Disbursement to creditors
Can anyone explain how funds paid for a consumer proposal are disbursed to creditors? My trustee gave me a dividend sheet which shows a “dividend” and a “levy” and I would like to know what these are. Hope to get an answer soon.
Posted from: Ontario
You know, you should have just called your trustee and asked them – after all they are being paid to assist you…
When your trustee makes a payment to your creditors it is called a dividend. The government charges a fee called a levy of 5% on each of these payments. The levy pays for the government agency that oversees the process.