Income Tax Deadlines

Income Tax Deadlines For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency.   Where April 30 falls on a Sunday, your return will be considered filed on time if it is received or postmarked on 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 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...

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...

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...

Why Would My Trustee Oppose My Bankruptcy Discharge

Why Would My Trustee Oppose My Bankruptcy Discharge First time bankrupts with no surplus income requirements will automatically receive a discharge after 9 months or after 21 months if they have surplus income.  Second time bankrupts will receive an automatic discharge after 24 months, or Read More...

The Bankruptcy Process in 12 Steps

The Bankruptcy Process in 12 Steps Step 1   Recognize the Problem This is often the most difficult step as it requires that you admit that you our having financial troubles that are beyond your control and you need help.  The warning signs are all around Read More...

Filing Your Income Tax Return After Bankruptcy

Filing Your Income Tax Return After Bankruptcy As part of the bankruptcy process, your Licensed Insolvency Trustee is required to file your income tax return for the year of bankruptcy and any returns that came due during the calendar year prior to bankruptcy. The Trustee will break Read More...

March 2016 Personal Bankruptcy & Consumer Proposal Statistics

March 2016 Personal Bankruptcy & Consumer Proposal Statistics On May 31, 2016, 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 63,614 personal bankruptcies and 59,213 consumer proposals filed Read More...

Tackling Your Finances Head On

Tackling Your Finances Head On The following article was published in the April 2016 edition of the District News. 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 Read More...