15 Feb Consumer Proposal vs Bankruptcy – Which Is Best?

Posted at 11:56h in Blog by Derek L. Chase, CPA, CA, LIT

When someone contacts us to find a solution to their debt problems we are required to gain an understanding of their financial situation. We refer to this free and confidential meeting as providing a financial assessment. During the meeting, we go over a variety of options that might provide debt...

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18 Jan Financial Counselling is Available

Posted at 15:40h in Blog by Shirley Tomyn

Many people struggle managing their monthly budget and could benefit from receiving financial counselling. Or in other words, a money coach. Financial counselling, sometimes called credit counselling, is available at our office. There is no doubt that everyone’s life has been impacted by a coach at one point or another. That...

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15 Jan CERB Repayment Letter – What Happens Next?

Posted at 21:24h in Blog by Len Hiquebran, CPA, CA, LIT

The Canada Emergency Response Benefit (CERB) was designed to help those that lost their jobs or had their household income reduced due to the Covid-19 Pandemic. When it was first introduced the government's intent was to provide financial relief to those that needed it as quickly as possible. As such...

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13 Jan Wage Earner Protection Program: Help for Employees During Bankruptcy

Posted at 19:44h in Blog by Stephen Boale, LIT

What a stressful event. After you get over the shock, frustration, and sadness, you need a plan. We are currently facing uncertain times but one never knows the financial stability of our employer. It's a very difficult experience and time to go through for all those involved, however, it is important...

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29 Dec Tax Debt Help – What You Need to Know

Posted at 08:43h in Blog by Derek L. Chase, CPA, CA, LIT

When you owe an income tax debt to Canada Revenue Agency (CRA), affectionately known as Her Majesty the Queen, there are some important things that you need to know. It is one thing to owe money to a bank, credit card, or payday loan place however, it is quite different...

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21 Dec What Happens to My House If I Declare Bankruptcy?

Posted at 01:40h in Blog by Derek L. Chase, CPA, CA, LIT

If you are having money troubles and find it difficult to pay your credit card debts, line of credit, car loans, AND mortgage you are not alone. Homeownership is expensive. Before you know it, the credit cards have been maxed out due to a renovation project or because of general...

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04 Dec Will Anyone Know If I Declare Bankruptcy?

Posted at 22:07h in Blog by Derek L. Chase, CPA, CA, LIT

In our role as Licensed Insolvency Trustees, we meet with lots of people. More than you might think. On several occasions, a comment has been made about how difficult it was to reach out to us. The reason? “I did not want anyone to know.” This is a very natural feeling. It...

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24 Nov How Much Does It Cost to Declare Bankruptcy?

Posted at 07:23h in Blog by Derek L. Chase, CPA, CA, LIT

You might be surprised to learn that there is a cost to file for bankruptcy. This may seem illogical because if you had money you would likely just pay your debts. The good news is this cost is regulated by the Federal Government and all fees are checked by the...

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16 Nov Understanding Receivership vs Bankruptcy

Posted at 08:27h in Blog by Stephen Boale, LIT

Given the recent downturn in the global economy and the numerous new risks faced by businesses, many are struggling. You may have read in the newspaper or seen on the news references to a company being in bankruptcy or receivership and been wondering is there a difference? The quick answer is...

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10 Nov The Pitfalls of Lending Money to Family

Posted at 20:28h in Blog by Derek L. Chase, CPA, CA, LIT

With insolvency proceedings rapidly rising across the country and thousands of Canadians still out of work, we are facing challenging economic times. During times like these many individuals begin to look at those closest to them for financial assistance. Often friends and family are approached for loans to help, however,...

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