March 2017 Bankruptcy & Consumer Proposal Statistics

March 2017 Bankruptcy & Consumer Proposal Statistics On May 31, 2017, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors. Canada - there were 62,333 personal bankruptcies and 63,153 consumer proposals filed Read More...

February 2017 Bankruptcy & Consumer Proposal Statistics

February 2017 Bankruptcy & Consumer Proposal Statistics On April 30, 2017, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors. Canada - there were 62,502 personal bankruptcies and 62,829 consumer proposals filed 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...

Budgeting 101 – Part 5 of 5

The following article by Robert W. Powell, CPA CA CIRP LIT, was published in the March 2017 issue of the District News. In Part 4 of the series, I talked about dealing with lumpy expenses.  In the 5th and final part of this series I will be discussing Catastrophic 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...

Why People Delay Getting Help With Their Debt

More often than not people go to see a Licensed Insolvency Trustee only as a last resort.   The longer an individual waits to get help with their finances, the harder it is to help as the number of options is greatly reduced.  By the time most Read More...

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 Read More...

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, Read More...

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 Read More...

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 Read More...