Budgeting in COVID-19 Days
We are now in week 5 of living/working in a pandemic world. The Ontario government has currently extended the Declaration of Emergency until May 12th, which means many people continue to be unable to earn their regular income. The government has provided income relief through several programs such as the Canada Emergency Response Benefit, increased Canada Child Benefit and a special GST/HST credit payment. To [...]
Bankruptcy and Tax Debt During the COVID-19 Pandemic
We are in uncertain times with the COVID-19 pandemic and the significant financial burden it is placing on many Canadian households. Our government has stepped up with benefit programs to assist with cash flow, and Canada Revenue Agency (CRA) is refraining from new collection proceedings to collect tax debt. The tax filing deadline and payment due date have also been extended. If your wages or [...]
Debt Relief Solutions in COVID-19 Environment
I am having a hard time comprehending the magnitude of the COVID-19 virus and the effect on people’s lives around the world. Businesses have voluntarily and mandatorily closed to allow people to self-distance, thousands are losing their jobs, and Lysol wipes are a hot commodity. Many creditors have refrained from enforcement proceedings at this time, but that does not relieve the stress of knowing you [...]
What happens if my circumstances change after filing a consumer proposal?
A consumer proposal is a formal filing under the Bankruptcy and Insolvency Act that offers a compromise to your creditors. The terms of the proposal can be creative, but they must offer a higher distribution to your creditors than would be available in a bankruptcy and must be completed within 5 years. A proposal enables you to retain assets, keep any increase in income or [...]
Who Knows if I File a Personal Bankruptcy?
Most debtors that attend my office for a free initial consultation to discuss filing a personal bankruptcy are embarrassed and ashamed that they cannot pay back their debt. They don’t want their family, friends or employer to find out that they filed bankruptcy. So, who does have to know that you filed bankruptcy to relieve yourself from debt? your Licensed Insolvency Trustee is obligated to [...]
New Decade Resolution (Budget)
The beginning of a new year marks the time to make resolutions for the coming year. Eat healthier, exercise more, and pay down your debt – all worthy resolutions. The beginning of a new decade may prompt you to make bigger resolutions that hopefully you stick to for more than a couple of weeks. If you struggled in 2019 with your finances and have no [...]