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 […]

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 […]

corporate financial difficulties - restructuring ideas

How to Solve Corporate Financial Difficulties

As long as there have been companies doing business, there have always been success stories. Along with those success stories come tales of corporate financial difficulties. These difficulties often have a trickle down effect, especially when the companies in question are large. For example, if you were born before 1985, you likely shopped in some […]

stop CRA garnishing your wages

How to Stop CRA Garnishment

No matter what kind of business we’re in, we all have to pay Canada Revenue Agency (CRA) at some point. Between payroll taxes, corporate taxes, and HST collection and remittance, business owners often feel as if they’re constantly paying out to CRA. In fact, many successful corporations pay thousands of dollars every month or quarter, […]

collecting HST

Should Independent Contractors Register to Collect HST?

No one enjoys paying 13% HST on products and services they buy in Ontario. So registering to collect and remit HST to the Canada Revenue Agency (CRA) might be one of the last things an independent contractor thinks about when opening their business. Like it or not, most businesses in Ontario have a responsibility to […]

selling your business

How to Handle Debt When Selling Your Business

Selling your business is something you might not have thought about when you first opened. But after working hard for many years making it a success, you may decide to change your line of business and sell your company at some point. Or, if you’re ready to retire, selling your business could pad your nest […]

Tax Implications for Early RRSP Withdrawal

Retirement Savings: Know the Tax Implications for Early RRSP Withdrawal

Retirement was once something that was funded through company pensions and the bond market, giving us ample support once we left the workplace. For the most part, those days are long gone. More people than ever now have to completely self-fund their retirement. Fortunately, we’re teaching young people to start planning for their golden years […]

How Business Exit Planning Could Save You Thousands

Business exit planning isn’t something that most entrepreneurs think about, especially when they’re starting a business for the first time. After all, when we first open the doors we tend to plan for success, and ignore the fact that our business might possibly fail. That’s why it’s important to have a business exit plan, especially […]

erasing credit card debt

How to Beat Credit Card Debt

Credit card debt is on the rise in Canada. According to a recent report, the average amount Canadians owed on their credit cards rose nearly 2% in 2016 over 2015, and credit card delinquencies (over 90 days past due) rose 12% over that same period. While the temptation to “buy now, pay later” can be […]