Debt Blog, Debt Advice & Tips for Canadians

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Orderly Payment of Debts, A Bankruptcy Alternative

By Debt.ca on February 15, 2021

  Folks who have debt problems consider various debt-relief options to overcome their financial situation. Most people in debt will likely think of filing for bankruptcy to get rid of their unsecured debts, but taking this approach has its disadvantages. That’s why alternatives to bankruptcy like Orderly Payment of Debt (OPD program) and a consumer…

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Money Mentors: Personal Finance Advice

By Joe Torraca on February 8, 2021

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 finance, you can ask your money mentor. They cover typical topics, such as: Savings Budgeting Investing If you’re struggling with debts, money mentors can also provide debt counselling sessions. They can teach…

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Changes to the First-Time Homebuyer Incentive Make it More Useful in Big Canadian Cities

By Joe Torraca on January 26, 2021

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 way. If you’re a first-time homebuyer buying in Toronto, Vancouver, or Victoria, it will soon be easier to qualify because of the changes to the First-Time Home Buyer…

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What is Unsecured Debt in Canada?

By Debt.ca on January 26, 2021

Do you know the difference between secured debt and unsecured debt? Everyone is probably familiar with the concept of debt. You borrow money that you’ll use to pay for bills and other expenses. You then have to repay it with interest within a specified period. That’s a pretty basic explanation. But did you know that…

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How a Business Wage Subsidy Can Keep Your Organization Afloat

By Joe Torraca on January 21, 2021

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

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The FIRE Movement: Retire Early?

By Debt.ca on January 18, 2021

The Financial Independence Retire Early (FIRE) movement is a personal finance model. It originated from the 1992 best-selling book “Your Money, Your Life” by Joe Dominguez and Vicki Robin. The movement’s main premise is that you should live a frugal lifestyle for early retirement. The personal finance model or lifestyle has become popular amongst the…

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Preferred Creditors of the Bankruptcy and Insolvency Act

By Debt.ca on January 12, 2021

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

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Options to Consider If You Want to Pay Off Your Consumer Proposal Early

By Debt.ca on December 28, 2020

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 they owe. This debt relief option is administered by a Licensed Insolvency Trustee, who helps you develop a proposal or offer to your creditors. Once the creditors agree, the terms…

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Alternatives to Declaring Business Bankruptcy

By Debt.ca on December 23, 2020

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 over other options. While declaring bankruptcy has its own merits, it also has its disadvantages. That’s why you should consider other debt relief solutions that can suit your…

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How to Avoid Debt Settlement Scams

By Debt.ca on December 21, 2020

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

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