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Surplus Income Calculator
Estimate your required monthly bankruptcy payments under 2026 federal OSB threshold standards based on family size and net income.
Launch Calculator →Free Canadian Debt Relief Calculators & Interactive Tools
Explore 100% free, confidential, and instant financial tools updated with official 2026 Office of the Superintendent of Bankruptcy (OSB) standards.
No email address or phone number required to see your results. Calculate your exact debt relief options under the Bankruptcy and Insolvency Act (BIA) before speaking with a professional.
Highest Savings
Consumer Proposal Savings Estimator
Calculate how much of your unsecured debt could be forgiven (up to 80%) and see your single consolidated monthly payment.
Calculate Savings →Legal Alert
Wage Garnishment & CRA Protection Checker
Check provincial paycheck garnishment limits and learn how a legal Stay of Proceedings halts CRA bank freezes instantly.
Check Protection Limits →Student Loan Dischargeability Checker
Determine if your Canada Student Loans or provincial student debt qualify for complete release under the federal 7-year rule.
Check 7-Year Status →Asset & Home Equity Exemption Estimator
Find out which personal assets, vehicle equity, and primary residence home equity are legally protected in your province.
Estimate Protected Assets →Credit Score Recovery Simulator (Path to 700+)
Simulate your credit rating trajectory over 12, 24, and 36 months following a Consumer Proposal, Bankruptcy, or consolidation plan.
Simulate Rebuild Timeline →Forecast CRA Debt Penalties
Calculate how much daily compounded interest and late-filing penalties will add to your unpaid tax debt—and discover how a Consumer Proposal stops CRA enforcement instantly.
Calculate Interest on Tax Debt Arrears →Why Use an Interactive Debt Tool Before Filing in Canada?
When facing overwhelming debt from credit cards, personal loans, tax arrears, or payday lenders, understanding the exact financial parameters of Canadian insolvency laws is your strongest advantage.
In Canada, personal bankruptcy and consumer proposals are governed strictly by the federal Bankruptcy and Insolvency Act (BIA) and administered under rules set by the Office of the Superintendent of Bankruptcy (OSB). Unlike unregulated private debt settlement programs, federal debt relief options rely on statutory formulas—meaning your numbers can be accurately calculated in advance.
Understanding Your Primary Debt Options
| Feature | Consumer Proposal | Personal Bankruptcy |
|---|---|---|
| Principal Reduction | Up to 80% written off | Unsecured debt erased |
| Monthly Payments | Fixed negotiated rate | Income-based (Surplus) |
| Future Income Increases | Payment NEVER increases | Increases payment |
| Asset Protection | Retain all assets | Subject to exemptions |
| Stops CRA Garnishment | Immediate legal Stay | Immediate legal Stay |
Consumer Proposals
A legally binding agreement negotiated through a Licensed Insolvency Trustee (LIT) where you repay a fraction of what you owe over a maximum of 5 years with 0% interest.
Personal Bankruptcy
A formal legal process designed to eliminate most unsecured debts in as little as 9 months, providing a complete financial fresh start.
Frequently Asked Questions
These calculators provide estimates based on official OSB guidelines and provincial exemption statutes. Final legally binding figures must be filed and verified by a federally Licensed Insolvency Trustee (LIT) after reviewing your complete financial documentation.
No. All interactive calculators on BankruptcyCanada.com are 100% free and open to use without requiring an email address, phone number, or personal contact registration.
Yes. Both our Surplus Income Calculator and Consumer Proposal Estimator accommodate Canada Revenue Agency (CRA) tax liabilities, income tax arrears, and CERB repayment debts.