negotiating with Canada Revenue Agency CRA

Negotiating with CRA: Is Tax Debt Settlement Possible?

Negotiating with the Canada Revenue Agency (CRA) for a tax debt settlement can be a challenge, especially if you’ve been using an illegible tax shelter to try to reduce your tax burden. For a tax shelter to be recognized, it will need a tax shelter ID number from CRA, which the shelter’s promoter will give […]

not paying my credit card debt

What Happens if I Don’t Pay My Credit Card Debt?

We’re entering the time of year in Canada when people tend to complain about having the “winter blues”. The sky is grey, the air is cold, and many are still struggling with holiday credit card debt. According to a 2017 report, Canadians carried an average credit card debt of $3,904. On its own, the number […]

What Happens in a Bankruptcy Discharge Hearing?

According to an Equifax Canada report from June 2017, Canadians carry $22,125 on average in non-mortgage debt. Especially in times of high interest rates and an increased cost of living, that number could very well rise until it becomes nearly insurmountable for the average Canadian. Licensed insolvency trustees offer several solutions that help individuals and […]

handling debt with positive equity

Handling Debt When You Have Positive Equity

Debt is a part of life, even when you’re in a positive equity situation. For example, when you buy a home, your mortgage lender will often offer you a secured line of credit. This way, you can borrow to make upgrades and increase its worth above the value of the loan. This kind of good […]

financial health check

5 Financial Health Tips for Better Financial Health

At a time of year when giving is tradition and spending is rife, I thought I’d share 5 financial health tips you can follow right now to help you control and improve your financial picture. 1) Revisit Your Household Budget Actually sitting down with a pen and paper (or these days, a spreadsheet) is the […]

forbearance agreement

When Do You Need a Forbearance Agreement?

An unfortunate fact about business is that companies sometimes get into trouble, often getting behind in their debts to suppliers, public utilities, and the government. The Canada Revenue Agency isn’t known for taking kindly to businesses that get behind in their corporate taxes, and has aggressive strategies in place in the event they need to […]