There are nearly 1.2 million small businesses in Canada – employing 5.1 million people and accounting for 48.3 per cent of Canada’s total workforce. Small businesses contribute slightly more than 30 per cent to Canada’s GDP. That makes small business, big business. Most small businesses rely on accounts receivables to maintain their cash flow. Sometimes customers get into a habit of paying late, which [...]
There’s a real fear among Canada’s five million seniors and boomers who are approaching their retirement years that they may not have enough money to have a comfortable retirement. Media reports about under-funded pension plans have added to those concerns. According to a national survey conducted for the Canadian Institute of Chartered Accountants (CICA), half of Canadians admit to worrying about money. Another study [...]
It’s a daunting task – to decide whether to file for bankruptcy. This is exaggerated if you have no idea what to expect and what options are available to you. Furthermore you might be embarrassed by your financial situation. Initiating contact with a Trustee can be a difficult decision, however, it may be the best decision you have made in years. The balance of [...]
Overwhelming debt creates enormous stress in a household. Collection agencies may be continually harassing you by repeatedly calling your home and place of work. You may be using one credit card to pay the minimum of another card. Perhaps payday loans are just getting you deeper in debt. Where do you turn? You may be considering asking a family member for a loan. Before [...]
Using credit is an easy temptation if you’re short of cash. For many consumers, credit is readily available in the form of a credit card, making it too easy to overspend. If you are not physically handing over cash, it seems as if you’re not spending real money. Credit cards do offer flexibility and convenience and can help you manage your money, if you [...]
It seems like a quick, easy fix. You’ve found yourself short of cash until your next paycheque, so why not get a payday loan to carry you over? These loans provide short-term funds or payday advances in small amounts. Typically, this type of loan is $1,500 or less for a maximum term of 62 days. Money is advanced in exchange for a post-dated cheque [...]
It can be embarrassing to hear from your employer that your wages have been garnisheed. Nobody wants their employer to know their personal business, especially if you are having financial problems. A wage garnishment could also have a devastating effect on your current household budget, making it more difficult to make ends meet. A garnishment order means that one of your creditors has taken [...]
Your debt has become unmanageable; you can’t sleep at night; and your stress levels are at an all time high. You’re desperate to reduce those balances. Your main concern is that you own your home and there is equity in it. If your credit rating is still good – a viable option may be to refinance your home to reduce your debt. However, if [...]
Filing for bankruptcy is not a life sentence –you will have your financial life back once the bankruptcy is discharged if you develop a new strategy for dealing with debt. The decision to file can be difficult and emotional since you are likely feeling embarrassed and disappointed in yourself. However, there may be a number of contributing factors such as job loss, divorce, or [...]
The holidays are over and now the credit card bills are coming in on top of those utility bills you may have delayed or that missed rent or mortgage payment just to get through the season. Instead of feeling overwhelmed, dive right into that pile of debt and start tackling the problems. Make 2013 the year you finally resolve to get a handle on [...]
