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The Globe and Mail reports today increases in senior debt levels and that there is a 6.5% increase in average debt for consumers aged 65 and older, according to Equifax which is increasing their debt faster than any other age group in the past year. British Columbia has the highest level of consumer debt in the second quarter increasing to $36,150 per consumer. As a federally licensed Trustee in Bankruptcy and Chartered Insolvency and Restructuring Professional, in Victoria British Columbia, we are seeing the increase in seniors who are carrying record amounts of debts. As part of our...[more]
When are Contractors Considered to be Employees by Canada Revenue Agency?
A decision from the Ontario Court of Appeal (OCA) may have sent shivers down the backs of employers who have had long standing relationships with what they feel are “independent contractors”. These types of relationships can be at odds with the view of the Canada Revenue Agency( "CRA").
The decision in McKee v. Reid’s Heritage Homes Ltd. clarifies...[more]
Bankruptcy myths dispelledGetting into financial trouble still carries a large amount of shame and stigma. People don’t talk about it openly and this lack of information leads to bankruptcy...[more]
All insolvency filings in Canada are administered under the Bankruptcy and Insolvency Act. Bankruptcy Trustees are licensed and regulated professionals who do the actual administration, and they report directly to the Office of the Superintendent of Bankruptcy (OSB) Canada. The BIA sets out the rules and procedures that Trustees and bankrupts must abide by. One of these rules is mandatory counselling.Once a debtor assigns into bankruptcy they must attend a minimum of two mandatory counselling sessions over the term of their bankruptcy. The...[more]
Consumer debt levels across the world are climbing to never before seen rates, and Canada is no exception. A survey conducted by Equifax Canada (a credit reporting agency) says debt levels will reach a record $1.422 trillion in the fourth quarter of 2014. However, though Canadians are in more consumer debt that ever, they are managing make payments more easily. Delinquencies are at an all time low with only 1.12% of Canadian debtors in arrears for more than 3 months at a time. This does however raise the question of how much people are actually paying off. Making...[more]
Problems associated with debts: Wage garnishment. – Possible affects on Consumers and What you can do about it?
What does it mean to have your wages garnished?When you don’t pay your debts, your creditors can obtain a court judgment to garnish your wages. To “garnish” means to attach (as money due or property belonging to a debtor) by way of garnishment. A judgment is merely an agreement from a judge in a court of law that you owe a debt to your creditor who has made the application to court. With this piece of piece of paper, called a judgment,...[more]
Economists have been sounding the alarm about consumer debt for the last few years. Yet despite all the warnings, a new Statistics Canada report suggests Canadians continue their free-spending ways, which experts say is due to a carefree outlook on borrowing money. We have been given a false sense of security thinking that interest rates are at an all-time low, and life is great. Unfortunately, this is not true for many of us and reality says interest rates will eventually rise and life will become a challenge. A recent report by Equifax stated that the total amount of...[more]
As the global economy struggles to generate increased traction particularly in the world's two largest economies - U.S. and China - a prolonged period of above-trend growth appears less likely. There are new concerns that seasonality issues could be exaggerating the recent flow of worse-than-expected economic news out of the U.S., but the recent streak of weakness appears more fundamental and global in scope because the problems are proving to be more tenacious and long lasting. Many of the world's major oil-producing countries, including the U.S., Canada and...[more]
According to the Centre for Policy Alternatives, Canadian homeowners under 40 will take a major financial hit if real estate prices come crashing down. The report the Centre released in November of 2015 suggests that if real estate prices crash as expected in the near future, 1 in 10 homeowners under 40 will be underwater on their mortgage, meaning their debts will be greater than their assets. Right now the Bank of Canada estimates that the real estate market is overvalued from 10-30%. Analysts say that eventually the market will correct itself and prices will go down, either...[more]
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