Joe Torraca, Author at Debt.ca

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How a Business Wage Subsidy Can Keep Your Organization Afloat

By Joe Torraca on January 21, 2021

When the Covid-19 pandemic hit early in 2020, the Parliament of Canada adopted a business wage subsidy program for struggling companies. The Canada Emergency Wage Subsidy (CEWS) came as a result of amendments made to the Income Tax Act. This program aims to help employers cover the costs of wages of their workers or employees….

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Creditors, bankruptcy, Insolvency, payment

Preferred Creditors of the Bankruptcy and Insolvency Act

By Joe Torraca on January 12, 2021

BIA s.136 (Section 136 of the Bankruptcy and Insolvency Act) specifies the repayment hierarchy of preferred creditors. Every class of creditor will receive a payment amount of their entitlement from the earnings from the sale of assets. If the debtor who has declared bankruptcy has multiple claimants in one class and there aren’t enough funds…

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How to Avoid Debt Settlement Scams

By Joe Torraca on December 21, 2020

Managing debt is hard enough without having to avoid debt settlement scams. The fact that you’re having a hard time paying your debts should be a cause of concern. Nowadays, many people pick from a variety of options to get out of their bad financial situation. One of the most preferred debt relief options right…

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What to Do When Struggling to Pay Your Debt Management Program

By Joe Torraca on September 3, 2020

Struggling to pay your debt management program isn’t a typical issue of the plan. Taking out loans or using credit cards can be a good way to cover essential purchases. However, multiple debts can put you in financial ruin. It’s not easy, but there are solutions to this problem. One of the best debt-relief options…

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How COVID Affects Your Credit Score

By Joe Torraca on August 4, 2020

COVID affects your credit score clearly if you depend on it during the pandemic without a job. The majority of Canada is in phase three of the reopening of the economy in the midst of COVID-19 (coronavirus). With large parts of the economy opening up, we’re getting back to normal. That being said, there are…

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