Table of Contents When you first borrowed money from the Government of Canada for your education, you probably didn’t anticipate at that stage that you would not be in the position to repay this loan. This loan allowed you to secure an education and the opportunity to anticipate future employment in association with your choice […]
Francisco Remolino
Owe Taxes to the CRA That You Can’t Pay? Here Are All Your Options (2022)
Table of Contents If you owe tax debt to the (Canada Revenue Agency) CRA and cannot pay, your first instinct might be to skip filing your taxes and ignore the CRA completely, hoping that you will get lucky and the Agency won’t notice. Unfortunately, this is not a good course of action. The CRA is […]
Licensed Insolvency Trustee vs Debt Consultant: What’s the Difference?
Table of Contents What is the difference between a Bankruptcy Trustee or a Licensed Insolvency Trustee (LIT) and a Debt Consultant? If you’re struggling with debt, you might be wondering which of these professionals could help you identify the right debt management solutions for your needs. Read on to find out more about the differences between […]
What Happens If I don’t File My Taxes Canada
Table of Contents All Canadians have to file their tax returns every year. And unless the Canada Revenue Agency (CRA) announces an extension like it did in 2020, individual taxpayers must pay their taxes by April 30, 2022 for the 2021 income year. Filing your taxes late and not filing your taxes at all can […]
How-To: File Bankruptcy Online In Canada (A Guide For All Regions)
Table of Contents Until recently, it was impossible to file for bankruptcy online in Canada. Everyone who wanted to declare bankruptcy was required to meet in person with a Licensed Insolvency Trustee (LIT). However, the Office of the Superintendent of Bankruptcy (OSB) updated its guidelines regarding the bankruptcy process in order to accommodate the social […]
How Long Does Bad Credit Stay on Your Credit Report in Canada
Table of Contents It’s no secret that debt affects your credit score. Your credit score is closely related to your credit report because the report includes all your missed or late payments. And if you ever struggled with debt, you might be wondering: “how long does bad credit stay on your credit report in Canada?”. […]
Insolvency Explained – Everything You Need to Know About Insolvency
Table of Contents Even though most people use the terms “insolvency” and “bankruptcy” interchangeably, the truth is that they have different meanings. Insolvency is a financial situation when a person cannot meet their financial obligations on time. This usually happens when a person’s debts are greater than the value of their assets. Simply put, a […]
Bankruptcy Alternatives in Canada – A Guide to All of Your Options
Table of Contents One of the common misconceptions debtors have is that declaring bankruptcy is the only way to get a new financial start. However, even though bankruptcy is a safe, regulated process that can help Canadian debtors, there are several bankruptcy alternatives to choose from. If you’re struggling to repay your loans or to […]
What is Receivership
Table of Contents You may have heard that people who file for bankruptcy “go into receivership”. However, receivership is not a synonym for bankruptcy. Both processes are defined in Canada’s Bankruptcy and Insolvency Act (BIA), and they mean different things. But what is receivership? Read on to find out. What Receivership Means To understand what […]
Credit Repair: How to Repair Credit in Canada [2021]
Table of Contents Ending up with bad credit in Canada can be surprisingly easy. A single missed payment that’s overdue for more than 30 days can lower your credit score. Miss several payments and your credit score plummets. Having a low credit score can have significant effects on your life because it can mean paying […]
What to Do If You Face a CERB Audit?
Table of Contents Many Canadian households that lost wages due to the coronavirus pandemic have received money from the government as part of the Canadian Emergency Response Benefit (CERB). But an inquiry filed in the House of Commons revealed that more than 800,000 people who weren’t eligible for CERB received $2,000 monthly cheques, costing taxpayers […]
Is CERB Tax Free? Your Guide To CERB Taxes
The federal government used the Canadian Emergency Response Benefit (CERB) to help the households that lost wages as a result of the COVID-19 pandemic. The program initially enabled those who stopped working because of COVID-19 to receive a sum of $2,000 over a four-week period. As the pandemic got worse and more people were affected […]