bankruptcy stats

November 2016 Bankruptcy & Consumer Proposal Statistics

On January 31, 2017, the Office of the Superintendent of Bankruptcy released its most current statistics on bankruptcy and consumer proposal filings for Canadian debtors. Canada – there were 63,966 personal bankruptcies and 62,607 consumer proposals filed in the 12-months ended November 30, 2016 for average total filings of approximately 10,548 per month. Bankruptcies were … Continue reading “November 2016 Bankruptcy & Consumer Proposal Statistics”

payroll taxes

What is a Deemed Trust?

  By simple definition a “trust” constitutes property help by a third party (the trustee) for the benefit on another (the beneficiary). A deemed trust is a trust that comes into being by virtue of statute, whether you like it or not.  When an employer deducts income tax, CCP, and EI from its employees’ pay, those amounts are … Continue reading “What is a Deemed Trust?”

budgeting

Budgeting 101 – Part 3 of 5

The following article by Robert W. Powell, CPA CA CIRP LIT, was published in the January 2007 issue of the District News. Budgeting 101 – Part 3 of 5 In Part 1 of this series, I broke life’s expenses down into Monthly, Annual, Lumpy and Catastrophic expenses.  In Part 2, I talked about dealing with monthly expenses.  In … Continue reading “Budgeting 101 – Part 3 of 5”

October 2016 Bankruptcy & Consumer Proposal Statistics

October 2016 Bankruptcy & Consumer Proposal Statistics On December 31, 2016, the Office of the Superintendent of Bankruptcy released its most current statistics on bankruptcy and consumer proposal filings for Canadian debtors. Canada – there were 63,620 personal bankruptcies and 62,092 consumer proposals filed in the 12-months ended October 31, 2016 for average total filings … Continue reading “October 2016 Bankruptcy & Consumer Proposal Statistics”

Bankruptcy: My Name is Still On My Ex-Spouse’s Home

Bankruptcy:  My Name is Still On My Ex-Spouse’s Home If you file for bankruptcy your ex-spouse may be affected if you have a joint mortgage.  Your bankruptcy will remove you from your responsibility to pay that debt, however, it does not:  a) require your mortgage lender to take your name off of the mortgage; or b) take your name off of … Continue reading “Bankruptcy: My Name is Still On My Ex-Spouse’s Home”