DebtMatters Podcast

Debt problems can cause stress in any relationship. But what happens when one partner files for Bankruptcy? How does it affect the other? To understand what happens to your spouse’s finances, first it is important to know what the difference is between personal debt and joint debt. As a Licensed Insolvency Trustee, Amanda Sherwood, helps couples navigate insolvency, as each family situation is uni...

Financial resolutions are merely money goals that you commit to attaining. The start of a new year is a perfect time to set the course to get back on track with your financial health. New Year money resolutions can help you get to where you want to be. Where would you like to be financially one year from now? Establishing a start date like the new year, makes it easier to commit and less likely yo...

For many Canadians, overspending on Christmas is just a way of life. After all, is it not the season of giving and forgiving? But after the tree comes down and the lights are put away, you may be left with a holiday hangover, dreading the mailman’s arrival in January. This debt cycle isn’t going to end unless you decide that you’ve had enough. And if this is the year you draw that line in the sand...

Despite their differences, Consumer Proposals and Bankruptcy both guarantee protection from creditors. But both debt relief options are unique in how they deal with tax refunds. In a Bankruptcy, your Trustee will prepare and file your returns and any refunds will be distributed to your creditors. In a Consumer Proposal, you are required to file your own returns and must be up to date with past fil...

The start of a new year is a great time to set goals especially around your personal finances. By setting financial resolutions, you can move forward into the coming year with added security and stability. If you have overspent or strayed from your holiday budget, now is the time to get back on track. Licensed Insolvency Trustee, Mark Marshall, shares his experiences and talks about ways to set th...

A merry Christmas shouldn’t depend on how much money you spend. But if you are someone who is obsessed with picking up the perfect gift for family and friends, feeding and entertaining them - it can often mean facing tough credit card debt in the New Year. If the holiday season is something you haven’t budgeted for in the past, maybe it’s time to get ahead of the mage next year by starting early....

For many Canadians, overspending at Christmas is just a way of life. But the cycle of going into debt to buy presents isn’t going to end until you change the way you ‘do’ Christmas. There are ways you can still have a holly jolly celebration without dreading the January credit card statements. A merry Christmas doesn’t have to depend on how much money you spend. Sharing time making memories with f...

When you decide to start your own business, you must consider the type of business structure that best suits your needs. The most common forms are either a sole proprietorship or a corporation. Both have different tax benefits and implications. Licensed Insolvency Trustee, Glenn Steiner talks about the differences between sole proprietorship and corporations. The advantages and disadvantages of be...

Canadians’ confidence in their personal finances and ability to repay their debt has hit a record low. As inflation continues to rise, many are pulling out their credit cards and living on borrowed cash. If your unsecured debt has also hit record highs and is becoming unmanageable, you are probably investigating your options. In today's podcast, Licensed Insolvency Trustee, Glenn Steiner explains...

As Canadians businesses struggle to find their feet in a new post pandemic era, a significant number report their concern over the potential for Bankruptcy. Add to the mix staff shortages, skyrocketing inflation and rising interest rates - it is a critical time for many small businesses. How does Bankruptcy work for the self employed vs an incorporated or limited company?  Derek Chase, Licensed In...

The Canada Revenue Agency (CRA) has special powers for collections of unpaid taxes. These may include wage garnishments, freezing bank accounts, seizure of investments or putting a lien on your home. But when it comes to the Bankruptcy & Insolvency Act, the CRA is treated like any other creditor in a Consumer Proposal or a personal Bankruptcy. Licensed Insolvency Trustee, Derek Chase, shed some li...

If you’ve ever borrowed money to buy a car or applied for a credit card, you have a credit report. Your credit score is considered a measure of your financial health and financial trustworthiness. It is a key consideration for your future financial plans.vAre you familiar with how the credit reporting system works? Most of us know we should have a good score but don’t understand why or how we can...

No one ever sets out to go bankrupt but life happens. Dealing with unmanageable debt can spill over into other parts of your life. It can affect your personal health, your relationships, and your overall well being. Filing a Bankruptcy can be the best way forward. Is there a better time of the year to file for Bankruptcy? How will filing affect your taxes and what happens to the money if you are e...

High inflation can make budgeting an even bigger challenge than usual and with prices rapidly rising, it can seem almost impossible. Higher prices mean you may need to be more strategic about your spending in order to stretch your income. Learning how to budget for periods of high inflation can help you rethink how you spend your money. Living in these times of high inflation all comes down to bud...

We all want the best for our children. That doesn’t necessarily mean you want them to have the best but you want them to make the best decisions. One of the key lessons that will have an enormous impact for the rest of their lives - is the lesson about money. The earlier they learn financial literacy, the greater the long-term impact. But how do you cultivate financial independence in your childre...

It’s a well known fact that money is one of the most common subjects that couples argue about. Research has shown that the more couples argue over money, the more likely the relationship is to break up due to financial concerns. But money doesn’t have to be a wedge in your relationship - whether you are just starting out or you are in a long term relationship. With practice, you and your partner c...

Recent studies have found that most Canadians’ pay raises haven’t matched the increase in the cost of living. As a result, personal Bankruptcies across Canada are spiking. But what happens to my job if I file for Bankruptcy? Will my employer find out and is there a possibility that I may lose my job? These are relevant questions that most people worry about when they are searching for debt relief...

Inflation remains prevalent across all aspects of our lives, not just concentrated in a few areas such as food and gas. Alongside this, wage increases are not keeping up with inflation and households are losing purchasing power. Experts say it will be a while before Canadians can breathe a sigh of relief. How are we Canadians coping with rising interest rates and inflation? What advice could help...

Exchange-Traded funds (ETFs) are an easy way to begin investing. THey are simple to understand and can generate good returns without much effort or expense. Investors are able to buy stocks or bonds that may not be easily accessed otherwise. Why would Licensed Insolvency Trustee, Derek Chase be talking about ETFs? For the most part, because that is what is discussed in one of the mandatory counsel...

It’s not easy to find the right debt relief solution that will help you get out of debt. Internet searches and TV advertisements can be misleading in their promises. Where can you turn for the best advice? Today’s podcast will shed some light on the murky waters of debt counselling. Leigh Taylor, Licensed Insolvency Trustee, takes a look at the different services explaining what they can and can’t...

Low interest rates and the promise of riches from rising home prices could be linked to Canadians ever increasing debt load. The latest figures from StatsCan revealed that Canadians owe $1.83 in consumer debt for every dollar of income they have. So, how well are you managing your debt? How much is too much? Licensed Insolvency Trustee, Leigh Taylor, discusses household debt. He talks about debt-t...

Owning a car can give you the freedom to go where you want and when you want, but there are costs that are rarely calculated. Unless you plan on paying for your car with cash, monthly car loan payments generally last from 3 to 8 years. Things have changed in the new and used car market since the pandemic. There is apparently a microchip shortage that is impacting manufacturers across the globe. Bu...

Renting versus buying is one of those questions that has been asked by millions of Canadians in every generation. But the answer is not as straightforward as it used to be. With the real estate market slowing down and interest rates rising, it is a difficult decision. Many are wondering if this may be a good time to buy or is it more economical to keep renting. There are other factors to consider,...

If you are like the average Canadian who will carry some level of debt, your 3 digit credit score can have a lot of influence on your life. It is a financial gauge that tells you and others how you are doing financially and if you can be trusted to use credit responsibly. How credit worthy are you? Licensed Insolvency Trustee, Mary-Ann Marriot explains the difference between credit worthiness and...

To be discharged from Bankruptcy means that you are released from your obligations to repay all debts that have been included in the Bankruptcy filing. Although this is an important step in eliminating debt, the process is not complete until you receive your discharge. After you have gone through all of the requirements, your Licensed Insolvency Trustee will issue you a Certificate of Discharge. W...