Financial troubles don’t end at borders—or even oceans. If you’re a Canadian citizen no longer living in the country, and you still have debts in Canada that you are unable to pay, you may be wondering whether or not you can file for bankruptcy. The answe...

Falling into debt is more common than you’d think. According to the CBC, the average Canadian owes $22,000 in non-mortgage debt. What’s more, Canadians, on average, owe $1.67 for every dollar of income. The reason for this is fairly simple: while the aver...

Question:  It’s spring across Canada which also means it’s tax season.  A deep “sigh” may be your initial response.  You may be in the process of filing your tax returns or you may have already filed and received your 2016 tax assessment and refund.  You ...

Arguably, April is not the happiest time of the year.  Plenty of grey rainy days combined with the fact that the deadline for filing our 2016 tax returns is looming large.   Some may still owe personal income tax from prior years or perhaps haven’t filed ...

A survey conducted by a major bank concluded that almost 40% of Canadians admit they’ve cashed in part of their Registered Retirement Savings Plan (RRSP) well before retirement.  Many feel they don’t have a choice.  Most aren’t using their RRSPs to take t...

Like many people, you’ve been doing research on the Internet or perhaps asking family and friends for advice.  You’ve decided that a consumer proposal might be the best way to deal with your debt stress and get you back on your feet financially. Good for ...

“I know I can file a bankruptcy with a Licensed Insolvency Trustee (“LIT”) but I don’t like that option.  I’ve heard about a sort of consolidation an LIT can also help me file called a consumer proposal.  What is that exactly?” If you are having some fina...

One of the most difficult things we have to do in life is ask for help.  Offering help comes to most of us naturally but asking for help, not so much.  Many are willing and some able to tough it out and get through rough patches in life.  Figure things ou...

The time for making resolutions for 2017 has come and gone.  Many have signed up for gym memberships, made commitments to eat healthier and get various aspects of their lives in order.  We often forget or avoid dealing with financial goals because money i...

It’s been well documented that more than 100,000 public servants were either over paid, under paid or not paid at all since the federal government decided to migrate to a new payroll system last winter.  While some of the problems have been worked out, th...

Time seems to fly at this time of year.  One minute we are raking leaves, taking fall hikes, and enjoying the warm sun on our face and the next we are putting snow tires on the car, breaking out the toques, boots and warm sweaters and shoveling snow.  The...

Before we enter pre-school, most of us were taught how to count to 10 using our fingers.  This basic arithmetic is the basis for more difficult and complex mathematics down the road.  With these skills, we can make sure we receive the correct change at th...

The Federal government announced new mortgage rules in October for buyers making a down payment of less than 20% of the property purchase price.  These are known as “high-ratio” mortgages.  Simply put, these mortgages are riskier for both the lender and b...

Embarrassment.  That is the most common emotion that keeps someone carrying too much debt from asking for help.  Granted,we can’t repress how we feel but at what cost? It’s not always blatantly obvious that we are carrying too much debt.  Many survive by ...

Transunion reported earlier this month that that 26 million Canadians have some form of debt.  That’s more than 70% of the entire population (including all children who can’t even contract debt!).  Transunion also estimates that bankruptcies would more th...

I have been carrying credit card debt for some time now.  For the most part, I make the minimum payments on time every month and pay more if I can afford to.  The problem is that interest eats up most of my payments and the balance keeps going up.  Should...

In past columns, we’ve discussed several cases where consumer proposals are a practical way to offer a fair settlement to creditors.  If you are a business owner, you may be wondering what will happen to your business if you decide to file a consumer prop...

The 2016 Summer Olympics just ended.  The overwhelming theme heard during Olympic athlete interviews s is that they could not have reached this level of competition without the support of family, friends and world class coaching.  The support is even more...

Everyone needs a car.  That’s what the car manufacturers and dealers would like us to believe.  Truth is, there are more people getting along just fine without one.  However, many rely on their own vehicle to get to work, run errands or travel to visit fa...

Debt reduction: a recent survey conducted by a major Canadian bank found that to be the #1 priority for the vast majority of individuals.   We often read reports in newspapers, magazines and online that the average Canadian is carrying too much debt in re...

You are not alone.  Canadian seniors are currently the fastest growing segment of individuals filing formal proposals and bankruptcies in Canada.  The “golden years” are supposed to be about spending more time with family and friends and enjoying life, no...

There are few things that cannot be purchased with credit.  Whether it’s your morning coffee, a new pair of jeans, a night out with friends or a vacation, cash or a debit card is no longer required to fund lifestyle choices.  From the moment someone turns...

Buyer Beware.  That advice has existed since the Middle Ages, a time when snake oil salesmen would travel from village to village with their carts, selling the virtues of the “miracle cure for numerous ailments, from scurvy to blindness”.  The more charmi...

As far as economic news goes, many will agree that it’s a good thing that the number of personal bankruptcies in Canada has declined more than 19% since 2011.  The Office of the Superintendent of Bankruptcy, the arm of Industry Canada that regulates insol...

Overheard in a recent conversation:  “I’m so glad we learned about parallelograms in high school and nothing about income tax.  That’s really coming in handy during this parallelogram season”.  It’s spring which means it’s also tax season.  You may be in ...