The Canadian government often offers businesses grants and loans in order to help them succeed. In times of economic hardship, getting a governmental grant might seem like the perfect solution for Canadian entrepreneurs who are struggling with debt. But can you use government grants to pay off debt? Read on to find out. Government Grants […]
Francisco Remolino
Should You Use Your RRSP To Pay Off Your Debt?
Table of Contents When facing debt, many Canadians think that cashing out their investments to pay out their debt is a good idea. Unfortunately, the truth is that cashing out the funds in your RRSP to cover your debts is not ideal. Here’s why: If you use your Registered Retirement Savings Plan (RRSP) funds to […]
How To Remove A Writ Of Execution In Ontario
Homeowners who file bankruptcy or a customer proposal can get their unsecured debts eliminated when they are discharged from bankruptcy or their proposal is completed. However, this process can get complicated if a creditor has a writ registered with the Sheriff’s office. What Is a Writ? Writs are official court documents granting authority to put […]
How To Stop CRA Wage Garnishment (2023)
Table of Contents The Canada Revenue Agency (CRA) uses wage garnishment as a tool to recover tax debt from taxpayers who do not pay or make arrangements to pay their outstanding taxes. A CRA garnishment means that the debtor’s employer will be required to send part of the debtor’s salary directly to the CRA. When […]
CRA Can Freeze Your Bank Accounts – Here’s How To Avoid It
Table of Contents It happens out of the blue. One day you’re trying to pay your groceries and your card keeps getting declined. You call your bank and the teller’s answer makes your knees buckle. Turns out the Canada Revenue Agency (CRA) has frozen your account and you can no longer access the funds stored […]
Bankruptcy Surplus Income Payments In Canada – A Complete Guide
Table of Contents You might have heard that you’re required to pay “surplus income” during your bankruptcy. But what does that entail? In this guide, you’re going to learn what bankruptcy surplus income payments are, how they’re determined, and more. What Is Surplus Income? Surplus income payments ensure that individuals who declare bankruptcy and have sufficient income […]
Can A Debt Collection Agency Sue You In Canada?
If you’re struggling with debt, you might have received calls from collection agencies threatening to sue you if you don’t pay your debt quickly. You may be wondering: “Can a collection agency sue you in Canada?” The answer is yes, but the process is not as simple as collection agencies make it seem. Collection agencies […]
Student Loan Forgiveness – The Ultimate Debt Relief Guide
Table of Contents Only 34% of bachelor graduates and 36% of college and doctorate graduates manage to pay off their student debt within three years after their graduation. The average post-secondary student struggles for more than 10 years to repay their student debt. And unfortunately, one in six cases of insolvency in Canada involves someone […]
Top Bankruptcy Law Rules In The Bankruptcy And Insolvency Act
Table of Contents Nobody wants to declare personal bankruptcy, but sometimes bankruptcy is the best solution for your debt problems. In Canada, personal bankruptcy is a legal process governed by federal law. The law allows honest but unfortunate debtors to get out of debt while treating their creditors fairly. The legal process also features a […]
Top 6 COVID-19 Budgeting Tips to Save Money During the Pandemic
With retail stores, restaurants, movie theaters, and other nonessential businesses closed due to the COVID-19 pandemic, a growing percentage of Canadians are out of work. More than two million Canadians, which is the equivalent of one in ten workers, have applied for jobless claims since the start of the coronavirus pandemic. If you’re missing paychecks […]
How a Consumer Proposal Impacts Your Home or Mortgage
If you are having financial difficulties, filing for a consumer proposal can be a smart way to protect yourself from creditors and negotiate to pay a portion of your debts. But it’s fair to wonder how a consumer proposal affects your home or qualifying for a mortgage. The good news is that a consumer proposal […]