Financial recovery requires the right tools
Worried about debt in retirement? Learn if creditors like the CRA can garnish your CPP or OAS. A consumer proposal can stop collections & protect your pension income.
Home / Blog / Debtby Janet Doyle If you’re a senior in debt, you’re not alone. According to a survey, the average Canadian senior carried $29,973 in debt and 30% of Canadians aged 55-70 were still working because they needed to. The Financial Planning Standards Council Foundation found that while
Home / Blog / Debt by Janet Doyle More Canadians are withdrawing from their RRSP’s to pay down their debts, but could they be saving more money? 40% of respondents polled by the Bank of Montreal (BMO) said they have made a withdrawal from their RRSP; the average withdrawal in
Home / Blog / RRSP, Debt 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 trips, buy
Home / Blog / Debt, Financial 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, not working because you have debt to
The Ontario Pensions Act protects registered pension plans from regular creditors. That means if you owe money to a credit card company, payday lender, or other unsecured creditor, they cannot garnishee your pension directly.
Table of Contents Retirement, Debt, and Your Pension: An Overview Retirement in Ontario should be a time of peace, not financial stress. However, for many seniors on a fixed income, looming unsecured debt can create constant anxiety. A common, urgent question we hear is: “Can my cr editors take my
Home / Blog / RRSP, RESP, Pension Plan If you’re in financial trouble and considering either a consumer proposal or bankruptcy, you may be wondering what will happen to your RRSPs/RRIFs, your pension, and/or your RESPs. When it comes to insolvency law in Canada, each of these investments is treated
