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Make your money work smarter with Neo Financial. Learn about saving, smart spending, credit building and more on our personal finance blog.
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Consumer Proposal VS Bankruptcy: How To Pick The Best Option Based On Your Situation
A consumer proposal tends to serve you better if you have a steady income and assets you want to protect.
The Truth About Government Debt Relief Programs in Canada
Two formal debt relief mechanisms fall under the Bankruptcy and Insolvency Act: the consumer proposal and the bankruptcy.
When Do Debt Collectors Take You to Court in Canada and How to Stop Them
If a collector contacts you about a debt that is past the limitation period, avoid engaging with them, since they lost the legal right to enforce repayment through the courts.
What Can a Debt Collection Agency Do in Each Province
They cannot use threatening, profane, or intimidating language, and they cannot misrepresent the situation or fabricate legal references to scare you into paying.
5 Surprising Things That Happen (And Don't Happen) When You Declare Bankruptcy
Most Canadians who file for bankruptcy don't lose everything they own. Yet, this myth, along with many others, persist because bankruptcy carries a stigma that discourages people from learning how the process actually works.
How to Keep Your House Through a Consumer Proposal in Canada
If your home equity in lower than the bankruptcy exemption in your province (less than $10,783 in Ontario, for example), your proposal can be lower than the amount you owe, even if you own house.
Credit
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The 7 Cardinal Sins of Credit Cards in Canada and How to Avoid Their Pitfalls
While many Canadians are able to use credit cards without getting into debt, if you recognize yourself in any of the seven following habits, you are better off leaving the credit card in the drawer until you can approach it differently.
Why You Don't Need a Job to Qualify for a Credit Card in Canada
You absolutely can get a credit card in Canada without a job. Credit card issuers care about your ability to repay debt, not how you spend your time. If you have income from government benefits, a pension, a spouse, investments, or even student finan
The Truth About Instant Acceptance Credit Cards in Canada
That means a card advertised with instant acceptance is not necessarily easier to get than one that takes five business days. The approval criteria, including your credit score, income, and existing debt obligations, still determine the outcome.
Spending
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Why the holidays are the season for scams—and how to avoid them
Don’t become a victim; be aware of common holiday scams. It may help you protect yourself, your sensitive information and your money.
How do credit cards work? The ultimate credit card guide for beginners
Everything from applications and utilization to limits and payments
What is inflation and whats next?
Inflation is a daunting topic that brings many unpleasant feelings. We’re here to help you understand what inflation is, what to look out for, and what you can do.
Budgeting & Debt
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10 Unexpected Effects of Doing a Consumer Proposal in Canada
Unlike bankruptcy, a consumer proposal does not transfer control of your assets to a trustee. You keep your home, your vehicle, and all your investment accounts.
10 Surprising Items You Can Legally Keep Thanks to Canadian Bankruptcy Exemptions
Arguably the biggest misconception about Canadian bankruptcy is that you will automatically lose your car.
The Pros & Cons Of Declaring Bankruptcy in Canada
“I think filing for bankruptcy can prevent heart attacks, suicide, divorce, and job loss because people can now focus on life, as opposed to fighting with creditors they cannot afford to pay,” argues Jeremy Kroll, Licensed Insolvency Trustee and Partner at Baigel Corp.
New from Neo
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3 tips for first-time homebuyers in 2023
Reduce stress when buying your first home by better understanding the process, and use these three tips from Treadstone Law to reach homeownership like a pro.
Neo Financial Teams Up with CEBL
The Canadian Elite Basketball League (CEBL) is partnering up with Neo Financial™, a leader in Canada’s financial tech industry.
Strengthening our senior leadership team at Neo Financial
We are thrilled to share the appointment of several new senior leaders at Neo. Please join us in welcoming Amanda Broos as Chief People Officer, Dana Saric as Chief Legal Officer, Allemander Neto as Acting Chief Financial Officer, James Nauss as Chief Operating Officer, and Stefan Doan as Chief Information Officer.
Savings
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Bank account types: What’s the best bank account?
Which bank account is best for you? To decide that, we want to look at interest, flexibility and fees.
Top 6 money savings habits you can start today
Eat your avocado toast and use these top tips to save your money instead. Work on implementing these 6 money habits and change the way you view your finances.
A Guide to High-Interest Savings Account Interest Rates
Looking for high interest savings account rates? Neo Financial® offers competitive options that could help you maximize your money. Find out more today.