Leamington
Gordon Sands Unraveling Canada’s Singular Government-Administered Debt Relief Scheme Financial turbulence is a common occurrence in today’s world. The good news is that Consumer Proposals: The ONLY Canada Government Debt Relief Program offers a lifeline to those grappling with debt. This program, strictly regulated by the federal government, is a beacon of hope for many. By delving … Read more
At some point in life, individuals may find themselves unable to meet their financial obligations. This situation often leads to several questions about the legal consequences of non-payment of debts. In this article, we aim to demystify the Legal Actions Creditors Can Take If You Don’t Pay. We will explore the creditors’ rights, possible outcomes … Read more
Understanding the CRA Requirement to Pay and How to Counter It The Canadian Revenue Agency (CRA) has a potent arsenal of tools at its disposal to recover unpaid tax debts. One of the most formidable among these is a legal notice known as the Requirement to Pay or RTP. This document can significantly impact your … Read more
Bankruptcy is a legal status for individuals or businesses unable to repay their outstanding debts. However, certain obligations, such as family support orders, hold a unique position in bankruptcy law. This article will explore the treatment of family support orders under bankruptcy, shedding light on the intricacies of this topic. The Pertinence of Family Support … Read more
Debt, specifically consumer debt, has become a common phenomenon in today’s world. Despite its prevalence, a negative connotation, or what we call a “debt stigma,” often associates with it. This article aims at debunking the debt stigma by providing an in-depth analysis of its causes and consequences, and presenting viable solutions to manage it effectively. … Read more
The millennial age group, contrary to popular belief, isn’t buried under debt due to their love for avocado toasts and oat milk lattes. This tech-savvy generation faces unique challenges leading to substantial debt levels, which have nothing to do with their dietary choices. From student loans and high-interest credit card debt to personal loans and … Read more
In today’s ever-evolving financial landscape, the interconnection between Canada Mortgage and Housing Corporation (CMHC) and tax refunds plays a significant role. This article delves into this complex realm, providing a comprehensive exploration of this subject matter. 1. Introduction to CMHC The Canada Mortgage and Housing Corporation, often shortened to CMHC, is a crucial player in … Read more
Why Should Homeowners Mull Over Submitting a Consumer Proposal? Homeownership comes with its own set of challenges, especially when you’re grappling with debt. In such a predicament, filing a consumer proposal could emerge as a viable solution. This article delves into the reasons why considering a consumer proposal could be a good move for homeowners. … Read more
Understanding Why Individuals Delay Bankruptcy Proceedings Life can be a financial rollercoaster, fraught with unexpected obstacles and complexities. The result? A mountain of debt that seems insurmountable. Yet, the solution to this problem—filing for bankruptcy—often gets delayed. The question is, why do people prolong filing for bankruptcy? Let’s delve into this complex issue. The Stigma … Read more
Understanding Pre-Bankruptcy Income Tax Filings As you navigate the process of filing for bankruptcy, a term you might encounter is pre-bankruptcy income tax. This might raise the question, why does a trustee file pre-bankruptcy income tax? This article aims to provide an in-depth understanding of the concept and its importance in the bankruptcy process. Understanding … Read more
Understanding the Necessity of Spousal Income Disclosure in a Surplus Income Form The monetary journey of a married couple is often intertwined, and this extends to areas such as debt management and bankruptcy. This article specifically aims to shed light on the reasons why a surplus income form requires your spouse’s income. The Fundamentals of … Read more
Consumer proposals have become a popular alternative to bankruptcy for individuals struggling with debt. This approach provides a middle ground between total insolvency and paying off debts in full. One key aspect of the consumer proposal process is the potential requirement for a meeting of creditors. The question often arises, when is a meeting of … Read more
When one deals with personal bankruptcy, the rules and processes related to tax returns can often be complex and confusing. Let’s dive into the specifics of how personal bankruptcy affects tax returns. The Two Tax Returns of Bankruptcy In the event of filing for personal bankruptcy, two separate income tax returns are required. Pre-Bankruptcy … Read more
Navigating the Consequence of Missed Consumer Proposal Payments Falling behind on consumer proposal payments can be a stressful situation. It’s important to understand your options and potential strategies to handle this scenario. Consumer Proposal: An Overview A consumer proposal is a legally binding agreement orchestrated by a Licensed Insolvency Trustee between you and your creditors … Read more
The Benefits of Filing a Consumer Proposal with Excess Earnings In the financial world, being in a position of surplus income might seem contradictory to considering a consumer proposal. However, when debt becomes overwhelming, these two circumstances can indeed intersect. The question then becomes: Is it a good idea to consider filing a consumer proposal … Read more
The path to financial recovery after filing personal bankruptcy can be a labyrinth of procedures and regulations. One such complexity is the process of e-filing tax returns post-bankruptcy. This article aims to elucidate this procedure and equip readers with the knowledge they need to navigate this phase of their financial journey. The Context: Bankruptcy and … Read more
Understanding Trustee Referrals: Is there a fee? In the world of finance, one question that often arises is, “Do I have to pay for a referral to a trustee?“. This question stems from the need to understand the intricacies involving financial consultants, trustees in bankruptcy, and the costs associated with their services. In this in-depth … Read more
In the current economic climate, financial planning is more critical than ever. Specifically, understanding how consumer proposals and various investment vehicles like Tax-Free Saving Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) interact is essential. This guide will dive deep into these topics and provide a thorough analysis to aid your financial decisions. Consumer Proposals, … Read more
Navigating Consumer Proposals and Student Loans In the face of mounting student loans, many individuals may find themselves considering Consumer Proposals as a viable solution. This article aims to provide a comprehensive guide on how to navigate the intricacies of Consumer Proposals and their intersection with Student Loans. Understanding Consumer Proposals Consumer Proposals are debt … Read more
What Happens If I Don’t Complete My Duties as a Bankrupt Bankruptcy is a legal process designed to provide financial relief to individuals or businesses that are unable to pay their debts. However, declaring bankruptcy comes with several responsibilities. What happens if you can’t fulfill your duty as a bankrupt? Let’s delve into this topic … Read more
