More Than Half of Ontarians Concerned About Impact of Rising Interest Rates

Rising Interest Rates Stir Anxiety Among Over Half of Ontario’s Population The nation is anxiously awaiting the Bank of Canada’s upcoming interest rate announcement slated for March 2, 2022. The already strained budget of many households in Ontario, further stretched by the inflated living expenses amidst the COVID-19 pandemic, is expected to face a possibly … Read more

Number of British Columbians Who are $200 Away from Being Unable to Pay Their Bills Spikes

The financial landscape in British Columbia is experiencing a significant shift as a growing number of residents are finding themselves on the brink of financial instability. According to the recent MNP Consumer Debt Index, more than half of British Columbians are now $200 or less away from being unable to fulfill their financial responsibilities at … Read more

Rapid Payday and Installment Loans & Insolvency

How Insolvent Borrowers Use Payday Loans Financial crises often send consumers spiraling into a dangerous cycle of high-cost debt. This article highlights the growing trend towards Rapid Payday and Installment Loans & Insolvency, exploring the factors contributing to this troubling shift, the impact on borrowers, and potential solutions to mitigate the risks. The Rising Tide … Read more

The ODSP & Insolvency: How to Know if You Should File For Bankruptcy

Being ensnared by debts can create a realm of uncertainty, especially when the only income source is a program like the Ontario Disability Support Program (ODSP). Although your situation might seem dire, declaring bankruptcy isn’t your only pathway. Let’s delve into why that is the case. Understanding Unpaid Debts To comprehend the effects of unpaid … Read more

About the Wage Earner Protection Program (WEPP)

The Wage Earner Protection Program (WEPP) is a crucial initiative in place to safeguard the rights of workers. If your employer is facing bankruptcy, receivership, or any other WEPP qualifying insolvency proceeding, you may be entitled to a payout under this scheme. Eligibility for the WEPP To qualify for the WEPP, certain conditions must be … Read more

Canada Mortgage and Housing Corporation (CMHC) and Tax Refunds

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

What To Do When An Estate Is Insolvent?

Understanding Insolvent Estates: A Comprehensive Guide When it comes to settling the financial affairs of a departed loved one, things often get complicated. One of the situations you might come across is handling an insolvent estate. But what does it mean when an estate is insolvent, and what are the steps you should take? Let’s … Read more

What Recourse Do Your Creditors Have?

Understanding the Recourse of Your Creditors In the financial ecosystem, debtors and creditors coexist. However, situations may arise when individuals or businesses fail to meet their financial obligations, leading to debt. The parties to whom you owe money, also known as creditors, have various strategies at their disposal to recover the outstanding amount. It’s crucial … Read more

What Is the Consumer Protection Act?

Understanding the Canadian Consumer Protection Act When dealing with the market, Canadian consumers have a myriad of rights and protections. These defenses, put in place to shield consumers from deceptive business practices and misleading advertising, are housed under various consumer protection laws. These laws exist both at the federal and provincial levels. A Look at … Read more

What is a Debt Management Program and is it Better Than Bankruptcy?

Understanding Debt Management Programs and Their Comparison with Bankruptcy In recent times, numerous individuals have been confronted with escalating financial challenges, some of which have been exacerbated by the ongoing pandemic. Loss of income and mounting debts are leading to an increase in stress levels, pushing people to consider financial recourse they never thought they’d … Read more

Understanding the Wage Earner Protection Program (WEPP)

The Wage Earner Protection Program (WEPP) is an initiative established by the Federal Government with the purpose of safeguarding the rights of employees during instances of bankruptcy or receivership of their employers. This article aims to provide an in-depth understanding of the WEPP, its benefits, and the process involved. 1.Introduction to the Wage Earner Protection … Read more

Stop a Wage Garnishment in Canada Without Hiring a Lawyer

Understanding and Halting a Wage Garnishment in Canada Without Engaging Legal Counsel Wage garnishment in Canada is a common debt recovery strategy employed by creditors, and notably, the Canada Revenue Agency (CRA). This method, which involves the direct deduction of money from an employee’s earnings, can be a daunting experience for the debtor. However, it’s … Read more

Requirements for Insolvency Counselling in Canada

Understanding the Requirements for Insolvency Counselling in Canada The Government of Canada has implemented new regulations concerning the compulsory insolvency counselling sessions that are a part of every insolvency proceeding. These sessions are vital in providing debtors with the necessary tools for future financial management. This article aims to decode the intricacies of these new … Read more

Insolvency Counselling Program

Understanding the Insolvency Counselling Program The Insolvency Counselling Program is a crucial aspect of the Bankruptcy and Insolvency Act that comes into play when an individual files a consumer proposal or personal bankruptcy. It involves a series of counselling sessions administered by a qualified insolvency counsellor, focusing on specific topics with defined timeframes. Key Aspects … Read more

Insolvent Succession

In the wake of a loved one’s passing, the prospect of dealing with their estate can be daunting, particularly if their debts surpass their assets—a situation known as insolvent succession. This guide seeks to demystify the process, providing key insights and advice for those facing such circumstances. Understanding Insolvent Succession What is Insolvent Succession? In … Read more

How to Repay Back Taxes

Mastering Your Finances: A Comprehensive Guide on How to Repay Back Taxes and Stabilize Your Financial Standing Dealing with financial troubles is never a pleasant task. It becomes even more daunting when you find yourself owing back taxes. But there’s no need to panic! This guide will provide helpful insights on how to repay back … Read more