For individuals carrying substantial consumer debt, income tax season can be a blessing or a nightmare. Of course, it all depends on whether you are expecting a refund or a bill. I am self employed, and I experienced financial distress in 2009 and eventually filed a Consumer Proposal. Looking back, there were warning signs that […]
Andy and Cynthia are a smart young couple, but they’ve gotten into trouble with consumer credit. Like most people, they certainly didn’t see money troubles around the corner when they started their small business. They were filled with optimism! And, things went well for a couple of years. Sales were actually better than they had […]
April 6th, 2016 by Questions
I’m embarrassed to say that I’m a 22-year-old that has fallen into quite some money problems that I’ve been hiding from my family, and I don’t want to struggle with this anymore. I have a few things in collections right now. One credit card at about 3,000 and probably another $600 for various things. I […]
I recently found out that my wife has run up approximately 40K in credit card debt. We are not separated and have a Joint bank account. She does not work, and she has no assets. We have been married for 35 years, and the house has always been in my name. I do not intend […]
October 29th, 2015 by Questions
We have an RESP, issued in joint names of my spouse and me, with three children as named beneficiaries. The CRA has issued a requirement to pay in my name only. My FI will not permit any payments from the RESP – we were seeking an EAP for one of the named beneficiaries school this […]
I have credit card debt I can no longer repay. I have two rental properties with equity in them. Can the credit card company’s make me sell them to repay the debt?
October 15th, 2015 by Questions
I had a survey done when I bought my home. The initial bill was sent to a lawyer and I assumed he paid it then added to my bill but never read the final bill thoroughly. Three months later I got a bill from the surveyor which I am unable to pay as my income […]
Will a public servant lose their job if they file for a consumer proposal or bankruptcy? They do not work with money in any way.
if CRA garnishes my CPP or OAS and I declare bankruptcy, is that monthly cheque considered to be income for me even though I don’t actually receive it? Posted from: Ontario
November 24th, 2014 by Questions
I have been told that CRA can and does garnish CPP and OAS monthly payments to citizens who owe tax arrears. Is this true and further, can judgment creditors do the same? Posted from: Ontario