Budgeting for the Christmas Holidays

Never mind Halloween, let’s skip that and head right to Christmas – we’ll beat the retailer advertising. If you don’t want to over-indulge (at least financially) at Christmas, now is the time to start planning and preparing. Christmas brings a lot of pressure to deliver. Read More...

Are you Interest(ed)?

Are you Interest(ed)? [caption id="attachment_6193" align="alignleft" width="149"] Interest Rate Increase[/caption] I’m 53. My wife and I bought our first house in 1988. The interest rate on the first mortgage was 8% and we had a second mortgage at 12%. I do chuckle at current interest rates Read More...

The Up-Sell

This is my rant on up-selling. It seems out of control. Almost every time I buy something, the cashier, order taker or customer service rep is trying to sell me something that I don’t need and didn’t ask for.  I appreciate good customer service but Read More...

Don’t stick your head in the sand!

[caption id="attachment_6161" align="alignleft" width="600"] Don't Stick Your Head in the Sand[/caption]   Hiding from the reality of your financial situation will do nothing to improve it. People have a pre-disposition to hide from the truth, particularly when the truth is ugly. We see this everyday, Read More...

2017 Surplus Income Standards

2017 Surplus Income Standards On February 22, 2017 the Superintendent of Bankruptcy recently released the following new standards for the calculation of surplus income for bankrupt individuals via Directive No.11R2-2017. When an individual files for personal bankruptcy the trustee will calculate whether or not he Read More...

December 2016 Bankruptcy & Consumer Proposal Statistics

On February 28, 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 63,372 personal bankruptcies and 62,506 consumer proposals filed in the 12-months ended December 31, 2016 for Read More...

What Are the Different Types of Bankruptcy Administrations?

What Are the Different Types of Bankruptcy Administrations? For those us who watch American television programs, we are likely more familiar with the terms Chapter 7 and Chapter 13, with regard to bankruptcy, than we are with the Canadian terminology.  Here in Canada there are two types Read More...

Announcement – New Designation for Insolvency Professionals

Announcement - New Designation for Insolvency Professionals On December 2, 2015 the Office of the Superintendent of Bankruptcy Canada released Directive 33, Trustee Designation and Advertising, updating the designation to be used by Licensed Trustees with regards to the advertisement, promotion and communications related to Read More...

Will Bankruptcy Take Care of Judgments?

Will Bankruptcy Take Care of Judgments? There are two types of judgments. The first, is one that a creditor can obtain against you through the courts to enforce an outstanding debt.  The judgment is typically registered against any property that you own and you cannot Read More...

Using RRSPs to Pay Down Debt

Using RRSPs to Pay Down Debt Dealing with debt can be very stressful and people often resort to casing in their RRSPs or other investments to pay down or pay off debt. Before you cash in your savings you should consider the following: The time value of Read More...