Tag: Canada

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Brandon Blog Post

LOAN SCAMS CANADA VIDEO

Haven’t you already written on the loan scams Canada topic?

Yes, we have previously advised you of various loan scams Canada in our previous blogs and vlogs:

  1. CREDIT REPAIR TORONTO: HOW TO USE IT TO NOT RUIN YOUR LIFE
  2. ARE YOU UP ON THE LATEST PHISHING SCAMS? YOU SHOULD BE!
  3. #VIDEO: CRA PHONE SCAM: IF YOU WATCH ONLY 1 VIDEO WATCH THIS ONE! #
  4. CANADA REVENUE AGENCY SCAMS: IF YOU READ ONE ARTICLE, READ THIS ONE
  5. DISASTER RELIEF SCAMS BY THE NUMBERS
  6. VAUGHAN DEBT COUNSELLING ADVISES BEWARE OF TAX SEASON SCAMS
  7. SENIOR FINANCIAL ABUSE; SENIOR CITIZEN MONEY SCAMS
  8. BEWARE OF PHISHING AND SPEAR PHISHING SCAMS

“Will these loan scams Canada continue?

For sure loan scams will continue. One main reason is that Canadians on a per capita basis are in debt at the highest level in all of Canadian history, and one of the highest in the entire world! This is a very lucrative and enticing market for the scammers to perpetrate loan scams Canada!

How can I protect myself against loan scams Canada?

There are three general themes in common with all of the loan scams. If you don’t fall for them, that is the best protection. Here is our list of the three common loan scam Canada themes and how to protect yourself:

  1. Never give money or your credit card information over the telephone or in person to someone you don’t know – even if they sound like they’re from an established organization. Request additional information to be sent to you, review it with friends or family, or simply hang up if the whole thing sounds fishy!
  1. It’s important to know that no bank, store or Canada Revenue Agency will ever ask you for your password via email or telephone, so never respond to these requests. If you receive an email that has a sense of urgency requesting personal information, first contact the purported sender to see if the email is legitimate.
  1. Reputable lenders for personal loans will never ask you to pay an up-front insurance or application fee. Also, reputable lenders will never give you a guarantee that you will receive the loan approval before you provide your information. If the person you are dealing with asks for the up-front fee, or guarantees that no one is ever declined, stop dealing with them.

What to do if you have too much debt and not enough cash

Rather than resorting to high interest rate payday loans or to lenders who charge up-front fees in return for all sorts of promises, talk to a licensed insolvency trustee. Contact us now to obtain a solution, before bankruptcy is your only alternative.

We help individuals and companies throughout the Greater Toronto Area (GTA) facing financial crisis to avoid bankruptcy or bankruptcy, if the problems have been left too long without any corrections that need a plan for Starting Over, Starting Now. The Ira Smith Team brings a cumulative 50+ years of experience dealing with diverse issues and complex files, and we deliver the highest quality of professional service. Don’t worry about debt; instead take immediate action.

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Brandon Blog Post

ARE YOU UP ON THE LATEST PHISHING SCAMS? YOU SHOULD BE!

Beware of both old and new phishing scams

We previously published three blogs and one vlog warning about various phishing scams:

The vlog on the CRA phone scam was published in December 2015. Since then, I know several people who received the CRA phone scam call and one person who actually fell for it and was defrauded.

On March 1, 2016, the Bank of Canada issued a press release on the Bank of Canada email scam, one of the newest phishing scams around. Here is a copy of the Bank of Canada press release:

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Since the CRA phone scam remains rampant and now there is a Bank of Canada email scam. we wish to again present to you, as a caution to remain vigilant, our video on the CRA phone scam and to protect yourself against the scammers.

What to do if you are a victim of one of the phishing scams and have too much debt

If you’ve been scammed by one of the phishing scams, and now are trapped with high debt that you cannot repay, you need a professional trustee to help you manage the situation before it reaches a critical stage where bankruptcy is your only option. We have been able to help many individuals carry out a successful debt settlement program. It all began with debt counseling. The first step is a realistic household budget. Successful completion of such a program, will free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life.

If you’re like many Canadians on the brink of a financial crisis, you need the help of a professional trustee today while you have options. The Ira Smith Team can help before disaster strikes. There is a way to manage debt Starting Over, Starting Now. Contact us today.

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Brandon Blog Post

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!