Tax season can be stressful, especially if you owe money to the Canada Revenue Agency (CRA) and can’t afford to pay. The anxiety of an outstanding tax bill can weigh heavily on your finances and mental well-being, making it difficult to focus on other financial obligations. Many Canadians find themselves in this situation, whether due
A Roadmap to Financial Well-Being by Managing Credit Card Debt Wisely and Seeking Professional Assistance When Needed Credit card debt is a growing concern for many Canadians, especially as the cost of living continues to rise. According to a report by Equifax Canada, the average credit card balance per consumer has reached an all-time high,
Many Canadians are optimistic about recent announcements from the Bank of Canada regarding interest rate cuts, hoping for relief from their financial burdens. However, it’s crucial to understand that these cuts may not directly translate into lower borrowing costs for consumers. While the central bank’s rates influence certain financial products, credit card interest rates and
As global trade tensions rise, Canadian consumers and businesses are bracing for the potential impact of U.S. tariffs. These tariffs could lead to higher prices on imported goods, disrupt supply chains, and put added pressure on household budgets. Preparing your finances ahead of time is critical to navigating this uncertainty and ensuring you’re ready for
As global trade tensions rise, Canadian consumers and businesses are bracing for the potential impact of U.S. tariffs. These tariffs could lead to higher prices on imported goods, disrupt supply chains, and put added pressure on household budgets. Preparing your finances ahead of time is critical to navigating this uncertainty and ensuring you’re ready for
As the new year begins, it’s the perfect time to focus on improving your financial health and setting achievable goals. Whether you’re struggling with debt or simply want to manage your finances better, a clear plan can help you move toward a debt-free future. Here are some practical steps to help you get started on
A consumer proposal is a powerful debt relief option for Canadians struggling with overwhelming financial obligations. While it can provide much-needed relief, many wonder how it impacts their credit report and financial recovery. In this blog, we’ll take a closer look at what a consumer proposal means for your credit score and how you can
The Alarming Growth of Insolvency Filings Canada is experiencing a significant rise in consumer insolvency filings, underscoring the financial challenges many Canadians are facing. According to the Office of the Superintendent of Bankruptcy (OSB), the third quarter of 2024 saw 34,588 consumer insolvency filings, averaging 376 filings daily. This marks a 13.5% year-over-year increase, although
Image Source: Shutterstock The holiday season is a time of joy, celebration, and, unfortunately, financial strain for many. With the allure of festive decorations, gifts, and gatherings, it’s easy to overspend and accumulate debt. However, with mindful planning and conscious spending, you can enjoy a fulfilling holiday season without compromising your financial well-being. Understanding the
Image Source: Unsplash The average Canadian household currently carries around $72,950 in debt, not including their mortgage. The high cost of living over the last couple of years and the rising interest rates have meant nearly 3 in 4 Canadians lives in debt. So the Bank of Canada’s announcement lowering interest rates to 4.5% can
Are you feeling the weight of mounting debt? You’re not alone. 48% of Canadians are grappling with excessive debt (non-mortgage). The impact is not just on the wallet—it’s directly impacting happiness and well-being. Study Finds Higher Debts Increase Unhappiness and Suicide Risk Research published in the American Journal of Epidemiology reveals that individuals facing significant
Finding out that your spouse has significant debt can be a daunting realization. You might be thinking, “am I responsible for my spouse’s debt in Canada?” Our professionals in Winnipeg for bankruptcy and consumer proposals provide a simple answer. Understanding the nuances of debt responsibility is crucial for both your financial and emotional well-being. Whether
The financial burden of debt is a reality for many Canadians. With the cost of living rising and interest rates climbing, it’s no surprise that more people are searching for ways to alleviate their debt. Find out from a qualified professional in Winnipeg on bankruptcy and consumer proposals if such grants even exist. A common
Overcoming Debt in Winnipeg Dealing with debt can feel like an insurmountable challenge, especially when you consider the startling statistics recently highlighted by Joel Schlesinger in the Winnipeg Free Press. As of the end of 2023, Canadians were burdened with an astonishing $2.4 trillion in debt, with TransUnion’s final data for the year showing that 31.5 million Canadians
Budgeting Back in the Spotlight: LOUD Budgeting I’ve helped hundreds of people manage their bankruptcy Winnipeg situation, and one thing that I always come back to is the importance of budgeting. The latest trend is LOUD budgeting. What does that mean? What is loud budgeting? The easiest way to explain it, I believe, is to
We are pleased to have introduced our Consumer Proposal Calculator. This is an important tool for a variety of reasons – not the least of which is that it gives you an accurate estimate of your debt relief options. For many regular Canadians – 75% of them, in fact – consumer proposals offer the best
Canadians owe over $2.3 trillion. That amounts to $1.85 of debt for every $1 of disposable income. Faced with such debt, Canadians are seeking out solutions (and a consumer proposal Winnipeg can help – but we’ll talk about that later). The State of Canada’s Finances A recent report by TransUnion credit reporting bureau found that
DEBT! In May of this year, the United States of America was at risk of defaulting on their debt. The U.S. debt is over $32 trillion (that’s right trillion with a T). President Biden said “it would be catastrophic for the American economy and the American people if we did not pay our bills.”
What Do Bankruptcy in Winnipeg, Consumer Proposals, Debt Consolidation, and Spring Cleaning All Have in Common? It’s that time of year: the roads are a mess, they’re full of sand, salt and other debris. Spring is around the corner. The street cleaners are out in force clearing the sidewalks and roads. The rain is
Preparing for Summer with Debt Consolidation Winnipeg Help from a Licensed Insolvency Trustee Summer is just around the corner and you may be thinking about summer vacations, summer dining and summer entertainment. It’s been a long winter and everyone would love to get out and do something fun. The problem is that these activities can
The average cost of post-secondary education in Canada is enormous – over $80,000 when all is said and done. Student debt can be overwhelming. That leads many to ask about a consumer proposal and student debt. That’s why, as the founder of a leading Winnipeg debt help firm, I want to answer some questions about
What Do New Year’s Resolutions and Consumer Proposals in Manitoba Have to Do with Each Other? The best time to take control of your finances and financial future is now. If your New Year’s resolution is to regain your financial freedom, then consumer proposals in Manitoba make a lot of sense. If it takes a
Explained: What Happens When You File a Consumer Proposal? So, what happens when you file a consumer proposal? There are a number of things that happen when you file a consumer proposal – but the first thing that should happen is you should feel a sense of relief! Your unsecured creditors can no longer pursue
What Are the Consumer Proposal Pros and Cons and Should I File One The consumer proposal pros and cons are rather simple to enumerate; but whether you personally should file one very much depends. What does it depend on? Your personal debt situation and how you wish to approach it. If you’re ready to be
