Posted in Bankruptcy, Consumer Proposal
Posted by Scott Terrio
If you’d rather watch the video, you can view it by clicking here.
Did you overdo it this past Christmas? Couldn’t resist, eh? Didn’t stick to that deal you made with your family where all of you agreed to do a scaled-down, simple, old-fashioned Yuletide? There were just too many Star Wars things!
You’re not alone.
Posted in Bankruptcy, Consumer Proposal, credit rating, Debt, myths
Posted by Scott Terrio
Oddly, this is one of the single, most universal question I get asked by people inquiring about filing for bankruptcy. Think of how long the odds are of winning, yet almost everybody worries about it being taken away if they win. That is so Canadian.
Posted in Budget, Consumer Proposal, credit bureau, credit rating, Debt, Debt Consolidation, Tax
Posted by Scott Terrio
‘Debt consolidation’ can mean many things, but the basics are: any effort by a person to convert multiple debts into one on a monthly basis with a view to eventually paying off those debts.
Posted in Bankruptcy, Consumer Proposal, credit bureau, credit rating, Debt, Debt Consolidation, myths
Posted by Scott Terrio
A common question Licensed Insolvency Trustees field is “How is my credit rating affected if I file a bankruptcy or a proposal?” Generally by ‘debt consolidation’ they are referring to a Consumer Proposal, which is a form of that. But let’s deal with bankruptcy first.
Posted in Bankruptcy, Consumer Proposal, Debt, Debt Consolidation, Finance, Personal finance
Posted by Scott Terrio
Canadians love their cars.
After lodging (rent or mortgage), cars are usually the average Canadian’s biggest monthly expense. Even in an era of expensive groceries.
Posted in Bankruptcy, Consumer Proposal, Debt, myths, Tax
Posted by Scott Terrio
Taxes owing and unfiled tax returns are a serious issue in Canada. Canada Revenue Agency (CRA) has always taken a tough approach to individuals or businesses who are in arrears, either through unpaid taxes or having not filed returns. Filing tax returns is a statutory duty under the Income Tax Act (ITA) in Canada. Failure to do so can land you in trouble with CRA.
Posted in Bankruptcy, Budget, Consumer Proposal, Debt, Debt Consolidation, Debt servicing, myths, Personal finance, Tax
Posted by Scott Terrio
This rather broad term can mean many things depending on the situation, the person in question or what the desired outcome is. It also is often misused by people when they are referring to a financial course of action.
Posted in Budget, Debt, Debt servicing, Finance, Personal finance, Warning signs
Posted by Scott Terrio
Many people are living paycheque to paycheque these days. The reasons for this are various and complex, but it is causing many to drift inexorably toward genuine financial crisis.
Posted in Consumer Proposal, Debt, Debt Consolidation, Small business, Small business owner, Tax
Posted by Scott Terrio
As a small business owner you have worked hard to grow your business.
You have concentrated on building a client base by offering excellent services in a timely, reliable manner.
Posted in Bankruptcy, Consumer Proposal, Debt, Finance, Tax
Posted by Scott Terrio
The tax system in Canada is a self reporting process. It places the taxpayer in a position of substantial trust and power.
This means that Canada Revenue Agency (CRA) is dependent on taxpayers to be honest in their reporting obligations.