Budgeting & Debt
Learn how to manage your budget and reduce debt with practical guides on spending, saving, credit, and repayment strategies. These articles help Canadians take control of their money with confidence.
How Do I Stop Automatic Payments In My Bank Account in Canada
If an unauthorized payment has already been withdrawn, you have 90 days to file a reimbursement claim under Payments Canada's PAD rules.
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.
Debt Consolidation Loans For Bad Credit Do Exist in Canada, But They Are Rarely Worth It
A borrower with good credit might qualify for a consolidation loan at 10% to 15%, which creates meaningful savings. A borrower with a credit score below 650, however, will often be quoted rates of 25% to 35%.