Debt counseling is a legal process designed to help persons in debt through a unique processes of orientation and counseling. It is carried out by an accredited debt counseling agency or counselor. The credit counselor serves as the intermediary between the debtor and the creditors in the repayment of debts owed. In Canada, the process …
Bankruptcy is not an attractive option for anyone and it’s not unfounded to wonder what might happen if you choose to declare bankruptcy in Canada. Although it hurts to go bankrupt, sometimes, declaring bankruptcy could be the light at the end of the tunnel on your journey towards debt relief and financial stability. In this …
When we think of someone being rich, we often assume that it is the same thing as being wealthy. But it is quite different. For many credible reasons, the words ‘rich’ and ‘wealthy’ are often incorrectly used in place of one another. Lexically, the two words are synonyms, but in finance, they are entirely different. …
Credit cards are omnipresent in today’s society and are integral to every financial transaction from Uber Eats to travel bookings. When used responsibly, credit cards are excellent financial tools that enable the cardholder to obtain travel points, receive cashback offers or earn rewards. The dream of building credit for future purchases can quickly spiral into …
Every individual, company or corporate entity in the world, when it comes to numbers, is only as big or valuable as the total value of assets that they own. In layman terms, ASSETS refer to properties or items that we own or have in our possession. A company would like to purchase items like Vehicles, …
The Canada Revenue Agency (CRA) is the body in charge of overseeing the tax laws and the receipt of tax revenue for Canada. It also manages the registration of charities as well as the regulation of tax credit programs. The Agency was established in November 1999 through the enactment of the Canada Revenue Agency Act …
What you need to know about the Canada Revenue Agency Read More »
One of the processes of settling or coming out of debt situations in Canada is declaring bankruptcy. Filing bankruptcy involves a legal process in which an individual or entity who is unable to pay outstanding debts to creditors, seeks relief from the debt, subject to some conditions. As part of debt settlement procedures in Canada, …
The process of debt consolidation, as a solution to your financial challenges, is designed to help you manage your debts. It is crucial to fully understand how it works before determining if it’s meant for you or not. If you are struggling with your finances, it may comfort you to know that you are not …
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