Mounting Debt Pressure While Insolvency Rates Stable

An increase in bankruptcies and insolvencies is predicted within the next year: Canadian Association of Insolvency and Restructuring Professionals TORONTO – (November 16, 2018) – Low interest rates and access to credit have allowed some borrowers to keep up with debt repayments that otherwise would have been unmanageable. However, rising interest rates, coupled with near record high consumer debt …
Read "Mounting Debt Pressure While Insolvency Rates Stable"

Surplus Income Limits Directive For 2018

Pen on Folio
The Office of the Superintendent of Bankruptcy has just issued their 2018 surplus income directive, setting the surplus income limits for 2018. The full text can be found at OSB Directive 11R2-2018 which includes the new 2018 surplus income limits. The surplus income directive comes into force on March 19, 2018 and applies its surplus income limits to all calculations of surplus income made by a …
Read "Surplus Income Limits Directive For 2018"

Instant Tax Refund Comes at a Price

Calculator
Get your tax refund instantly The TV and radio advertisements are clear: “get your refund instantly” and to “never wait for your tax refund”. It’s easy too- your tax refund is loaded onto a prepaid credit card or you can opt to receive your refund by cheque. The tax preparers aren’t secretive about their fees, particularly as the maximum is set out by Canada …
Read "Instant Tax Refund Comes at a Price"

Rebuilding Credit After a Proposal or Bankruptcy

Piggy Bank with Bandage
One of the most common concerns from the many individuals who trust us with their financial difficulties is rebuilding credit and re-establishing credit. It’s not that these individuals want to run up credit after declaring bankruptcy or filing a consumer proposal, but they have a real concern over how their decision to tackle their debt will impact their next car purchase, renting their next …
Read "Rebuilding Credit After a Proposal or Bankruptcy"

Retirement savings with RRSPs and TFSAs?

Couple Reviewing Documents
The Canadian government wants you to retire with financial security There are 4 pillars which the Canadian government is using to help make sure you have enough for retirement: Workplace savings plans (such as company pension plans) The welfare system (old age security and the guarenteed income supplement) Canada Pension Plan (CPP) and the upcoming Ontario Pension Plan (ORPP) (both compulsory …
Read "Retirement savings with RRSPs and TFSAs?"