Q&A: Answers to Questions

Most Recent ‘Q&A’ Posts

CCRA is claiming that since my father made mortgage payments on a house that is registered to my mother, that those payments should be reported as income by my mother. Going by this they want to go back as many years as possible and chrge her income tax on these payments, therefore forcing her into […]

How exactly is home equity calculated ?

I read on this blog some time ago that the selling costs and legal fees are subtracted from my home equity. That makes sense to me as the home will eventually be sold, sooner or later. If the creditors take it over, they will also have to sell it. But recently I’ve spoken to two […]

Order of compensation of creditors in Ontario

What is the priority order of compensation of secured, unsecured and preferred creditors in a personal bankruptcy in Ontario?

New business set-up after bankruptcy

How long after a bankruptcy in Ontario does a person have to wait before setting up a new business?

CCRA going after everything!

My father just had a 5 year proposal end and has to either put forward another, or go bankrupt. His income has reduce significantly over the last few years, partly to ill health. The penalties and interest the CCRA puts on his taxes makes it impossible to ever get ahead. He is never going to […]

Car Loan

Ok heres my situation. Last year I bought a car and consolidated some bills right in with the car loan. Car was bought for $8000 and the loan in total was around $28,000 over 5 years. The loan now stands at approx $23,000 and the security on the loan is the $8000 car which of […]

Overdraft

I have $1500 overdraft protection on my account which I have lived in for many months. Can the overdraft be included in my bankruptcy? I am usually $1000-1500 in the hole at any given time.

hello

Very interesting and beautiful site. It is a lot of ful information. Thanks.

Differerence in Ontario and BC laws

Could you explain the difference between going bankrupt in Ontario and BC please?

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