No one likes to pay taxes. But pay them, you must. The Canada Revenue Agency (CRA) has several powers to collect unpaid taxes. These include wage garnishments, seizure of investments, freezing bank accounts – to name a few. And be assured the CRA will pursue these collection options.
Not everyone sails off into the retirement sunset on a luxury yacht. More and more seniors are carrying substantial consumer debt into their retirement. These are challenging financial times and if you are carrying debt into your retirement, you are not alone.
Most of us have a preconceived notion of what declaring bankruptcy signifies. It may have something to do with being lazy, irresponsible or dishonest. But in reality, the majority of Canadians that file for bankruptcy do so because their economic circumstances have changed.
The rising cost of homeownership in Canada is affecting the rental market. The cost of rent is heavily influenced by housing affordability and the amount of rental units available. This is the making of a perfect storm that can lead to an increased debt load just to keep a roof over our heads. When your living expenses are increasing it’s important to know where your money is going. Now is the time to take a deep dive into your expenses to find out how much debt you are accruing.
Very few people could have predicted the pandemic housing boom in Canada over the last year and a half. Homeowners have found that the equity in their homes has increased substantially. This has led many to wonder if they should utilize that equity to pay down their debts. But where do you start and what are the different options available to you?
Debt Matters Podcast is a forum dedicated to discussing consumer and household debt and strategies and ways of dealing with uncontrolled or problematic debt. We are launching our first episode soon. Stay tuned for updates!
