEBTOR: WHO’S RESPONSIBLE FOR THE DEBTS?

death of a debtor, paycheque to paycheque, debt, debts, trustee, student loans, financial disaster, Bankruptcy and Insolvency Act, Starting Over Starting NowWhen you think of death of a debtor, you can’t help but be reminded of Death of a Salesman, Arthur Miller’s Pulitzer Prize winning play written in 1949 and still timely today. The play was essentially an attack on the American dream of materialism as embodied by the central character, Willy Loman. His entire life he lived paycheque to paycheque, waiting for his big break that never came. All the while the debts kept piling up. One day Willy Loman was fired and as a result he took his own life leaving his family to deal with the death of a debtor.

From time to time, we are consulted regarding insolvent estates of deceased persons.

When the death of a debtor occurs, who is responsible for the debts?

  • Although some creditors may try to collect from the spouse or other family members, debts do not transfer by virtue of marriage or death unless the debt is “joint” in which case the survivor will be required to pay the balance of the account.
  • Debts are normally paid out of the assets of the estate of the deceased before distributions are made to heirs (before any money can be distributed to heirs, all the proven debts must be paid).
  • If the estate is insolvent (the assets of the estate are not sufficient to pay the debts), then the order of payment is normally prescribed by provincial legislation.
  • If warranted, the executors can make application to Bankruptcy Court for an order allowing them to assign the deceased’s estate into bankruptcy. In that event, then the Bankruptcy and Insolvency Act (Canada), the federal legislation, will prescribe the order of payment.
  • If there is no money in the estate to pay the debt and if the debt is only in the name of the deceased person, the credit grantor will be left with no option but to write off the debt as uncollectible.

Some debts may be extinguished upon the death of the debtor:

  • Insured mortgages
  • Insured loans
  • The Canada Student Financial Assistance Act provides for some student loans to be repaid by the federal government in the event of the student’s death or permanent disability.

Make sure you know and understand the state of your finances before you have to deal with death of a debtor. If you’re living from paycheque to paycheque and on the edge of financial disaster, contact a professional trustee today. The Ira Smith team can help you solve your financial problems with immediate action and the right plan so that Starting Over, Starting Now you can enjoy financial freedom.

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CANADIAN PARENTS PAYING STUDENT LOANS

Canadian parents paying student loans, student loans, bankruptcy, debt, trustee, starting over starting nowCanadian parents paying student loans is much more common than you’d think. That was never the plan. Your child was supposed to get a university degree with the help of student loans, graduate, land a good paying job and pay off their student loans. The reality of the situation is quite different. Firstly it’s a misconception that student loans cover the costs of a university degree. Student loans may cover a portion of tuition costs. Statistics Canada says undergraduate students paid an average of $5,772 in tuition fees in 2013 to 2014. But that average rises, depending on the field of study: law studies cost an average of $10,039 while undergraduate studies in dentistry cost $17,324 during that same year. This may seem manageable, but this only tells a small part of the story. When you factor in the costs of books, living expenses and transportation, according to a recent Bank of Montreal study the total current cost for an undergraduate university degree can exceed $80,000 and is expected to surpass $140,000 by the time a child born in 2014 is old enough to enroll.

The second misconception is that a university degree is a guarantee of a good paying job. The reality is that it’s a very competitive market out there and many students aren’t making enough to repay student loans. Instead Canadian parents paying student loans is becoming an all too common story. In addition they’re paying for books and living expenses, even if it means sacrificing their financial stability. They’re delaying retirement, working more and borrowing money, potentially putting themselves in financial jeopardy.

There appears to be very few options when it comes to repaying student loans and that is another reason that leads to Canadian parents paying student loans. Even bankruptcy doesn’t discharge student loans until seven years after you’ve left school. In exceptional cases after five years you can apply to the court for special consideration (e.g. a disability which prevents you from working).

Canadian parents paying student loans may be in a financial danger zone. If you’re experiencing serious debt issues as a result of student loans or any other reason, you need professional help today. Contact Ira Smith Trustee & Receiver Inc. With a cumulative 50+ years of experience dealing with diverse issues and complex files, the Ira Smith team delivers the highest quality of professional service. Starting Over, Starting Now we can help you solve your financial problems.

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TORONTO BANKRUPTCY TRUSTEES: 1 IN 5 ONTARIO RESIDENTS MAY BE INSOLVENT

Target liquidation program, Toronto bankruptcy trustees, bankruptcy alternatives, bankruptcy questions, credit card debt, living paycheque to paycheque, bankruptcy, Target, housing bubble, credit card debt, financial plan, debt, starting over starting nowToronto bankruptcy trustees believe that 1 in 5 Ontario residents may be insolvent (unable to pay their debts when they are due), as astonishing as this seems. Sadly it seems that many Ontarians who have been living paycheque to paycheque and on the edge of a financial crisis, have now fallen off the edge.

According to a recent Ipsos Reid poll:

  • Almost one in five Ontario residents owe more than they own or earn, making them technically insolvent and at risk of bankruptcy.
  • Eastern Canadians led the country in owing more than they own, with 28% in Quebec and 24% in Atlantic Canada.
  • Residents in Alberta, Saskatchewan and Manitoba tied at a 23%.
  • Ontarians at 16% and British Columbians are at 14%.

It’s no surprise that Toronto bankruptcy trustees are being asked about bankruptcy alternatives and bankruptcy questions by so many people stressed about money. The Canadian dollar is volatile, retailers like Target are closing their doors, the Target liquidation program is ongoing and many are worried about a housing bubble.

Toronto bankruptcy trustees are also aware of a Global News poll which reported that:

  • 45% of Canadians say that their income, or keeping a steady income, causes them stress.
  • 40% are stressed about saving for retirement.
  • 40% report that saving for big-ticket items, like a car or a down payment for a home is a cause of stress.
  • 33% say that paying bills on time and credit card debt is a cause of stress.
  • 33% are stressed about mortgage or rent payment.
  • 25% are stressed about caring for their dependents like aging parents or kids.

Toronto bankruptcy trustees summary

Times are tough for many people. If you’re teetering on the edge of financial disaster or have already reached the critical point, it’s time to turn to Toronto bankruptcy trustees for professional help. Contact Ira Smith Trustee & Receiver Inc. as soon as possible. With sound advice and a solid financial plan Starting Over, Starting Now you’ll be well on your way to a debt free life.

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VAUGHAN BANKRUPTCY TRUSTEE WARNS OF DANGERS IN TAKING FREE TAX ADVICE

Vaughan bankruptcy trustee, bankruptcy, trustee, tax season scams, income tax, income tax debt, Canada Revenue Agency, CRA, tax advice, tax professional, tax, starting over starting now, frequently asked bankruptcy questionsAs a Vaughan bankruptcy trustee, we always warn our clients that this time of year can be dangerous. In our last blog we warned you about tax season scams. This week your Vaughan bankruptcy trustee is warning you about the dangers of taking free tax advice. There are many places to get free tax advice, and quite frankly all of them are dubious. Unless the person giving the advice is a trained and licensed financial services professional, the only thing you should do with free tax advice is ignore it, or you could find yourself in a worse financial and legal position than you started in.

It seems that everyone is looking ways to avoid paying income tax. As we discussed in a previous blog The Tax Lawyer; Even A High Profile Tax Fighting Lawyer Has To Pay His Income Tax, there is no miracle cure or quick fix when you owe money to the Canada Revenue Agency (CRA). Yet that doesn’t stop people from posting all sorts of questions on the Internet looking for free advice. The problem is when you post questions in online forums and chat rooms you have no idea who is answering your question and giving you advice. As a Vaughan bankruptcy trustee, many times we are shocked to see the kind of advice is being posted on the Internet also about frequently asked bankruptcy questions.

Although we do not provide income tax advice, as a Vaughan bankruptcy trustee, we do set filters to obtain postings having to do with income tax debt; many questions and answers regarding income tax are posted. The Internet allows for anonymity and the person who has identified himself/herself as a tax professional may in reality be a teenager having some fun. Or worse, perhaps it is a scammer or malware malcontent collecting email addresses! Although the Internet can be a valuable resource, online forums and chat rooms are not the places to seek tax advice. The same applies to well meaning friends, family and colleagues unless they are trained financial services professionals.

Seek financial advice from a trained, experienced, licensed professional ONLY! If you’re experiencing financial difficulties for any reason including monies owed to the CRA contact your Vaughan bankruptcy trustee, Inc. today. Starting Over, Starting Now you can put your financial difficulties behind you.

 

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VAUGHAN DEBT COUNSELLING ADVISES BEWARE OF TAX SEASON SCAMS

Vaughan debt counselling, Vaughan, debt, debt counselling, trustee, receiver, bankruptcy, Canada Revenue Agency, CRA, tax scams, email scams, phone scams, starting over starting nowWhen we perform Vaughan debt counselling, we always advise that there is no miracle cure or quick fix when you owe money to the Canada Revenue Agency (CRA). For a real life example, see our discussion in an earlier blog The Tax Lawyer; Even A High Profile Tax Fighting Lawyer Has To Pay His Income Tax. Unfortunately there is more to worry about than the CRA during tax season. There are scam artists out there just waiting to take your money. Through our Vaughan debt counselling, Ira Smith Trustee & Receiver Inc., we are able to provide some valuable information and advice to help protect you from the villainous forces lurking at the other end of a phone call or email transmission.

In fact, it was through our Vaughan debt counselling that we learned of these scams. Scammers are sending emails and making phone calls, claiming to be the CRA. These communications, asking for information including credit card data, bank account numbers and passwords and passport numbers are designed to steal your identity and/or your money. Email scams frequently contain embedded malicious software that can harm your computer and put your personal information at risk. DO NOT click on any of the links in the emails. Typically an email or telephone scam involves one of these two scenarios.

  1. You have a refund pending from CRA and the communications will go on to instruct the receiver to provide personal information in order to receive the benefit.
  2. You or your company, as a result of an audit, owe “back taxes”. You are advised you have to “pay up” ASAP to avoid a fine or the person is told there is an outstanding arrest warrant which can be avoided if the tax payment is made promptly. In many cases individuals are being told they will be deported if the taxes are not paid right away.

These types of communication are not from the CRA, should be ignored and reported to the RCMP or Canadian Anti-Fraud Centre at 1-888-495-8501 or http://www.antifraudcentre.ca.

The CRA:

  • NEVER requests information from a taxpayer about a passport, health card or driver’s license.
  • NEVER divulges taxpayer information to another person unless formal authorization is provided by the taxpayer.
  • NEVER leaves any personal information on an answering machine or asks taxpayers to leave a message with their personal information on an answering machine.

If you find yourself in financial difficulties as a result of a scam or for any other reason contact Ira Smith Trustee & Receiver Inc. We serve the GTA through our Vaughan debt counselling and our other services that are bankruptcy alternatives. We can help get you back on the road to solid financial footing Starting Over, Starting Now. Watch for our next blog when we’ll be discussing the dangers of taking free tax advice.

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THE TAX LAWYER; EVEN A HIGH PROFILE TAX FIGHTING LAWYER HAS TO PAY HIS INCOME TAX

: the tax lawyer, debt, Canada Revenue Agency, CRA, Starting over starting now, DioGuardi, Phillipe DioGuardi, Paul DioGuardi, DioGuardiNothing is certain except death and taxes.

Benjamin Franklin
The tax lawyer learned another certainty that the Canada Revenue Agency (CRA) will get what’s coming to them even if your name is Philippe DioGuardi and you have a radio advertising campaign with slogans that include:

  • “I don’t cheat, I change the game.”
  • “Tax problems end here.”

For those of you who are unfamiliar with Philippe DioGuardi, he is the tax lawyer who has been bombarding the radio airwaves with spots that represent him as a one man crusader against the unfair tactics of the CRA. A recent Toronto Star investigation revealed some shocking information regarding the tax lawyer Philippe DioGuardi’s own tax problems with the CRA. Some of these startling revelations include:

  • He over-drew $2 million from the law firm he co-owns with his father Paul.
  • Ontario’s legal regulator is investigating nine complaints against him.
  • The tax lawyer only recently settled his own $147,000 debt to the CRA.
  • His estranged DioGuardi wife Elena wants spousal support of $25,000 a month.

By 2012 Philippe’s overspending was out of control. His father Paul was left with no alternative but to come out of retirement and take control of the law firm. In order to prevent Philippe from continuing to over-draw from the firm’s bank account, Paul changed the signing authorities and put the tax lawyer on a strict budget.

Philippe DioGuardi’s story sounds like a bad reality television program. The tax lawyer blames many of his financial problems to his estranged wife’s (who he’s been describing as a Russian mail-order bride) spending habits and his financial commitments to his 3 children from a previous marriage. All of the dirty laundry is being aired in public and financial documents submitted by the tax lawyer in the divorce action show that:

  • Between the years 2009 and 2012, the firm had annual revenues of about $6 million, and spent about $2 million a year on advertising and marketing.
  • As of 2012, Philippe DioGuardi owed the CRA more than $140,000, including $58,000 in unpaid taxes from 2011.
  • By 2013, the CRA was trying to get a response from DioGuardi, with no luck.
  • The arrears were paid off in full over time, through an arrangement the tax lawyer negotiated with the CRA.

The reality is that even a high profile tax fighting lawyer has to pay his income tax. There is no miracle cure or quick fix when you owe money to the CRA. If you’re having serious financial difficulties and owe money to the CRA, contact Ira Smith Trustee & Receiver Inc. We don’t have a $2 million advertising campaign. Our philosophy is that corporate or personal financial problems can be solved given immediate action and the right plan so that Starting Over, Starting Now you can live a debt free life.

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FINANCIAL INFIDELITY DEFINITION: HAVE YOU EXPERIENCED IT?

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Financial infidelity definition: Introduction

Financial infidelity in marriage is the biggest danger to your marriage. Contrary to popular belief, a spouse with a roving eye is not the biggest danger; it is financial infidelity. You may be surprised to learn what the financial infidelity definition is. Financial infidelity in marriage is more common than you think. According to a 2014 survey by the National Endowment for Financial Education:

  • 33% of people with joint finances have lied to their partner about money.
  • 30% concealed a purchase, bank account, statement, bill or cash from the other.
  • 10% lied about their finances, earnings and debt.
  • 35% have been financially deceived by a partner.

Financial infidelity definition: How much damage can financial infidelity cause?

How much damage does financial infidelity in marriage cause? According to the same 2014 survey by the National Endowment for Financial Education:

  • 76% of those surveyed said financial deception has adversely affected their relationships.
  • 47% admitted it caused an argument.
  • 33% reported that it had resulted in less trust in the relationship.
  • 10% said that the deception ultimately resulted in divorce.
  • 8% blamed it for a separation.

Financial infidelity definition: Money is the top predictor of divorce

The top predictor of divorce is arguing about money, regardless of the couple’s income, debt or net worth, according to a Kansas State University study. If you have financial infidelity in marriage, the secrecy has to end and you must be open and honest. Full disclosure is the only way. You need to:

  • Have an open and honest conversation about money and shake all the skeletons out of the closet.
  • Create a budget that you can both live with.
  • Set financial rules and goals.
  • Seek financial help

Financial infidelity definition: We can help get you out of trouble

Contact Ira Smith Trustee & Receiver Inc. We are professionals who serve companies and people throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. There is a way back from financial infidelity in marriage. It takes a solid financial plan and hard work. Call us today for a consultation and take the first step towards getting your marriage and finances back on track.

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TARGET CANADA SEEKS COURT APPROVAL FOR LIQUIDATION

This blog about Target Canada is courtesy of the article written by Francine Kopun, Business reporter, The Toronto Star, published in the Saturday, January 31, 2015 edition. Our Ira Smith is again quoted.

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This image courtesy of The Toronto Star, January 31, 2015

Target Corporation announced Jan. 15 that it was pulling out of Canada, less than two years after opening its first stores. Instead of turning a profit within a year as expected, the company has lost $7-billion.

Liquidation sales at Target Canada stores could begin as early as Thursday, with its properties and leases going up for sale at the same time, according to new court documents.

Target Corporation announced Jan. 15 that it was pulling out of Canada, less than two years after opening its first stores. Instead of turning a profit within a year as expected, the company has lost $7-billion.

It was the Minneapolis-based discount retailer’s first international expansion attempt. Canadian stores were run through a wholly owned, indirect subsidiary called Target Canada Co.

Target Canada is to present a motion to the court on Wednesday asking for approval to appoint a joint venture of liquidation companies to sell off the contents of its 133 stores across Canada.

If the motion is approved by the court, the sale could begin the next day.

“The Target Canada Entities believe that it is crucial to begin a sales process immediately in order to implement the orderly wind down of the business and to maximize the amounts available to their respective stakeholders,” according to the document.

Between them, the liquidation companies have conducted nearly all major retail liquidations in Canada, including Eatons, Dylex, Bombay, Zellers and currently, Mexx.

According to the court documents, notices of termination have been sent to the vast majority of 17,600 employees – almost half of whom work at Target stores and offices in Ontario. The head office in Mississauga is being operated with a reduced team focused on winding down the business in an orderly fashion.

Target Corporation has also agreed to increase the employment trust to $90-million from $70-million (Canadian), to ensure the Canadian employees receive their full severance payout.

The liquidation is to be completed no later than May 15, but sales at some stores are expected to be finished as early as the end of March, according to the documents.

The company has stipulated that no signs shall advertise the sale as a “going-out-of-business sale,” or “bankruptcy sale,” and all fixtures, furnishings and equipment must go out the back doors of the buildings, after shopping hours.

Target Canada is putting all its leases and properties up for sale at the same time, publishing national ads as soon as practicable, to solicit bids as early as March 5.

“It’s not an ‘en bloc’ sale. It will, I am sure, turn out to be multiple sales. I doubt very much that one party will want to take all the real estate, but it’s one process they’re seeking approval for,” said Ira Smith, of Ira Smith Trustee & Receiver Inc.

In addition to numerous store leases, office space leases and distribution centre facility leases, Target Canada owns three distribution centres: in Milton, Calgary and Cornwall.

The stores range in size from 88,700 square feet in Corner Brook, Nfld., to 157,500 square feet at the recently opened Toronto Stockyards location.

Don’t wait until your business loses so much money that the only option is liquidation through a receivership or bankruptcy; you need professional help long before then in the form of a trustee. Contact Ira Smith Trustee & Receiver Inc. as soon as possible after the first sign that your business may be in trouble. If your company is in serious debt, from an ill-conceived start-up or otherwise, there are many options including a review & monitoring and then a restructuring & turnaround in order to preserve the business and jobs.

We approach every file with the attitude that financial problems can be solved given immediate action and the right plan for you. Business problems are the enemy that can be conquered and Starting Over, Starting Now we can get your viable business restructured and nursed back to financial health.

 

 

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Target Canada owes more than $5-billion to creditors

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Image courtesy of The Toronto Star

This blog about Target Canada is courtesy of the article written by Francine Kopun, Business reporter, The Toronto Star, published on Thursday January 22, 2015. Our Ira Smith is quoted extensively.

From India to Milton, Target Canada owes money.

Target Canada owes money to nearly 1,800 businesses around the world, from India to Shanghai and Brampton to Winnipeg.

The list runs 44 typed pages. It includes 3greenmoms, makers of eco-friendly sandwich bags in Potomac, MD ($3,751); 20th Century Fox Home Entertainment in Toronto ($3.7-million) and the Banhat Rattan Bamboo Co-operative in Ho Chi Minh City ($1,596).

Target Canada owes $1,926 to the Retail Council of Canada and $433,248 to Roots Canada Ltd. Roots was behind the popular Beaver Canoe line of goods tailor-made for Target Canada.

Target Canada owes Revenue Quebec $6.529-million. It owes more than $12-million to the Canada Revenue Agency.

“Did I see this coming? No,” said Jennifer Carlson, founder, Baby Gourmet Foods Inc., an Edmonton-based company owed $62,701.

Carlson said her first thought, when she heard the news of Target Canada shutting down, was for the employees who would be losing their jobs, and their families.

“Target was a great partner for us and at this point, it’s going to be (about) growing with our other retail partners,” said Carlson.

Target Canada announced last week it was seeking creditor protection as it winds down operations, closing all 133 stores and putting 17,600 people out of work over the next five months.

As of Thursday, all Starbucks operating within Target Canada stores will be closed, a Target spokesman confirmed.

“Generally speaking, the team members will be re-assigned to other areas of the store,” said Target Canada’s Eric Hausman.

Unable to keep shelves stocked and customers interested in their retail offering, Target executives made the decision to leave Canada rather than spend another five years chasing profits.

It has lost about $7-billion on its Canadian operations so far.

On paper, it seems that Target Canada is in a position to pay off all creditors in full, with assets and liabilities both in the $5-billion range. But the true value of the recorded assets is always less than stated, said Ira Smith of Ira Smith Trustee & Receiver Inc.

“Everything gets recorded at original cost — what they paid for the assets. When they do the inventory sale, they will not recoup the original cost. The racking and fixtures, once they shut down, is by the pound,” said Smith.

Some assets listed by Target Canada include credit owing from vendors, but as Smith points out, once Target Canada stops paying the vendors, the vendors won’t be making good on those credits.

What Target Canada will be able to realize from the sales of leases and properties it owns will also likely be less than what they originally paid.

“Who is going to step in and pay what Target Canada did? No one,” said Smith.

Some – not all – the properties leased to Target Canada, were guaranteed by the parent corporation in Minneapolis.

Target Canada likely has its own internal estimate, but that is not something it is going to share, said Smith.

Target Canada has 30 days from the date of filing for creditor protection to present a plan that will satisfy creditors. It may also seek a 30-day extension from the courts, said Smith.

The parent company is owed at least $3.1-billion, but Smith, who has read the filings, said the amount is unsecured.

Contact Ira Smith Trustee & Receiver Inc. before your business problems lead to your business closing. The earlier you begin to deal with debt, the more options you’ll have. We approach every file with the attitude that financial problems can be solved given immediate action and the right plan. Starting Over, Starting Now you can live a debt free life.

Call a Trustee Now!