Knowing how small business loans work is critical for any entrepreneur. Canada had 1,200,571 small businesses with 1-99 employees in 2019. With more than 99% of agriculture, forestry, fishing and hunting, real estate, and professional and scientific services being small businesses, it’s clear that Canada’s economy is significantly driven by small businesses. Despite their economic…
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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. To qualify for a credit, you must have a decent credit rating or credit score. Credit bureaus determine your credit score based on your payment history. The longer…
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Finding banks for small business operations is essential. Running a small business requires one to open a business account. There are bank services that can help you manage your business finances (as separate from your personal finances) and grow your business. Nowadays, you can find many banks that offer a wide range of services for…
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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 isn’t debt forgiveness per se. You can request this financial accommodation from the lender if you’re struggling financially to pay your loan or credit card. Loss of employment, health problems…
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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 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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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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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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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 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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Debt.ca provides information and tools to help Canadians get out of debt. Learn more about the debt relief options in Canada and find out which one is right for you.
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