The Debt.ca blog
Practical, plain-language guidance on debt, credit, and money in Canada.
Latest articles
News & CommentaryDebt Maxxing: Why Accumulating Debt and Not Repaying It Can Hurt You Financially
People on YouTube are borrowing money and bragging about living off debt and not repaying money to creditors. It’s a slippery slope that can…
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News & CommentaryThe True Cost of Debt: What It Really Costs You (Beyond the Interest)
Everyone knows that borrowing money costs money. Beyond the interest charged, debt can take a toll in many other areas of life. Those costs can show…
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News & CommentaryLate-Stage Capitalism: What is it and how to navigate it
Late-stage capitalism affects different aspects of our lives. From the things we buy and own, our work lives, and the advertisements we see. Some…
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Money Journeys
Our podcast series, where Canadians share their own money stories.
News & CommentaryMoney Journeys: Guirlene Joseph
Our final episode of the Money Journeys podcast features Guirlene Joseph. We learn how Guirlene's money journey went from helping her immigrant…
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News & CommentaryMoney Journeys: Christine Urbanowski
This week's episode of the Money Journeys podcast features Christine Urbanowski. As an Accredited Financial Counsellor of Canada Christine helps…
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News & CommentaryMoney Journeys: Sherry Andrew
Sherry Andrew joins us for this third episode of the Money Journeys podcast. Sherry is an Accredited Financial Counsellor of Canada and founder of…
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News & CommentaryBudget Management with a Roommate
According to Statistics Canada , roommate households grew 54% between 2001 and 2021! This increase means they are the fastest-growing household type…
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Debt Maxxing: Why Accumulating Debt and Not Repaying It Can Hurt You Financially
People on YouTube are borrowing money and bragging about living off debt and not repaying money to creditors. It’s a slippery slope that can…
Read more - News & Commentary
The True Cost of Debt: What It Really Costs You (Beyond the Interest)
Everyone knows that borrowing money costs money. Beyond the interest charged, debt can take a toll in many other areas of life. Those costs can show…
Read more - News & Commentary
Late-Stage Capitalism: What is it and how to navigate it
Late-stage capitalism affects different aspects of our lives. From the things we buy and own, our work lives, and the advertisements we see. Some…
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News & CommentaryThe Impacts of Overconsumption and Ways To Control Your Spending
Not long ago, our primary focus was fulfilling our basic needs. Now that many of us have those met, we’re experiencing high demand for non-essential…
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News & CommentaryHow to Save Money on Kids’ Extracurricular Activities
Whether it’s soccer or baseball, swimming lessons or dance classes, extracurricular activities can be great for your kids. They give kids a chance to…
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Housing & MortgagesEarly warning signs: Consumer debt climbs before mortgage delinquency
The pandemic-era days of low rates lulled many Canadians into believing that the bigger house we were longing for was within our grasp. The mortgage…
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Budgeting & MoneyWhat Is Debanking? Can Your Canadian Bank Really Close Your Account Without Telling You Why?
You open your mailbox. There is a letter from your bank. It says your bank account is closing soon. Or even worse, you try to open your banking app…
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Housing & MortgagesTaking the fear out of a zombie mortgage
Imagine getting a letter in the mail today claiming you owe tens of thousands of dollars on a house loan you took out 15 years ago and forgot about.…
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Budgeting & MoneyBefore You Fill the Cart: What to Consider When Back-to-School Shopping
Every year, Canadian families prepare for another round of back-to-school shopping. While it is exciting to watch children head back to the…
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News & CommentaryWhat Is Surveillance Pricing? Why You Might Pay More Than Someone Else for the Same Product
Have you ever searched for a product online, then gone back later and seen a different price? Or discovered that someone else paid less than you did…
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Debt RepaymentHow Parental Debt Affects Children
While they might not always show it, children are incredibly sensitive to everything going on in their parents’ lives. It’s therefore not surprising…
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Housing & MortgagesHow Rental Market Prices Impact Renters Across Canada
Owning a piece of real estate remains out of reach for many Canadians and newcomers. According to the Canadian Real Estate Association (CREA) ,…
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Housing & MortgagesWhat if my mortgage is not approved?
It’s devastating news to hear: the application for your mortgage is not approved. Whether it was for a new home purchase, a refinance, or a renewal,…
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Housing & MortgagesHow To Refinance Your Mortgage
Many Canadians today are hesitant to take out mortgages or refinance their existing loans. The share of consumers with a mortgage has steadily…
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Housing & MortgagesWhat to Consider When Choosing a Mortgage
If a new home is in your immediate future, you must know what to consider when choosing a mortgage. When shopping for a mortgage, your first instinct…
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Loans & CreditCredit card churning: Should you do it?
Credit card churning is the practice of signing up for new cards for the benefits and bonuses. Sometimes, people close and then open multiple credit…
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Taxes & BenefitsWhat is a TFSA - Tax Free Savings Account
A tax-free savings account (TFSA) is more than just a savings account. You can withdraw, invest, or earn interest, and that money still won’t be…
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Registered Retirement Savings Plan - RRSP
Everything you need to know about the Registered Retirement Savings Plan The Registered Retirement Savings Plan (RRSP) has been around for a long…
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Loans & CreditWhat Happens To Credit Card Debt During Separation Or Divorce?
Separation or divorce often raises difficult questions about shared financial responsibilities, especially when it comes to credit card debt.…
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Credit HealthHow Credit Card Debt Affects Your Credit Score
Many people realize that the way they manage their credit card debt can have an impact on their credit score. What's not as commonly known is all the…
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Taxes & BenefitsIs it Better to Invest in RRSP or TFSA?
Is it "better to invest in RRSP or TFSA?" That is the question. Even William Shakespeare had a hard time with this one. One of the most common…
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Budgeting & MoneyEaster ideas: make it good on a budget
Easter in Canada often means a long weekend, family time, and the start of spring. Amidst the festivities, spending can quickly add up. Candy, décor,…
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Taxes & BenefitsCanada Groceries and Essentials Benefit: The upgraded GST Credit
The existing GST credit is a tax-free quarterly payment. It is meant to offset some of the GST/HST paid by low- and modest-income households. This…
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Taxes & Benefits2026 Income tax return guide
Income tax season is officially here. With all the work of gathering up necessary documents, filling in forms, and making payments, it can be a…
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Budgeting & MoneyCreating a memorable March Break that doesn’t break the bank
For many Canadian families, March break inspires a mix of excitement and stress. On one hand, children eagerly anticipate a week of freedom. On the…
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Budgeting & MoneySocial media and the part it plays on your financial health
Technology has been changing the way people connect with each other since before any of us alive were born. The telegraph and phone started us off.…
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Debt ReliefMedical Debt: Private healthcare in Alberta
Alberta is currently trying to privatize healthcare services via Bill 11. Places with private healthcare tend to see high out-of-pocket costs. The…
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Budgeting & MoneyValentine’s Day on a budget doesn't mean being cheap
When you’re on a budget , even the most mundane holidays and events can cause financial distress. Does your friend have a birthday coming up? You’re…
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Loans & CreditAsk the Expert: How much loan can I realistically afford?
Figuring out how much of a loan to take out can be tricky. On one hand, why take out more than you need and spend extra on interest? On the other…
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Loans & CreditHow to Get Out of a Title Loan
Life is expensive - rent, mortgages, education, groceries, transportation and other expenses add up. Most of the time, you need some form of credit…
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Loans & CreditCredit Insurance: A guide
If a big part of your debt is in credit cards or loans, you may be considering credit insurance. Think of it as an optional safety net. It’s useful…
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Loans & CreditClearing the air about credit card debt relief
Credit card debt is stressful. What makes it even more stressful is all the credit card debt relief advice and options. One source will say that…
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News & CommentaryDMP in Canada: Myths vs Reality
Many Canadians feel trapped by growing credit card balances, high‑interest loans, or overdue bills. Managing multiple payments can quickly become…
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Taxes & BenefitsFinancial support: How to get it and where to start from
Managing money depends on many factors in a person’s life. Everyone’s income, spending patterns, needs, and mindset are unique. There’s one thing in…
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Budgeting & MoneyRetail therapy: When is it a problem, and what to do about it
Retail therapy is a way of using shopping to feel better emotionally. People sometimes turn to retail therapy to manage stress, sadness, boredom, or…
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Debt RepaymentHow to pay off debt fast without feeling overwhelmed
You’re here because you’re carrying debt and are ready to get rid of it! Before we jump into building a plan to pay off debt fast, let's take a…
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Budgeting & MoneySinking Fund: The simple money strategy most people overlook
Have you ever had your finances derailed by a surprise car repair, a forgotten annual bill, or a home repair that couldn’t wait? If you said yes,…
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Budgeting & MoneyFinancial paralysis: What is it and how to move past it
Money management is an important life skill, but for some, it can also be a major source of stress. When that stress becomes overwhelming, it can…
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Taxes & BenefitsAsk the expert: Should I take EI now or wait?
The Canadian labour market is experiencing a big transition phase. As a result, many are finding themselves looking to government programs, like…
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Budgeting & MoneyChristmas shopping on a budget: keep it affordable
Canadians are gearing up for the holiday season, filled with traditions and special moments. Between buying gifts, preparing elaborate meals, decor,…
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Loans & CreditWaiting for payday? Smarter money alternatives
Many Canadians, especially young Canadians and single parents, face the stressful challenge of running short on cash between paycheques. When…
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Housing & MortgagesAsk the Expert: Mortgage refinancing in a tricky situation
Mortgage refinancing is tricky under the best of circumstances, let alone when you add in complications, like family financial entanglement. Mortgage…
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Debt RepaymentNotice of Default: What it is and what to do if you get one
Canadians are finding it more difficult to keep up with loan payments. For some, it’s because of a personal situation like job loss or other…
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Budgeting & MoneyReverse budgeting: Value driven money management
The word budget tends to make people tense and think about all the restrictions a budget would mean for them. The truth is that a personal budget…
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Debt RepaymentHow to pay down online gambling debt
Online gambling has become popular and more addictive than ever. The most prone to incurring online gambling debt are young males. With the endless…
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Budgeting & MoneyEarned Wage Access: A new way to handle your pay
What is Earned Wage Access? Earned Wage Access (EWA) is an innovative financial service that enables employees to access a portion of their wages…
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Loans & CreditAsk the Expert: Balance transfer a good idea?
Discerning whether to take advantage of a financial offer, like a balance transfer card, can be tricky. Reader, Kenny, wrote in asking about whether…
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Taxes & BenefitsOne Canadian Economy Bill: an overview
What is the One Canadian Economy Bill? Canada’s Parliament passed the One Canadian Economy Bill, known as Bill C-5, which became law on June 26,…
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Loans & CreditLowering your credit card interest rate with a simple call
In an age where credit card balances are reaching record highs, many consumers find themselves trapped in a cycle of debt, with a credit card…
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Budgeting & MoneyPaying for school with the Registered Education Savings Plan (RESP)
Graduating from school and starting a career is a dream goal for many Canadians. Yet, the average tuition fee cost in 2024/2025 for a Canadian…
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Taxes & BenefitsSocial Assistance Programs and Debt: What are your options?
Many Canadians rely on social assistance programs when facing tough financial times. These programs, such as Employment Insurance (EI), the Canada…
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Loans & CreditAsk the Expert: Inheriting a car loan
Figuring out a car loan can be confusing at the best of times, let alone during a time of big change like the death of a loved one. Financial expert…
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News & CommentaryGrocery Code of Conduct: All you need to know
What is the Grocery Code of Conduct? The Grocery Code of Conduct in Canada is, at this point in time, a voluntary set of written rules and…
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Budgeting & MoneyUnretirement: Redefining retirement
Retirement, once viewed as a definitive end to one's working life, is increasingly becoming a flexible, fluid phase. A significant trend is emerging:…
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Housing & MortgagesKnow your rights: Residential Tenancies Act
Let’s face it, renting a place to live shouldn’t feel like navigating a legal maze, but sometimes it does. Whether you’re living in a high-rise…
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Loans & CreditLine of credit vs. credit card: What’s the difference?
If you’re looking to borrow money, the number of options can feel overwhelming. A few of the common options are credit cards and lines of credit, but…
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Budgeting & MoneyTough economic climate: Getting ahead of potential financial problems
Financial problems can be stressful, especially during uncertain economic times when job loss becomes a real possibility. A little preparation can…
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Loans & CreditAsk the expert: Accrued interest getting out of hand
When money is already tight, an unexpected expense can make things way harder. Interest rates are already high, and accrued interest can make debt…
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News & CommentaryHousehold debt is climbing: What Canadians can do about it
Household debt is reaching new heights in Canada. According to the Q4 2024 TransUnion industry report , consumer debt in Canada grew to $2.5…
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Loans & CreditWill AI change how we borrow? How lenders are using AI in 2025
If you’ve ever applied for a loan or mortgage , you know that it often means filling out lots of paperwork and a lengthy approval process. That's…
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Budgeting & MoneyYour complete guide to opening a bank account in Canada
It can be tempting to think that a bank account is a bank account, but not all accounts are created equal. When opening a bank account, there are…
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Taxes & BenefitsThe Canadian Dental Care Plan coverage expansion
When money is tight, it sometimes means making hard choices. Often, if that choice is between a visit to the dentist or food on the table, the…
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Debt RepaymentAsk the Expert: Decoding collections legalese
Having debt go to collections is a tricky situation. There is a lot of misinformation floating around about what to do when this happens. Listening…
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Housing & MortgagesMortgage renewal in Canada: What to know when rates are rising
Mortgage renewals used to be simple. You’d get a letter from your lender, glance at the new interest rate, sign it, and carry on. Now, though, things…
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Budgeting & MoneyCash management strategies for couples
Managing money with a partner can be tough, especially when many of us are still figuring out cash management on our own. When you bring two people…
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Budgeting & MoneyUnderstanding the spendthrift mindset
Get a kick out of spending money? Do you often get surprised by and then stressed by credit card bills? Always find yourself living paycheque to…
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Credit HealthCredit score levels: Why the mismatch?
A credit score is a three-digit number that reflects how responsibly you manage debt and repay borrowed money, including loans, credit cards, and…
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Budgeting & MoneyBuy Nothing: How can I make it work?
What is the Buy Nothing movement? The Buy Nothing movement has found global popularity. Its main focus is reducing consumerism and consumption. The…
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Taxes & BenefitsEI Benefits are getting an upgrade, for now
The relief felt when EI benefits come to the rescue in a time of need far outweighs any crumminess of paying into the program. Unfortunately, the…
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Budgeting & MoneyHigh-Interest Savings Account vs. GIC: A guide
When it comes to saving money in Canada, understanding your options is key. Two popular choices are a High Interest Savings Account (HISA) and a…
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Budgeting & MoneyOpen Banking: Revolutionizing your finances in Canada (Soon!)
Imagine having a complete overview of all your financial accounts in one place. Or, receiving personalized advice based on your spending habits. Even…
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Taxes & BenefitsBack taxes: What to do if you owe
If you owe back taxes in Canada, there are solutions and options available to you. In many cases, the Canada Revenue Agency (CRA) is willing to work…
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Budgeting & MoneyAsk the expert: Unexpectedly responsible for managing money
Grieving the loss of a loved one is difficult enough on its own. Add to this the need to become adept at managing money quickly, and anyone would be…
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Credit HealthBuild credit through rent payments
A common way to build credit is by making consistent payments. Making mortgage payments or paying your credit card in full every month can benefit…
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Loans & CreditThe instant loans trap
In Canada, instant loans (aka payday loans) are everywhere, you can find locations on just as many street corners as you will find a Tim Hortons!…
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News & CommentaryOntarian financial institutions step up in support of those in need
Financial institutions in Ontario are banding together to do the right thing! They are coming to the aid of some of the most vulnerable and…
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Budgeting & MoneyStress Awareness Month - 2026
Stress Awareness Month is an essential time in 2026. With all that's going on in the world, it can be difficult navigating finances and everything in…
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News & CommentaryAsk the expert: Dealing with Canadian debt while living abroad
Living abroad doesn't absolve someone from their Canadian debt obligations. Luckily, there are effective ways to handle the debt. Financial expert,…
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Budgeting & MoneyFrugal vs Cheap: where do you draw the line?
You must have heard the term “Keeping up with the Joneses”. It means comparing yourself to others in terms of lifestyle or material possessions. This…
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Budgeting & MoneyThe True Cost Of Lending Money To Family
We all know that blood is thicker than water and that family comes first. So when a close family member tells you they’re in a bind and could really…
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Loans & CreditShifting landscape of lending: Canada's new criminal interest rate
The criminal interest rate represents the uppermost limit of interest that lenders are legally permitted to charge on a loan. Effective January 1,…
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Credit HealthMarriage, divorce, and your credit score
Life changes like marriage or divorce can have a big impact on your finances. A strong credit score can be a valuable tool during these…
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Taxes & BenefitsLiving with disabilities: Pay equity and financial assistance
Across the globe, people with disabilities face significant financial challenges. Even in Canada, the financial disparity is well-documented. In…
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News & CommentaryBuy Canadian-made products: Support the domestic economy
The USA has officially applied tariffs on Canadian-made goods. In response, Canada applied retaliatory 25% tariffs on around $155 billion worth of…
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Debt RepaymentUse the Snowflake Method to pay off debt
The snowflake method is a debt repayment strategy, one of many popular strategies used to reach the goal of a debt-free life. This method involves…
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Taxes & BenefitsNew tax implications for gig workers
The gig economy is booming in Canada, with nearly 9 million Canadians (28%) participating in freelance, contract, or platform-based work. Whether you…
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Loans & CreditMaximizing reward points programs
I used to live in Northern BC, where flights out were expensive, but being able to fly out of the remote location on a semi-regular basis was…
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News & CommentaryWhy generosity in Canada has reached a 20-year low?
Charitable giving in Canada is at a crossroads. According to Statistics Canada, fewer Canadians are donating to charities than ever before. This past…
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Budgeting & MoneyTips to make the most of your Christmas gift card
Forty-two percent of respondents for the 2024 Holiday Shopping Survey by RCC (Retail Council of Canada) included at least one gift card in their…
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Housing & MortgagesDoes Your Mortgage Count as Debt?
Sick and tired of credit card debt, lines of credit, collections calls, and generally being out of control with your spending? It's time to commit to…
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Taxes & BenefitsTaxpayer accounts hacked: What does the CRA say?
Recently, scammers hacked tens of thousands of taxpayer accounts. There seems to have been a security breach at the CRA (Canada Revenue Agency) ,…
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News & CommentaryYour playbook for financial fitness
Financial fitness, much like physical fitness, requires consistent effort and discipline. Good financial health isn’t a one-and-done scenario. It’s…
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Budgeting & MoneyWhat's in your pay stub?
The end of the month means it's payday. The much anticipated “ka-ching” in your bank account is a sound everyone is familiar with. What many are not…
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Housing & MortgagesFinancially stable without homeownership: A How-To
Is it possible? For decades, homeownership has traditionally been associated with financial stability and security. Even today, it is a goal many…
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News & CommentaryHoliday shopping, how much is too much?
Standing in the aisle surrounded by wreaths, candy canes, and images of Santa Claus, my Pavlovian holiday shopping responses took over. Holiday…
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Budgeting & MoneyFinancial review: A guide
This financial review guide will take you through all the steps you can follow to do your own financial review. Starting from creating a budget, to…
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News & CommentaryFinancial literacy got you tongue-tied? Give this a try.
November is Financial Literacy Month ! Each year, the Government of Canada and the Financial Consumer Agency of Canada (FCAC) take time to raise…
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Budgeting & MoneyLoud budgeting: Normalizing talking about money
Many financial trends that stem from social media make most financial experts cringe. At long last, there’s one they can stand by, loud budgeting. At…
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News & CommentaryDrip pricing: What it is, and what you can do about it
Drip pricing is a technique where companies advertise an initial base price, and then add on different fees and charges (mandatory or optional)…
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News & CommentaryLipstick Index: What’s it about and does it actually hold up?
The Lipstick Index entered popular culture in the early 2000s. Leonard Lauder, former chairman of Estée Lauder, noticed an uptick in lipstick sales…
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Housing & MortgagesUnderstanding NOSIs and Liens: Protecting homeowners from financial stress
There’s been an important change when it comes to liens and Notices of Security Interest (NOSI). It’s a good idea to spread the word, especially…
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Budgeting & MoneySoft saving: Everything you need to know
Soft saving is a new personal finance trend that’s been growing quickly and gaining popularity. It is about prioritizing your present quality of…
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Credit HealthAsk the Expert: Is getting a prepaid credit card a good solution?
Debt solutions are great in that they help people take back control of their debt, but they come with their challenges. One of them is that many of…
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News & CommentaryGreedflation: How does it work and what can you do about it?
When businesses take advantage of rising inflation to increase prices beyond what is needed to cover costs, it leads to greedflation. The term itself…
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News & CommentaryThe great wealth transfer in Canada
A significant shift is happening in the world of wealth and assets. This shift, known as the great wealth transfer, changes who controls wealth and…
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Budgeting & MoneyAI’s influence on the household budget
We’ve entered a new age in human history. Whether we like it or not Artificial Intelligence (AI) is leading the charge. Its resonance will be felt…
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Housing & MortgagesThe introduction of 30-year insured mortgages
The introduction of the 30-year insured mortgage in Canada marks a significant shift in the country's housing market. This new option, announced by…
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Taxes & BenefitsCapital Gains Tax Canada: Changes and Impact
Budget 2024 has brought many changes including some changes to capital gains tax in Canada. It's important to keep up to date on these changes to…
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Taxes & Benefits$10-a-day Childcare: Benefits and Effects
The cost of living is up, along with inflation and mortgage interest rates. The good news is that saving on childcare is no longer as much of a pipe…
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Credit HealthAsk the Expert: Handling fraudulent transactions
Sadly, finding fraudulent transactions on a bank or credit card account isn't uncommon in today's world. Financial expert and author, Sandy Yong,…
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News & CommentaryIs a reduction in monthly expenses on the horizon for Canadians?
Canadians have to budget for lots of small and large monthly expenses. If we saw a decline in telecom costs for some of our services, how much would…
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Taxes & BenefitsIs affordable prescription medicine for Canadians coming?
Is affordable prescription medicine coming soon for Canadians across the country? The government has released details on the progress of the new…
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Budgeting & MoneyBoost your finances with a no-spend month challenge
With inflation and the cost of living rising by the day, people are under a lot of pressure to stretch every dollar. A no-spend month can help you…
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Budgeting & MoneyFinancial impacts of a labour union
Unions and strikes have been making headline news lately. Both private and public sectors are experiencing labour disputes. Among other…
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Loans & CreditConsumer protection laws for Canadian credit card holders
Canadians are dealing with cost of living increases and high rates of inflation. It is no surprise that people are turning to credit cards to help…
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Housing & MortgagesAsk the Expert: Is help on the way for those paying rent?
Rent prices are high and not just in large cities anymore, across Canada. The government has put measures in place to help. Heather, our reader, is…
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Budgeting & MoneyAffordable skill building for boosting take-home pay
Upskilling is a great way to increase your take-home pay. When you work on expanding your skillset, you can earn more money, and you also make…
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Taxes & BenefitsCPP and EI contribution changes and their impact on your bank account
At a time when prices continue to go through the roof, any reduction in income is a dreaded scenario. Luckily, the government of Canada’s tax laws…
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Taxes & BenefitsAsk the Expert: Unexpectedly have to pay taxes?
Caught off guard by having to pay taxes? So was our reader Frank. CPA, Adeola, explains how to navigate staying on good terms with the Canada Revenue…
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News & CommentaryWhat’s up with tipping in Canada?
Tipping prompts are everywhere , and the default numbers on the screen are getting higher. This increase in default tip prompt suggestions has…
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Budgeting & MoneyMaking sense of girl math: How does it all add up?
Picture this: you’re shopping at the mall and stumble upon a gorgeous outfit that’s on sale. Then you do quick mental math and determine, “Well, if…
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Taxes & BenefitsAsk the Expert: Should I withdraw from my retirement savings?
Life, inevitably, comes with twists and turns. Sometimes, those twists and turns involve financial struggle. Reader, Seth, is in the midst of one of…
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Debt ReliefConsumer Proposal vs Debt Consolidation - Which is Better?
Being in debt makes it a daily struggle, even for groceries or rent. The added stress also takes a toll on the mental health of many Canadians. If…
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Budgeting & MoneyTaking back control from your spending triggers
Every summer, my husband and I visit wineries in the Okanagan Valley, BC. We enjoy the scenery and tasting new wines. We feel content and carefree.…
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Debt ReliefWhat Types of Debt can you Consolidate?
What is debt consolidation? One of the most common and well-known forms of debt relief is to consolidate your debt. Debt consolidation helps you…
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Budgeting & MoneyAsk the Expert: What to do when life gets in the way of keeping on top of bill payments
Life likes to take its twists and turns. When that happens it can be hard to get back on track with bill payments. Max is facing just such a…
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Housing & MortgagesI'm a homeowner, what does the new Mortgage Charter mean for me?
The federal government recently introduced the Canadian Mortgage Charter by way of the Financial Consumer Agency of Canada (FCAC). Let’s look at what…
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Budgeting & MoneyDopamine's effect on financial wellness
Do you ever feel a surge of joy when you buy something? This is the brain releasing the chemical dopamine. Dopamine is our body's reward…
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Money Journeys: Guirlene Joseph
Our final episode of the Money Journeys podcast features Guirlene Joseph. We learn how Guirlene's money journey went from helping her immigrant…
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News & CommentaryFinancial Literacy: Financial protection available to Canadians
As Financial Literacy Month draws to a close, we talk about your financial rights and how you can stay protected. While it’s important to earn more…
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Budgeting & MoneyHoliday spending: How to prevent emotions taking over your budget
As wonderful as Christmas is, the holidays can bring out difficult emotions. These emotions, such as fear, shame, guilt, and doubt, can sometimes…
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Money Journeys: Christine Urbanowski
This week's episode of the Money Journeys podcast features Christine Urbanowski. As an Accredited Financial Counsellor of Canada Christine helps…
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Money Journeys: Sherry Andrew
Sherry Andrew joins us for this third episode of the Money Journeys podcast. Sherry is an Accredited Financial Counsellor of Canada and founder of…
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News & CommentaryMoney Journeys: Mubina Kapasi
In the second episode of the Money Journeys podcast, Mubina Kapasi ( CFA ) joins us. Mubina's money journey took her across the ocean from India to…
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News & CommentaryMoney Journeys Podcast
Welcome to the Money Journeys podcast! Here at Debt.ca , we wanted to celebrate Financial Literacy Month by creating a place to pause and reflect on…
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News & CommentaryMoney Journeys: Lauren Cañafranca
In this inaugural episode of the Money Journeys podcast, we are talking with Financial Coach Lauren Cañafranca AFC. We talk about how her initial…
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Debt RepaymentAsk the Expert: Handling calls from a collection agency like a pro
Reader Manny has been struggling with calls from a collection agency. Financial Coach Christine walks him and us through how to master dealing with…
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News & CommentaryThe Competition Bureau: Canada's Economic Health Watchdog and Enforcer
Facing interest rates and price hikes, Canadians are struggling financially. One way to keep prices down is by increasing competition. Is it the best…
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Loans & CreditConsolidation Loans: Are They Right For You?
Between the cost of living going up and rising interest rates, more and more Canadians are finding it hard to pay off their debt. At one point or…
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Debt ReliefWhy has the demand for consumer proposals increased so much over the last decade?
Consumer behaviour has shifted in the past decade toward more consumer proposals. As Canadians cope with financial crises, more people settle with…
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News & CommentaryEmpowering the Diverse: Vital Financial and Educational Resources
There are many diverse communities and individuals here in Canada. We pride ourselves on being a country that's supportive of diversity, but it’s no…
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Debt RepaymentAsk the Expert: Use Inheritance to Pay Off Debts or Mortgage?
Reader, Becky, wants to know the best way to utilize an inheritance. Should she pay off her debts or mortgage? Financial coach Guirlene walks her…
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Housing & MortgagesCurrent Mortgage Rates Denying Access to Needed Financing
It's been a tough time for homeowners. In a short period of time, we saw the prime rate increase a whopping 7 times. In fact, interest rates…
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Budgeting & MoneyPeople Want More From Their Banks in Canada, and It’s Not Money
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Debt RepaymentDebt Repayment Options in a Tough Financial Climate
At this point, it probably doesn’t come as a shock to you that the world we live in today is not the same one we were living in pre-Covid. The…
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Budgeting & MoneyFinancial Hardship - It’s Different This Time
Financial hardship has hit every generation. The current financial situation for Canadians is different than it has ever been before. It all began…
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Budgeting & MoneyDiscerning Between Financial Certifications and Hiring the Right Accredited Professional
In the modern world, people like to handle their problems by doing a quick Google search or following a tutorial on YouTube. The result is often…
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Loans & CreditHow to Choose the Perfect Credit Card
There are plenty of options when it comes to credit card offers. Are you looking for a rewards program? Something to get you airport lounge access?…
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Credit HealthAsk the Expert: Credit Utilization and its Impact on Authorized Users
Read along as our expert Mubina, a CFA, fills reader Harold in on the intricacies between credit utilization and being an authorized user. The…
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News & CommentaryHow to Effectively Manage Someone Else’s Financial Resources
Many Canadians handle financial resources or matters for a loved one who can’t do it themselves. This can be a difficult task. Thankfully, there are…
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Credit HealthCredit Building Without a Credit Card
Credit building can be difficult. If you don’t have a responsible repayment history, getting a line of credit or an unsecured credit card can be…
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Budgeting & MoneyWhy teaching kids financial management is just as beneficial for parents as their kids
Financial literacy has started to gain attention over the past few years. Thank goodness! Studies show people educated in financial management feel…
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Budgeting & MoneySaving While Being In Debt
The COVID-19 pandemic has taught us life can be unpredictable. Having funds set aside for unexpected emergencies such as medical bills, car repairs,…
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Loans & CreditCredit Card Authorized Users, Good or Bad Idea?
Having a credit card with an authorized user is not a decision to take lightly. It's important to know how an authorized user account works and how…
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Budgeting & MoneyAsk the Expert: Navigating the Cost of Divorce
The cost of divorce can easily get out of hand. That's why it's one of the leading causes of unmanageable debt. Read as Financial Coach Christine…
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News & CommentaryWhy being insured properly is a fundamental part of finances
Insurance is an agreement between two parties: the insurer and the insured. An insurance company protects the insured from financial losses incurred…
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Budgeting & MoneyDon’t like doing family finances? Advice for making it painless.
Life can be hard enough without stressing over the economic impact of your family finances. Many people lose sleep or give up time with family…
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News & CommentaryNavigating The Cost of Death
As the saying goes, there are only two certainties in life: death and taxes. In this article, we’ll talk about the former. In particular, the cost…
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News & CommentaryCashless Society: What Does it Mean for You?
As technology advances each day, we benefit from enhanced virtual tools. One of the most influential tools to arise from innovation is financial…
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Budgeting & MoneyGetting Back on Track with Your Budget
You had some big financial goals for yourself, but you blink and before you know it it’s the end of the month. It's that moment when you realize you…
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Budgeting & MoneyWhat everyone needs to know about financial abuse
Typically, emotional and physical mistreatment comes to mind first when discussing domestic abuse. There's another type of abuse that needs vigilant…
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Credit HealthHow to protect yourself from scams and fraud
By now, we're all aware that there are people trying to trick you out of your money and valuable information. It’s getting harder to spot a scam…
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Budgeting & MoneyGuaranteed Investment Certificates
You may have seen Guaranteed Investment Certificates (GIC) offered by your bank. What are they and how do they work? In this article, we’ll explore…
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Budgeting & MoneyBanking in Canada: How safe is my money?
Recently in the news, there has been a lot of talk of economic instability and bank failures. As a result, many Canadians are worrying about the…
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Budgeting & MoneyCanada Deposit Insurance Corporation: What is it and how does it protect us?
You might have heard of the Canada Deposit Insurance Corporation (CDIC) before, but who are they exactly? How do they protect Canadians? As we have…
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Debt RepaymentWhat is a right of set-off?
Between rising interest rates from the Bank of Canada and high inflation, Canadians are struggling to make ends meet. In fact, some people are facing…
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Budgeting & MoneyKeeping car costs from cleaning out your wallet
We live in a world where having a car is most often a necessity. It can make your life easier and open up new opportunities. This is a world of…
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Budgeting & MoneyManaging Finances When You’re Laid Off
It can be difficult to figure out what to do with your finances if you suddenly lose your job. Getting laid off from work can be a challenging time.…
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Loans & CreditCredit card cash advance: What you need to know
Our modern financial system is expansive and abundant. There are a ton of financial products and services available to us, including credit card cash…
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Budgeting & MoneyManaging Pet Care Expenses When You're In Debt
Pets are an important part of many people's lives . They provide love, companionship, and a sense of purpose. As much as we love our furry friends,…
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Budgeting & MoneyConsidering Switching to Digital Banking? Here’s What You Need to Know
Online banks (AKA neobanks) are quickly gaining in popularity. If you can’t remember the last time you visited your bank in person, you might…
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Taxes & BenefitsWhat Major Life Changes Mean for Your Taxes
Major life events like changing jobs, starting a business, buying a house, or getting married can impact how you plan for your finances. As you get…
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Budgeting & MoneyAsk The Expert: Finding A Personal Financial Planning Solution That Works For You
The world of personal financial planning offers endless options. How do you know which ones are best for you? Read along as Financial Coach Sherry…
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Credit HealthHard Vs Soft Credit Check: What's The Difference And Why Does It Matter?
Most of us know what a credit check is, a quick evaluation of our perceived ability and likelihood to pay for debts. Lenders, landlords, and…
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Taxes & BenefitsEarly Access To Your Income Tax Refund
The end of the tax year looks different for everyone. Maybe you end up with a balance owing, or maybe you end up with an income tax refund. If you…
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News & CommentaryNavigating The Canadian Economy As A Newcomer
Allow me to start by offering my congratulations on your arrival to a country that is diverse, vibrant and full of opportunities! When I was a…
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Debt ReliefBankruptcy Discharge: What Is It And Why It's A Vital Step?
A period of financial hardship left you unable to make debt payments, but you want to avoid wage garnishment and legal action. So, after looking at…
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News & CommentaryReading (And Understanding) A Contract Agreement
Contract agreements are full of confusing language and legal terms. It pays to put in the time to dissect the language and know what you are getting…
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Budgeting & Money3 Elements Of Being Financially Self Compassionate
In modern ‘bootstrap’ culture, the idea of being financially self-compassionate is misunderstood. It is often confused with self-pity or…
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Taxes & BenefitsAdjusting Payroll Deductions For A Bigger Income Tax Refund
As many know, due to the income tax act in Canada, taxable Canadians pay taxes each year . In February, the Canada Revenue Agency expects taxpayers…
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Budgeting & MoneyNew Laws Affecting Take-Home Pay
The world will remember 2022 as a challenging year. Many businesses are still short-staffed because of COVID-19. The war in Ukraine has made it…
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Budgeting & MoneyAsk The Expert: Getting Your Significant Other On Board For Financial Planning
Money can be tricky enough when single, put a significant other in the mix and the complexity increases exponentially. Below, our expert, financial…
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Loans & CreditPre-approved Credit Limit Increase: Go For It?
When offered a pre-approved credit card increase, your instinct might go one of two ways. The more frugally-minded will look at it with suspicion:…
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Budgeting & MoneyBanking Fees To Stop Wasting Money On
You need to have bank accounts. At least a chequing account, an emergency fund account, and a savings account. It's not unusual for someone to also…
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Budgeting & MoneyBuilding A Financial Plan When You're Neurodiverse
We don’t learn about setting up a financial plan in school. It is often one of life's big challenges that many tend to avoid (including myself for…
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Credit HealthBuilding Credit Dos and Don’ts
It’s possible to survive when you have bad credit, but it’s tough and more expensive. Building credit helps you save money and makes many aspects of…
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Budgeting & MoneyGet Your Personal Finances Set Up Right For The New Year
As you look forward, it’s a great time to get your finances set up right for the new year. A fresh new start sets the stage for new goals, new…
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Housing & MortgagesEverything You Wanted To Know About The New Ontario Housing Strategy
The Ontario government has unveiled a series of measures to cut red tape and make Ontario housing more affordable. The goal is to boost the housing…
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News & CommentarySurcharge: The Surprise Cost Increase
Finding a surcharge added to your bill is nothing new, but they’re in the news lately. Every time you pay a business with your Visa or Mastercard,…
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Budgeting & MoneyAsk the Expert: Connecting Financial Avoidance And Enjoyment
Financial avoidance is a common coping technique for stress about finances. Here are some insights about it from Financial Coach Lauren from Elbie…
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Loans & CreditStudent Loan Repayment Terms Being Revamped
You could be one of the lucky Canadians that benefit from the recent changes to student loan repayment terms. The Government of Canada changed some…
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News & CommentarySurvey Finds Consumer Debt is Making History (And Not In A Good Way.)
As you check your balance on your credit card statement, your heart sinks again, knowing how far you are in the hole. There is another perspective to…
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Budgeting & MoneySkip the Money Fight this Holiday Season
I love to start any discussion about couples and holiday season spending with a true story about a good friend. The first year she was married, her…
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Debt RepaymentNavigating The Holiday Season When You Have Debt
Having debt is not great any time of year, but November and December are the worst! Spending time with family and friends, plus all the holiday…
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News & CommentaryGood vs. Bad Financial Knowledge - How to Tell the Difference
Many fear the possible recession happening as early as the end of the year based on GDP growth . Leading many Canadians to seek sound financial…
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Budgeting & MoneyFinancial Literacy Month: Your Complete Guide To Creating a Budget
What is budgeting and why is it important? Well, budgeting is estimating your level of income and expenses for a set period of time to achieve a…
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Budgeting & MoneyWhat Retirees Wish They Knew Sooner about Personal Finance Planning
Ultimately, every decision you make about money adds up to create your financial situation. Every charge on your high-interest credit card and…
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News & CommentaryFinancial Literacy Month: The Complete Guide To Understanding Your Debt
You’ve put in a lot of hard work this week to get clarity and understand your debts! Take a minute to celebrate your efforts! Now you have all of the…
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Budgeting & MoneyBiggest Monthly Budget Missteps
Making a monthly budget sure seems like it should be straightforward enough. Just decide where you’ll spend your money, then follow the rules you…
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Loans & CreditSimple vs. Compound Interest
Interest can be good or bad, depending on what’s happening to your money. Is your money safe in a bank account or an investment? Is it growing? Or is…
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Credit HealthFinancial Literacy Month: Your Guide To Building, Improving, and Maintaining Your Credit Score
Credit Score Is Not A Bore! I get it. Doing money-related stuff can be the most BORING, mundane task on your to-do list! If your adrenaline’s…
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Budgeting & MoneyCash Flow Management - How Much of a Budget Buffer is Best
When things go wrong, as they sometimes will, solid cash flow management and a budget buffer can make all the difference. Whether your car needs…
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Loans & CreditCredit Card Fees Are Increasing - Here's How And Why
A big change just happened in the world of credit card fees that can really pack a punch to your wallet. You might find a new addition to the already…
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Budgeting & MoneyBest Places to Keep Your Emergency Fund
The fridge started making a funny noise and stopped keeping the food cold. The noise the car makes sounds even more expensive. Let’s not even talk…
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Housing & MortgagesAlternative Options To Get Into The Housing Market
Are you finding it tough to get into the housing market ? You’re not alone. In this article, we’ll look at alternative options to get into the…
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Debt RepaymentPaying Off Debt Minus The Guilt And Embarrassment
Carrying debt is a burden in many ways. Not only does it stress your finances, but you may also feel emotions like embarrassment that affect your…
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Budgeting & MoneyTypes of Budget and Budgeting Tracking Systems
Budgeting is a key skill to learn if you want to ensure you have healthy money habits. Even with all the great benefits budgeting offers, statistics…
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Budgeting & MoneyWhen Impulse Spending Makes Sense
Just the term “impulse spending” sounds like it will break the bank. The dictionary definition uses the word “unreflective.” Why's that a big deal?…
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Budgeting & MoneyMoney Management With A Variable Income
If you work in the gig economy or maybe your income changes due to commissions, you struggle making a budget.
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Taxes & BenefitsNeed financial assistance right now? Here’s where to look
Has life thrown you for a loop and you need financial assistance immediately? Here are a number of places to look for financial assistance right now.
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Loans & CreditHow to Survive Not Having a Credit Card
How did you end up not having a credit card? Perhaps you declared bankruptcy and had to surrender your credit cards. Maybe you made a deal with…
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Taxes & BenefitsCERB Repayment - Why some recipients are being told they must pay the money back.
The dire nature of the pandemic meant that the federal government had to act quickly. They created the Canada Emergency Response Benefit (CERB). This…
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Debt RepaymentHow to Handle Awkward Conversations About Your Debts
Talking about the debts you owe is never easy. Regardless of the situation and who it involves, conversations about money are awkward. These…
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News & CommentaryHow Different Generations Manage Money
How different generations manage money is an ever-changing topic. From saving to spending, each generation has different money habits. Do you think…
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News & CommentaryWhen a “Good Deal” Turns Out to be A Raw Deal
A good deal is hard to resist. It’s like winning at retail therapy. Sometimes, good deals are an illusion. How do you know if a ”good deal” is…
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Budgeting & MoneyFinancial Anxiety - What Is It and Tips for Managing it.
It’s one thing to worry about money enough to motivate you to stick to your budget. It’s a whole other thing to deal with financial anxiety that…
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Loans & CreditThe Risks of Buy Now, Pay Later in Canada
Buy now, pay later (BNPL) is making waves in Canada. It's a tempting option for consumers who want or need an item but don't have the cash to pay for…
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Budgeting & MoneyHow to Spend so You’re Saving Money
Digging out of debt is a big, necessary commitment. It feels like you’ll never be allowed to spend another dollar. Not to worry! Spending is a part…
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Budgeting & MoneyMoney Lessons From Dad
Just ahead of Father’s Day we wanted to take a moment to celebrate all things dad! Dads aren’t only known for their good (okay eye-rolling) jokes.…
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Budgeting & MoneyImpulse Buying: Cause and Effect
Spending money is a huge part of our economy. You work to earn money and then spend it on bills, make day-to-day purchases, and save some. Ideally,…
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Budgeting & MoneyIs More Education Worth it? Do College Graduates Earn More?
Starting a career? You have an important decision to make: Should I get a college or university education? Or should I just get a job and see where…
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Budgeting & MoneyIs a Side Hustle Right for Me?
You’re facing a pretty crappy situation. You have more month than money working your full-time day job. Credit cards helped at the beginning, but…
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Budgeting & MoneyFind Relief from Debt by Turning Trash into Cash
As the saying goes, “One person’s trash is another person’s treasure.” Are you on a mission to get out of debt? Maybe you’re already budgeting and…
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Budgeting & MoneyHow to Negotiate a Higher Starting Salary
If you've started a new job search, you are in one of the most powerful and important negotiating positions you'll ever be in. Starting salaries are…
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Housing & MortgagesBorrowing Against Equity in your Home
Home equity is at an all-time high. Over the last couple of years, real estate prices have soared, sometimes as much as 30% compared to the previous…
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Housing & MortgagesWhat is the Home Buyers' Plan?
It’s no secret that housing is a hot commodity in Canada. The housing market was booming even before the pandemic took it to record levels. For many,…
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Credit HealthFraud Prevention Month - Protecting Your Assets and Personal Information
Many Canadians fall victim to scams and fraudulent activities. In 2021, the Canadian Anti-Fraud Centre (CAFC) recorded more than 106,000 reports of…
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Credit HealthWhy Your Credit Score Matters in Retirement
Finally, retirement. Time to put your feet up, relax, and live off the money you've spent your life saving. For many, especially those reliant on…
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Credit HealthWhy Insurance Companies Check Your Credit Score
If you're buying a house, car, or taking out a loan, you'd naturally expect a credit score check to be a part of the process. Many people are shocked…
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Budgeting & MoneyEarning Money As A Teenager
A lot of people see earning money in a negative light. That's because many of us grew up with almost nothing in the way of education about money. We…
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Taxes & BenefitsTax Brackets in Canada
Tax brackets for the 2025 tax year According to the Canada Revenue Agency, federal income tax rates are as follows: 14.5 percent on the first $57,375…
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Budgeting & MoneyWhat To Do With A Financial Windfall
Most of us aren’t so lucky that we acquire a financial windfall very often. Any unexpected amount of money you get presents a bevy of opportunities.…
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Taxes & BenefitsDisability Tax Credit
The disability tax credit (DTC) is a tax credit to help lessen the tax burden of those with a disability and their supporting person. In this…
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Budgeting & MoneySetting a financial goal for the New Year
Setting a financial goal for the new year is very common and with good reason. A recent survey revealed that 77% of Canadians aren't able to cover an…
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Debt RepaymentTackle Holiday Debt Now For A Clean Slate In 2022
Racking up holiday debt is easy. We know that. According to a recent survey from savings destination RetailMeNot.ca, the average Canadian spent…
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Budgeting & MoneyHow Can Canadians Save Money During the Holidays?
Let’s be honest: it's hard to save money when the holiday season hits. However, we’re swiftly running out of disposable cash. But the pressures of…
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Debt RepaymentCoping With Christmas In Debt
Having to spend Christmas in debt can be emotionally trying. There are a few occasions in our lives where much of our financial responsibility gets…
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Taxes & BenefitsAre You Eligible for Employment Insurance?
Service Canada offers employment insurance benefits to Canadians who lose their working income. This financial relief is available for those…
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Debt ReliefAssessment of an Individual Debtor
Canadians are seeking financial freedom and continuing to struggle. COVID came when personal debt was already at an all-time high. Shockingly,…
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Taxes & BenefitsThe Canada Worker Lockdown Benefit
CWLB ended on May 7, 2022. As we approach the end of 2021, Canada is on its way to economic recovery, with employment now back to pre-pandemic…
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Debt RepaymentDebt Prioritization: Which Debt should I Pay Off First?
One financial storyline that emerged from the past 18 months was the ability of Canadians to pay off high-interest debt. As a result, debt…
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Budgeting & MoneyThe Gig Economy - Get a Gig to Get out of Debt
Debt is rising in Canada, with the average Canadian owing about $1.70 for every $1 of disposable income. Low-interest rates encouraged a steady rise…
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Budgeting & MoneyCanada's Financial Literacy Month
November is Financial Literacy Month in Canada. Various non-profit organizations and community groups partner with the Financial Consumer Agency of…
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Budgeting & MoneyMaking A Budget - How To Cut Costs While Saving Money
Making a budget and sticking to it can be one of the most difficult parts of paying off debt. It entails doing some heavy research into your own…
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Budgeting & MoneyLooking for Cheap Hobbies And Free Activities?
You know being in debt is incredibly stressful. While you’re doing everything you can to get out, it’s important to stay healthy and active. Adopting…
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Loans & CreditLine of Credit: Protecting Yourself from a Financial Emergency
Experiencing a financial emergency can be a harrowing experience. But it happens, especially nowadays. What can you do when paying interest on debt…
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Budgeting & MoneyFinancial Infidelity and How to Overcome It
What is financial infidelity? Financial infidelity consists of hiding credit card purchases and other debts. It can even go as far as creating secret…
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Debt ReliefCredit Counselling vs Consumer Proposal
According to Statistics Canada , only 30.2% of Canadians are living debt-free. The remaining 69.8% owe about $79,000 per household in total…
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Budgeting & MoneyHow to Reduce your Food Budget
Savvy shoppers are always looking for valid food budget tips. And who could blame them? According to Canada’s Food Price Report 2021 , annual…
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Credit HealthCredit Ratings Explained
Credit is something many of us take for granted. If you have good credit, you should have no problem borrowing money from financial institutions at…
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Credit HealthDoes owing to CRA affect your credit score?
Income taxes are a large financial obligation. Every individual files taxes every year. Some owe taxes. Some get a refund. If you own a business, you…
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News & CommentaryThe 7 Best Personal Finance Books
Reading is good for your health. The benefits of reading books are abundant, heightened ability to empathize, cognitive decline prevention, lowered…
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Loans & CreditCan debt consolidation help with payday loans?
If you’re looking for a loan these days, you have many options. There are thousands of bank branches across the country that offer lines of credit,…
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Debt RepaymentHow To Dispute Debt Collectors and How to Approach Them
When dealing with a debt collector , it’s easy to feel anxious every time the phone rings. In fact, that stress contributes to debt denial, which…
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Loans & CreditUnemployed Debt Consolidation Loans Explained
For one reason or another, unemployment affects many people at some point in time in their lives. At the moment, the unemployment rate in Canada is…
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Budgeting & MoneyMoney Management - Make Your Money Count
Life is better when you’re on top of your finances. You feel more confident, secure, and relaxed when you’re not worried about money. Good financial…
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Debt RepaymentWhat is the Snowball Method to Paying Down Debt?
Learn about the snowball method, one of the most effective techniques to paying off different kinds of debt with different interest rates.
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Housing & MortgagesWhat is Foreclosure?
Millionaires still advise that real estate is the best investment. Even in a global pandemic, people continue to purchase homes. Just in 2021,…
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News & CommentaryHow much debt does Canada have?
Canada’s debt has grown significantly in recent years. However, the most important thing to understand is that “debt” means different things…
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Loans & CreditAPR vs Interest Rate - Knowing The Differences
At some point in life, most individuals rely on financing or credit. Certain life goals, such as buying a house or a car, are too expensive to…
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News & CommentaryDebt After Death - Planning and Considerations
Debt is common across Canada. Canadians have a variety of debt, including mortgage debt, credit card debt, student loan debt, and more. Canadian debt…
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Loans & CreditCan I Get a Car Loan After Bankruptcy?
Bankruptcy is a legal process that people undergo, often as a last resort when they cannot meet their debt obligations. The process relieves the…
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Debt ReliefBankruptcy vs Default - The Differences Between Them
When it comes to bankruptcy vs default, many Canadians don't know the difference between them. Many of us carry debt and struggle to pay it fully or…
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News & CommentaryThe New Normal: Expert Insights As Canada Emerges From The Pandemic
As Canada emerges from the pandemic, its various industries are spinning back up, hoping beyond hope that their businesses not only recover but come…
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Taxes & BenefitsWhat To Do If You Haven’t Filed Taxes In 10 years
Many Canadians dread tax time. Tax season takes an emotional toll on us, as it increases strain on relationships, and instills fear of government.…
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Loans & CreditHow Credit Card Debt Can Affect Mortgage Applications
Debt is universal. Most people experience some sort of debt in their lifetime. A significant number of Canadians experience outstanding debt, whether…
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Housing & MortgagesCan Mortgage Be Deducted from Rental Income?
Real estate is still one of the best investments in Canada, even now in 2021. With so many forms of investment, real estate gives people the…
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News & CommentaryDebt Quotes for Someone Who Owes You Money
Many people don’t know the basics of responsible spending. As a result, they plunge themselves into debt, which is a huge problem for many right now.…
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Budgeting & MoneyYour Debt-to-Income Ratio Explained
Debt-to-income ratios are commonly used in the personal finance industry in Canada. The ratio assesses one’s ability to manage and repay debts. You…
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Taxes & BenefitsPractical Canadian Tax Tips in 2021
With the 2021 tax season in full swing, we thought it would be the perfect time to share some tax tips. In this article, we’ll look at ways to boost…
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Debt RepaymentShould you borrow from your life insurance to pay off debt?
Most of us have found ourselves in a financial jam at some point in our lives. If you’re looking for a loan, consider looking at your life insurance…
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Credit HealthCredit Recovery: How to Rebuild Credit
A credit score may be only three numbers long, but it can nonetheless affect your life in big ways. As important as it is, not all of us have had the…
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Loans & CreditA Guide to How Small Business Loans Work
Knowing how small business loans work is critical for any entrepreneur. Canada had 1,200,571 small businesses with 1-99 employees in…
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Credit HealthHow long does it take to rebuild credit?
Credit is a necessary tool that helps you manage many common life tasks, such as paying for a car, affording a house, financing a business, and more.…
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Loans & CreditThe Best Banks for Small Business
Finding banks for small business operations is essential. Running a small business requires one to open a business account. There are bank services…
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Credit HealthWhat are the Effects of Forbearance on my Credit Score?
Forbearance is when a lender and borrower have a special agreement to suspend or reduce your debt's monthly payments. To keep the record straight, it…
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News & CommentaryOrderly Payment of Debts, A Bankruptcy Alternative
Folks who have debt problems consider various debt-relief options to overcome their financial situation. Most people in debt will likely think of…
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News & CommentaryMoney Mentors: Personal Finance Advice
Money mentors or money coaches can help provide you with the education on financial matters. If there’s anything you don’t understand about personal…
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Taxes & BenefitsChanges to the First-Time Homebuyer Incentive Make it More Useful in Big Canadian Cities
Buying a home in Canada doesn’t come cheap these days, especially in Canada’s most costly real estate markets. The good news is that help is on the…
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News & CommentaryWhat is Unsecured Debt in Canada?
Do you know the difference between secured debt and unsecured debt? Everyone is probably familiar with the concept of debt. You borrow money that…
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Budgeting & MoneyThe FIRE Movement: Retire Early?
The Financial Independence Retire Early ( FIRE ) movement is a personal finance model. It originated from the 1992 best-selling book “Your Money or…
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BIA s.136 (Section 136 of the Bankruptcy and Insolvency Act) specifies the repayment hierarchy of preferred creditors. Every class of creditor will…
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People who have high-interest debts often apply for a consumer proposal to extend the period of their debt repayment or reduce the amount of what…
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Debt ReliefAlternatives to Declaring Business Bankruptcy
There are several options for you when you want to solve the debt problem of your business, and some people resort to filing for bankruptcy in Canada…
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Debt ReliefHow to Avoid Debt Settlement Scams
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…
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Debt RepaymentPaying Off Canadian Debt While Living in the USA
As a Canadian citizen thinking of relocating to the USA, it is always advisable to get your finances in order before finalizing the move. It may be…
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Housing & MortgagesWhy Smart Renting Is The Key To Avoiding Debt
Smart renting, in this context, is the act of maximizing the benefits of renting a home or apartment. As many house prices continue to rise, and…
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Housing & MortgagesUsing a Home Equity Loan for Debt Consolidation
Using a Home Equity Loan for Debt Consolidation may not occur to a homeowner immediately when experiencing finance troubles. COVID-19 has been tough…
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Debt ReliefHow To Choose The Right Credit Counsellor For You
Credit counselling is one of the ways to solve your debt and other financial problems. If you choose the right credit counsellor, he or she can help…
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Housing & MortgagesThe Imminent Housing Crisis and the Average Canadian's Plea
Is there a housing crisis brewing in Canada? With eviction moratoriums and mortgage payment deferrals having already expired for 2020, it's possible…
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Credit HealthWhat is a Good Credit Score? Ranges and Factors
It’s crucial to know what a good credit score is if you’re building or maintaining healthy credit. If your credit score is good, you have a higher…
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Taxes & BenefitsThe Importance of Hiring a Tax Resolution Firm
Hiring a tax resolution firm can help you if you have tax issues. It’s indeed intimidating to receive phone calls from the Canada Revenue Agency…
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Budgeting & MoneyMobile Security Tips to Secure Data When Using Money Apps
According to 75% of mobile experts in Canada , mobile security and privacy are among the top concerns today, especially when people use mobile…
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Budgeting & MoneyThe Benefits of Teaching Financial Literacy to the Youth
Teaching financial literacy to our youth is crucial. It allows them to know the importance of money and in making the right financial decisions in…
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Budgeting & MoneyThings You Need to Consider When Sharing Your Financial Data
Sharing financial data is a common practice for companies and institutions offering financial services. That's why there are some things you should…
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Loans & CreditTips To Pay Off Your Credit Card Debt in Canada
A debt free financial life requires you to pay off your credit card debt. It's a dream for everyone. Not only in Canada, but in all parts of the…
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Loans & CreditWhy Credit Card Interest Rates are High
Today you can get a 5-year fixed-rate mortgage for under 3 percent and a secured line of credit for as little as 3 percent, so why are credit card…
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Loans & CreditImportant Terms to Know in Your Credit Card Agreement
Do you understand the credit card agreement you're getting into before you sign up? A lot of people see their credit cards as a license to spend .…
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Debt ReliefBankruptcies and Insolvencies - Experts Weigh In On Canada's Financial Future
Most people don't think they'll ever have to file for bankruptcy. That is until they've become so deep in debt that it's virtually the only thing…
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Housing & MortgagesHow Lenders Price Mortgage Rates
Have you ever been at a barbecue and heard the great mortgage rate your neighbours got and wondered why you don’t qualify for the same great rate?…
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Loans & CreditHow Can I Change My Student Loan Repayment Plan?
Ever ask yourself "Can I Change My Student Loan Repayment Plan?" If you’re having difficulty paying your student loan, there’s an option for you to…
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Debt ReliefDebt Management Program Pros and Cons
Have you thought about the debt management program's pros and cons to getting out of debt? Many folks who have high-interest unsecured debt resort to…
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Debt RepaymentDebt Settlement Negotiations: A Do-It-Yourself Guide
Considering debt settlement negotiations can be stressful. Debt is indeed a serious obligation that affects your finances and life in general. This…
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Budgeting & MoneyThings You Should Always Buy at a Dollar Store
Dollar stores are great places for thrifty shoppers. But anyone who has ever used a dollar store cotton swab knows that there are just some things…
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Debt RepaymentDealing with Debt Collectors - 10 Consumer Rights You Should Know
It’s indeed a pain in the neck if you're dealing with debt collectors several times a week. Some debt collectors are known to be rude, intimidating,…
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News & CommentaryWhere to splurge and save money on Halloween 2025
It’s a good idea to save money on Halloween candy if you plan on participating at all this year. Halloween has become big business in Canada. What…
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Debt ReliefWhat To Look For in a Debt Relief Company
Choosing the best debt relief company can be a difficult task. Debt is a sensitive topic and many Canadians are not comfortable sharing information…
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Loans & CreditUnderstanding Compound Interest and the Potential Damage
Understanding compound interest and the risks of unpaid debt is essential if you owe money. Accumulated interest can cause you to pay much more than…
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Debt ReliefWhen Does Debt Consolidation Go Wrong?
Individuals considering debt relief often ask "When does debt consolidation go wrong?" People who are burdened with multiple debts often resort to…
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News & CommentaryWhat is Insolvency?
Insolvency is a financial state where you’re unable to meet your debts as they come due. When used as a commercial term, it means that your business…
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Debt RepaymentNegotiate Lower Interest Rates to Speed Up Debt Payoff
Knowing how to negotiate lower interest rates on your debt successfully is an asset. However, paying off debt can be difficult. It often requires…
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Debt ReliefIs debt settlement right for me? Consider this...
Asking "Is debt settlement right for me?" might not be the right question. There are some considerations to keep in mind when you seek debt relief.…
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Debt ReliefWhat You Need to Know After A Consumer Proposal
For people who have debt problems, one of the best debt solutions to escape such a predicament is to file a consumer proposal. In the first quarter…
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Debt Relief6 Signs You Need Credit Counselling
The signs you need credit counselling can be quite prominent. Experiencing financial trouble in your life is indeed a pain in the neck. And, of…
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Debt ReliefWhat to Do When Struggling to Pay Your Debt Management Program
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…
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Budgeting & MoneyJoint Bank Accounts, What You Need to Know
Convenient access to pooled resources, higher savings, expense tracking, and successful budgeting have never been easier with joint bank accounts. In…
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Loans & CreditEverything You Need to Know About Online Instalment Loans
Online instalment loans are a highly popular loan option for people who need to borrow fast cash. It differs from other types of loans because the…
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Credit HealthTips for Lowering Credit Utilization Ratio
When lowering the credit utilization ratio, it's key to improving credit. However, you should watch out for the credit utilization on your credit…
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Housing & MortgagesMortgage Stress Test Falling
The mortgage stress test rate has fallen once again. This is the third time since Covid-19 started. In this article, we’ll look at what the mortgage…
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News & CommentaryPros and Cons of Debt Consolidation
Understanding the pros and cons of debt consolidation is pivotal when reviewing your options. It’s indeed a tough situation to get saddled with…
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Taxes & BenefitsChildcare Subsidy for Canadian Parents
In this article, we’ll review what a childcare subsidy is and how it works. Figuring out how the child care subsidies work in your province isn’t…
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Budgeting & MoneyStart Your Retirement Savings Plan Today
The younger you are, the harder it can be to imagine what retirement is going to look like. For some, retirement age is 40 or more years away. The…
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Loans & CreditIs Co-Signing A Loan A Foolish Mistake? Learn Before You Loan
Co-signing a loan sounds like a great way to help someone in need. Usually, a friend or family member needs a loan or some other type of security…
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Loans & CreditHow to Come Out Ahead on Credit Card Balance Transfers
Credit card balance transfers may be a good alternative to many other debt relief options. If you're currently stuck in credit card debt and feel…
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Loans & CreditWhy Payday Loans Are an Awful Borrowing Choice
Are you among the 31% of people who believe they have too much debt? A recent survey cited that 73.2% of Canadians have debt or use payday loans to…
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Debt RepaymentWays to Reduce Debt During Tough Times
If you're looking for ways to reduce debt while enduring the pandemic, so are many others like you. Debt is a challenge, and more so when you are…
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News & CommentaryHousehold debt ratio rises to 176.9%
Canadian household debt is once again in the spotlight. The household debt ratio is heading towards a record high. In this article, we’ll look at…
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News & CommentaryPersonal Bankruptcies fell to a record low in April
Amid a global pandemic, you’d think that personal bankruptcies would be increasing, but that hasn’t been the case. In fact, personal bankruptcies…
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Debt ReliefDebt Consolidation vs Bankruptcy
When it comes to debt consolidation vs bankruptcy, the two differ in many ways. A rough economy can tempt one to declare bankruptcy if you have large…
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Taxes & BenefitsFirst time home buyer Incentive
Are you a first-time home buyer looking to purchase a home in the near future? You may have heard of and be familiar with the First-Time Home Buyer…
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Budgeting & MoneyGet Your Personal Finances on Track
If you want to get your personal finances on track, it takes time and guts. You must put effort into setting up a system that will work for you. Come…
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Budgeting & MoneyCheap Gifts for Dad on Father's Day
Are you all set on gifts for dad on Father's Day? Father’s Day is coming up on June 21st. Are you prepared? With the current COVID-19 pandemic, money…
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Housing & MortgagesCMHC Mortgage Rule Changes
There are many CMHC mortgage rule changes that have the potential to affect many Canadians. The Canada Mortgage and Housing Corporation (CMHC)…
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Debt RepaymentShould You Invest In Your RRSP Or Pay Off Debt?
Should you invest in your RRSP or pay off debt? This is one of the most common financial decisions faced by Canadians these days. Unfortunately,…
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Housing & MortgagesSimple Ways to Pay Down Your Mortgage Sooner
Are you interested in investing in real estate? Unless you can afford to pay for a property in cash, you’ll need to take out a mortgage. For many…
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Taxes & BenefitsEnhanced Powers for the Financial Consumer Agency of Canada
The newly enhanced powers for the Financial Consumer Agency of Canada have been underway since April 2020. The Financial Consumer Agency of Canada…
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Budgeting & MoneyHow to Prepare for a Financial Crisis
Have you ever thought about how to prepare for a financial crisis? If you’ve experienced one at some point in your life you probably have. In this…
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Taxes & BenefitsDo you need help paying bills through Coronavirus?
There’s no shame if you need help paying bills right now. With the coronavirus resulting in layoffs, there’s no surprise so many people need…
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Taxes & BenefitsSelf-Employed Taxes for Small Business Owners
If you have to file self-employed taxes this year, you may be confused with how they differ from personal taxes. Income tax season is already…
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Debt RepaymentCollection Agencies Act - What You Need To Know
The goal of the Collection Agencies Act is to keep collection agents from participating in a prohibited practice. Basically, for a collection agency…
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Debt ReliefDebt Settlement vs. Bankruptcy vs. Consumer Proposal
Have you ever pit debt settlement vs. bankruptcy vs. consumer proposal? Getting to know each one intimately probably never crossed your mind.…
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Budgeting & MoneyBudgeting Basics - Get More Control Of Your Finances
It’s time to get down to the basics. In this article, we’re going to look at the basics of budgeting. Now I know what you’re thinking, a budget is no…
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Debt RepaymentHow to Get Out of Debt And Stay Out
Are you unsure of how to get out of debt? You're not alone. Canadians owe an average of $1.74 of debt for every dollar of disposable income. That can…
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Loans & CreditHow to pay back student loans
If you want to know how to pay back student loans, you’re not alone. The average Canadian student owed $28,000 on a bachelor’s degree upon…
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Budgeting & MoneyCouples and Money: End the Budgeting Bickering
One of the issues regarding couples and money is what to do when they don't see eye to eye about finances. If one spouse wants to get out of debt and…
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News & CommentaryData Privacy Day in Canada
Today is Data Privacy Day! The United States and Canada are among the many countries that celebrate Data Privacy Day. It began in the United States,…
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Budgeting & MoneySave on Energy and Reduce Your Power Bill
If you’re like most homeowners, the most expensive utility bill is your energy bill. Unfortunately, many homeowners accept their electricity bill for…
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Loans & CreditAre Credit Card Reward Points Costing You?
Many people see credit card points as rewards, but are they really? It could be that they are actually costing you unnecessary money. Points are very…
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Loans & CreditCredit Card Minimum Payments Don't Work
It’s a situation that’s easy to get into: “I’ll just make the credit card minimum payment this month and worry about paying off the balance later.”…
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Budgeting & MoneyHere’s a Quick Way to Get Focused On Your Goals
Stop feeling overwhelmed and start taking back control. Use these goal-setting tips to achieve you financial goals to live the life you want.
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Credit HealthUnderstanding your Credit Score
Take steps to understand what your credit score means, what a high credit score enables you to do, and what a low credit score prevents you from…
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Loans & CreditGetting a Loan if You Have Bad Credit
If you're getting your life back on track and want to get a loan, sometimes history can bite you. Here's how to go about getting a loan with a bad…
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Loans & CreditThe state of student debt in Canada
Are you dealing with student debt? Students are now balancing student loan payments, remote learning, and working part-time. This can be overwhelming…
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Debt RepaymentPay Down Debt with the Avalanche Method
Learn about the avalanche method, one of the most effective techniques for paying down debt from one or more sources and interest rates.
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News & CommentaryWhat is National Patriots’ Day?
If you live in the province of Quebec, you most likely celebrate National Patriots’ Day. The annual holiday falls on the Monday before May 25th. It…
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Loans & CreditApple Card: Apple wants to make it even easier to charge
Digital shopping is great for convenience, but for those who tend to shop too much, Apple Card can be a dangerous tool in the palm of their hand.…
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Budgeting & MoneyActivity-Based Budgeting: Time is Money
Activity-based budgeting is a method associated with business: it’s when you figure out all the costs for all your products and services. After you…
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Loans & CreditWhen buying a car, does leasing or financing make the most sense?
Buying a car is an expensive proposition. You want to do your research and make sure the vehicle you’re purchasing is best for your needs. The…
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Taxes & BenefitsStop procrastinating and file taxes
Tax time is stressful, even for those of us who are the most prepared. If you have left things to the last minute, like many of us, the tension dial…
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Budgeting & MoneyDiscover the best budgeting apps for Canadians
If you want to learn about the best budgeting apps available, now is a perfect time. Canada is moving towards an increasingly cashless society.…
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Budgeting & MoneyIncremental Budgeting: Gaining Capital Over Time
Incremental budgeting is a budget type where you add a specific amount of capital to a previous quarter’s or period’s budget to permit slight…
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Budgeting & MoneyZero-Based Budgeting: Every Dollar Matters
Zero-based budgeting is when you allocate every dollar of your monthly income for budgeting purposes. In other words, your income minus expenses…
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Debt RepaymentDealing With Debt: The Debt Avalanche vs Debt Snowball
Face it, when it comes to debt, no matter how big or small, it can be a major source of anxiety for Canadians. Paying debt off is a priority…
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Debt RepaymentHow to Become Debt Free Before Getting Married
Are you planning on getting married, but worried about how the credit card debt, auto loans, or student loan debt you or your partner currently carry…
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Debt ReliefWhich Type of Debt Should You Repay First?
Some people feel very anxious when they’re in debt and want to pay it off as soon as possible. But if you have a lot of debt or if you have many…
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Budgeting & MoneyThe Cost of Breaking Up
We all know the cost of getting married is expensive. But have you stopped to think about how the cost of breaking up can be even more? Many couples…
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News & Commentary10 Personal Finance Bloggers Share Their Best Money Advice
Every financial situation is unique and unlike others' experiences, which is why every piece of information you can absorb during debt repayment will…
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Debt RepaymentThe Secret to Crushing Your Debt Before it Crushes You
If there is something that I have been asked many times since we paid off our mortgage it's "What's the secret to crushing debt?" Is there really a…
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Debt RepaymentYou Paid Off Your Debt, Now What?
You did it, you finally made that last payment and your debt is paid in full! Now, you are ready to move on to bigger and brighter things. Money…
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Debt RepaymentThe 3 Things You Need Besides Money To Pay Off Your Debt
You've decided that you want to break free from debt once and for all. Congratulations! When it comes to paying off your debt there are a lot of…
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5 Ways to Reinvent Your Social Life While Paying off Debt
For those of you who are just starting to pay off your debt, I’m sure you’ve realized that changing your lifestyle to reach your goal of financial…
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Budgeting & MoneyLifestyle Inflation: A Wake Up Call
When you get a raise at work, do you immediately think about what you’ll buy with the extra money? When you find out that you’ll be getting an income…
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Housing & MortgagesShould You Rent Your House Out On Airbnb?
With Airbnb growing in popularity, many people are wondering whether they could make extra money by renting their homes out on the site. Maybe one of…
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Loans & CreditWhy Your Debt Service Ratios Matter
For most families, a mortgage is the largest amount of debt you’ll incur in your lifetime. With home prices reaching the stratosphere in many housing…
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Debt RepaymentHow to Tell Someone You're in Debt
Do you need to tell someone you're in debt, but are afraid of their reaction? Honesty and trust are vital in a healthy relationship. If you’re in…
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Budgeting & MoneyHow To Budget and Save for Your Upcoming Wedding
Are you preparing to walk down the aisle? While your wedding should be the most important day of your life, it’s equally important not to lose sight…
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Debt Repayment3 Ways to Motivate Yourself to Pay Off Debt
Motivating yourself while you’re in debt is a huge challenge. Even after making huge gains, you’ll still see red on your balance statement for quite…
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Budgeting & MoneyShould You Buy The Extra Warranty?
Whenever you’re making a major purchase you’re often asked if you’d like to purchase an extended warranty. An extended warranty acts just like an…
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Budgeting & MoneyHow To Save Money As a Stay at Home Parent
Raising a child is a rewarding experience, but it’s also very costly. Here’s a shocking fact: raising a child can end up costing you more than a…
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Budgeting & MoneyFrugal Living vs. Big Wins
When you’re struggling with debt, it’s hard to ‘think big’. Pinching pennies becomes a way of life and your next bill is the only thing you’re…
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Budgeting & MoneyFrugal Dating Without The Embarrassment
Whether you are in a long-term relationship or are just getting started with someone new, dating can, unfortunately, take a large toll on your wallet…
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What It Means To Be In Debt
Every few months there’s a report on the news telling us what the average debt-to-income ratio is in Canada. This number is used, in theory, to tell…
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Good Debt vs. Bad Debt
In our last article, we discussed paying off debt or investing in your RRSP . That really begs the question about debt, and whether all debt is equal…
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Taxes & BenefitsRRSP Loans - Should You Get One?
We’re already in February and that means every finance blog in Canada is talking about RRSP season . RRSP’s are a fantastically powerful investment…
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See if the following sounds at all familiar to you: “Hmm, I can’t really afford this car/vacation/TV/whatever else, but I’ve been working really hard…
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Multi-Level Marketing - The Answer You've Been Looking For?
It always seems that when life is difficult and all you need are some easy answers, someone random pops up in your life and introduces you to an…
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Debt RepaymentDebt And Desperation - Know The Warning Signs
You know how when you’re in a failing relationship you sometimes end up doing or saying things that you’d never do normally? Being in debt can…
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How To Overcome Setbacks As You Pay Back Debt
You've committed to paying off debt and have at least started your emergency fund . You've got a plan for paying off your debts: either the…
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