How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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Monthly payment to the trustee?

Hello there, What is the amount I need to pay a monthly payment to the trustee? Thank you.

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One Response to “Monthly payment to the trustee?”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

Directive 11 of the Bankruptcy and Insolvency Act outlines the formula that the trustee would use to determine your ability to pay. This formula is based on your net monthly income and takes into account the family responsibilities i.e. number of dependents as well as some non-discretionary expenses such as child care, spousal support, medical expenses, etc. As such your ability to pay may change monthly if your circumstances change.

Trustees will normally have minimum amounts that have to be paid per month, notwithstanding that you may be under the amounts required to pay in Directive 11. These minimum payments are usually designed to cover the costs of the administration of the bankruptcy where there are no assets available. The amount that the trustee charges will be based on the trustee’s individual policies and may vary from trustee to trustee. If you contact a trustee in your area they will be able to give you those amounts.