The average rate of interest charged on credit card debt in Canada is 19%. Some credit cards carry an interest rate as high as 29.9%, and cash advances typically incur an even higher interest rate. Making minimum payments of $125 a month on a $5,000 credit card at 29.9% interest will take over 19 years to pay off and will result in paying $24,000 in [...]
April can be a very stressful time if you know you will owe taxes when you file your personal income tax return but do not have the funds available to pay the debt. Personal tax returns are due on May 2nd this year, and you should always file on time to avoid penalties, even if you can’t pay the amount owing in full. Canada Revenue [...]
The cost of living has increased significantly, with gas prices at all-time highs and food prices expected to continue to climb by 5-7% in 2022. We understand budgets may be tight, but we challenge you to save $100.00 in the next 30 days. That works out to only $3.33 per day but will add up to $1,200.00 in a year. Think of the peace of [...]
A recent internet search for “the average number of credit cards per Canadian” provided the following interesting facts: There were 76.2 million credit cards in circulation in 2021 (Source: Statista) 78% of Canadians have a reward linked to their credit card (Source: Payments Canada) The average Canadian carries 1.4 credit cards (Source: Canadian Bankers Association) As of 2021, the lowest among Canadian credit card rates [...]
Debt consolidation is the act of borrowing a new loan to pay off two or more of your current liabilities and consumer debts, including credit cards, lines of credit, pay day loans, etc. The new loan essentially combines multiple debts into a single, larger debt that requires one monthly payment instead of juggling to pay multiple creditors on differing due dates. How Does Debt Consolidation [...]
Making the decision to consult a Licensed Insolvency Trustee to file an assignment in bankruptcy is a difficult first step. Understanding that the Trustee is an Officer of the Court and technically acts in the best interest of your creditors even though you pay their fees may be difficult to comprehend. So, how do you select a Trustee? And why should you choose Taylor Leibow [...]
Filing a personal assignment in bankruptcy or consumer proposal will immediately provide you relief from most creditor’s collections proceedings and ultimately eliminate your unsecured debt. A formal stay of proceedings under the Bankruptcy and Insolvency Act stops a garnishment of your wages and collection calls. Unfortunately, this protection does not extend to an individual who co-signed any of your debt. When a person co-signs or [...]
Have you ever calculated exactly how much you spend over the holiday season? It may be easy to add up your gift purchases, but have you considered all the extra expenses for holiday meals and clothing, parties, hostess gifts, cards and gift wrap? If you have never added up all your expenditures in relation to the holiday season, take the time this year to track [...]
The majority of personal bankruptcies are voluntarily filed by a debtor (the person who owes money) to provide them relief from overwhelming debt. The debtor contacts a Licensed Insolvency Trustee (found through an internet search, radio advertisement, or a direct referral from a friend or trusted professional) to discuss their financial situation and explore debt relief solutions. The following explains the basics of what happens [...]
The Bankruptcy and Insolvency Act requires that an insolvency proceeding be filed in the “locality of the debtor.” The locality of the debtor means the principal place where the debtor has carried on business or resided during the year immediately preceding the bankruptcy filings. Thus, if you live in Hamilton, your personal bankruptcy will be filed with the Office of the Superintendent of Bankruptcy (“OSB”) [...]
