Leamington
Gordon Sands Understanding Retirement Debt in Canada Retirement should be a period of relaxation and enjoyment after years of hard work. However, many Canadians find themselves asking, “Are You Retiring With Debt in Canada?” The reality is that a considerable number of Canadians enter their golden years saddled with financial obligations. Statistics Canada reveals that one in … Read more
Understanding Your Financial Boundaries: Living Within Your Means In a world where economic fluctuations, rising costs of goods, and an increasingly consumer-driven culture are the norms, it is critical to ask ourselves, Are you living within your means? This question not only probes our financial habits but also challenges us to evaluate our lifestyle choices … Read more
Taking the Bull by the Horns: It’s Time To Deal With Your Debt Load Every new year, we find ourselves making resolutions to better manage our finances. Yet, as the seasons change, our financial struggles seem to remain constant. The 2018 Affordability Index Report revealed that a staggering three-quarters of Canadians are in personal debt. … Read more
Unraveling the Complexities of Bad Credit Debt Loans Dealing with a considerable amount of debt is a situation many people find themselves in. It becomes even more challenging when bad credit comes into play. The need for a strategic approach to manage these debts effectively becomes crucial. One such strategy is obtaining a bad credit … Read more
Escaping the Pitfall of Debt Consultation Services The financial landscape of Canada has seen a significant surge in the number of debt consultancy services. These entities purport to assist consumers in diminishing their debt, halting interest accumulation, and putting an end to collection calls. While these offerings sound appealing, they can often be misleading, or … Read more
Despite our best intentions, we’ve all been there. We find ourselves purchasing items, not because we necessarily need them, but because we’ve convinced ourselves with the “it’s just” argument. However, as inflation rates hit record levels in 2022, over half of Canadians have turned to budgeting to combat price rises, achieve their monetary aspirations, and … Read more
The question of How to Decide if Downsizing Your Home When You’re in Debt Is Worth It is one that has become increasingly pertinent in these financially challenging times. With the COVID-19 pandemic triggering an unprecedented economic downturn, many individuals are considering downsizing to alleviate their financial burdens. However, it’s crucial to understand that this … Read more
Married life brings with it a host of shared experiences and responsibilities. But one question that often arises pertains to the financial aspect – specifically, “Am I Liable for my Spouse’s Business Debt?”. This question introduces a complex landscape of personal and business financial laws and practices. In this article, we delve into the nitty-gritty … Read more
Understanding Bondability Post-Bankruptcy: A Comprehensive Guide An individual’s past financial mishaps, particularly bankruptcy, often raise questions about their trustworthiness and reliability, especially in job scenarios where financial integrity is paramount. The question that often arises is, “Am I Bondable If I’ve Gone Through Bankruptcy?” This article elucidates the correlation between bankruptcy and bondability, providing a … Read more
Understanding Switching Between Bankruptcy and a Consumer Proposal Before delving into the topic of “Can You Switch Between Bankruptcy and Consumer Proposal?”, it’s critical to grasp the basic concepts of both bankruptcy and consumer proposal. Bankruptcy and consumer proposal are two insolvency alternatives in Canada governed by the Bankruptcy & Insolvency Act. These options provide … Read more
The Intricacies of Credit Card Debt When it comes to credit card debt, it’s crucial to understand the primary distinctions between secured and unsecured debt. So, the looming question remains: Are Credit Cards Secured Debt? The answer to this question isn’t as straightforward as you might think. While credit cards are typically categorized as unsecured … Read more
Common Law Spouse & Debts: Who is Responsible For What Debts? Navigating through the financial intricacies of a relationship, especially in a common-law arrangement, can be a tricky road to tread. One of the most pressing questions that often come up is, “Am I Responsible For My Common Law Spouses Debts?” Let’s unravel this complex … Read more
Understanding Business Debt Responsibility: Am I Accountable? A pressing question often asked by business owners is, “Am I Responsible For the Debt of My Business?” The answer to this question, however, is not straightforward and varies depending on the structure of your business, the type of debts incurred, and your role in the company. Types … Read more
Bankruptcy: Will It Cover CERB Repayments? The uncertainty brought by the global pandemic led to the introduction of the Canada Emergency Response Benefit (CERB), providing financial relief to many Canadians. However, several individuals are now facing the daunting task of repaying these benefits, leading to the crucial question, Are CERB Repayments Included in Bankruptcy? The … Read more
A Deep Dive Into Canadian Spending Habits: An Eye-Opening Study An in-depth look at Canadian spending habits. A groundbreaking investigation from the Certified General Accountants Association of Canada (CGA) reveals that Canadians rank among the most extravagant spenders globally, a fact that has shocked many. Is the perception of Canada’s fiscal prudence a mere facade? … Read more
Bankruptcy Payments and Tax Deductions Introduction The question, “Are bankruptcy fees tax deductible in Canada?” is a common query often posed to us. This article aims to elucidate the tax implications of bankruptcy fees in the context of various Canadian insolvency proceedings. It’s essential to note that we are Licensed Insolvency Trustees, not income tax … Read more
Transparency in Financial Matters: Who Can Find My Bankruptcy in Public Records? Financial adversities may lead individuals to the brink of bankruptcy, a situation that many deem as a personal and economic failing. However, the reality reveals a different picture. Bankruptcy, in fact, can provide an escape route from the burden of overwhelming debt, offering … Read more
The Unspoken Truth: Bankruptcy Knows No Bounds We’ve all heard the aphorism, “Keeping up with the Joneses.” It encapsulates the desire to match the material possessions and status of our neighbors. But, often hidden beneath the surface of these opulent lifestyles is a harsh reality – debt. The truth is, anyone can go bankrupt. “A … Read more
Navigating Your Debt: How A Consumer Proposal Can Set You on the Path to Financial Freedom In the hustle and bustle of today’s world, managing your finances can be a daunting task. When debts start to pile up, it can feel like you’re sinking in quicksand. But there’s a life vest available to you – … Read more
Understanding How Bankruptcy Impacts Mortgage Foreclosure The world of personal finance can be a labyrinth of complex terms and processes. In this comprehensive guide, we will navigate the uncharted waters of bankruptcy and mortgage foreclosure, two terms that often stir anxiety among homeowners. We’ll dissect the differences between these legal proceedings, discuss how they can … Read more
