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 […]

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 […]

drowning in debt

5 Warning Signs of Too Much Debt

Do you know the warning signs of too much debt? We’re lucky to live in a society in which we can obtain instant cash. Unfortunately, that luck can also turn to misfortune if we have trouble meeting even the minimum repayment obligations. Many of us carry debt, but how do you know when you have […]

hst filing

What You Need to Know About HST Filings

Many new business owners and independent contractors aren’t familiar with their responsibilities surrounding Harmonized Sales Tax (HST) filings, and it’s perfectly understandable. With all of the time, commitments, and sheer excitement of setting up and launching a business, collecting and remitting tax to Canada Revenue Agency (CRA) is something most business owners would rather not […]

Will I lose my home in a bankruptcy?

Will I Lose My Home in Bankruptcy?

One of the most common questions clients ask is, “Will I lose my home in a bankruptcy?” It’s a valid concern. Many people dream about home ownership. With high prices, short supply, and intense bidding wars (especially in the Greater Toronto Area), getting into the real estate market is almost akin to winning the lottery. […]

student with debt

The National Student Debt Load: A Growing Youth Crisis

There has been a lot of discussion recently over the national student debt load in Canada, mostly surrounding questions about the graduates’ ability to repay. The statistics on student debt support this concern. According to the Canadian Federation of Students website, the Canadian student debt load is more than $16 billion – and still growing. […]

consumer debt levels are rising

How to Survive Rising Consumer Debt Levels

Consumer debt levels regularly make the financial news, especially when there is a fluctuation in the Canadian dollar or the Bank of Canada adjusts its prime interest rate. Recently, the Bank of Canada raised its prime interest rate by .25%. On it’s own, it doesn’t sound like a lot. But when factored into your current […]

operating cash flow

How to Handle a Cash Flow Crisis

Cash flow is king in any business. When a company has positive cash flow, it means that its liquid assets are increasing, and the company has the resources to reinvest in the business, pay its bills, and provide protection during leaner times. On the other hand, negative cash flow means that a company’s liquid assets […]

rebuild credit after bankruptcy

Life After Bankruptcy: Rebuilding Credit in Ontario

Life after bankruptcy is a big concern for individuals faced with debt so overwhelming that they believe wiping the slate clean and starting over is their only option. Much of their worry revolves around which of their current assets may be seized, how they can begin to rebuild their credit picture, and what kind of […]