February 27, 2020

Why do I Owe Income Taxes?

At some point in most people’s lives they will owe income taxes. Listed below are some situations that may result in you having to pay additional income tax. General Loss of dependant claim for lower income spouse due to separation. Loss of dependant claim for child due to income earned by your child exceeding the […]

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November 29, 2019

Refusal of a discharge from bankruptcy

For the average 62,317 debtors that file a consumer bankruptcy in Canada each year, they will obtain a fresh start with the discharge of their debt. However, for approximately 21 individuals each year (a low of 8 in 2018) their discharge from bankruptcy will be refused by the court. (OSB annual statistics for 2013 to […]

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April 1, 2019

Budgeting for Bank Fees

It is the smaller items that can make the difference in our budgets but these are often dismissed or ignored. If you haven’t looked at your bank, credit card or investment statement recently, you should do so as bank fees are increasingly expensive and difficult to avoid. Here are 5 tips to reduce or eliminate […]

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April 1, 2019

Tax Compliance for the Self-Employed

It is that time of year when all self-employed persons should be preparing to meet with their accountants or reviewing their tax requirements. Failure to comply with tax deadlines may result in assessment of penalties and interest. Some key points to consider are: My Business Account. It is recommended that you register for My Business […]

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October 15, 2018

Merits and Consequences of Joint Debt

You may encounter situations where someone you know approaches you for assistance in obtaining a loan. It could be your own spouse, child or friend. If you have good credit, you may consider helping them. Before agreeing, you should consider the merits and consequences and investigate all options. It may be better overall for both […]

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February 26, 2018

Tax Tips

DO: Register for My Account and/or My Business Account with Canada Revenue Agency (“CRA”) to have on-line access to your tax slips, status of your refunds or balances owing, etc. You register by calling in to 1-800-959-8281, with a copy of a recent tax return or Notice of Assessment available to respond to queries to […]

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January 29, 2018

Purchasing a car after a bankruptcy or proposal

You may be faced with having to replace your vehicle after filing for bankruptcy or a proposal. If you have looked at other options and believe that you need to purchase a vehicle, the following tips may assist you with making your decision to obtaining a vehicle within your budget. It is easier to purchase […]

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September 29, 2017

Credit Card ABC’s

Credit cards are pre-authorized debt issued by a bank or finance company which must be paid back. It is a privilege granted to you and not a right. You can avoid interest charges on purchases if the full balance of purchases is paid back within the month. Benefits. Credit cards are convenient enabling you to […]

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August 15, 2017

Rebuilding Your Credit

Your credit rating is a factor that can impact not only your ability to obtain credit but also the cost of credit, and, in some cases, obtaining employment and renting an apartment or home. You can rebuild your credit rating, but it is a process that you have to work at and will take time. […]

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Covid-19 update: Due to the present uncertainty you do not have to deliver documents in person.