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This discrepancy between income in / income out has led to a significant increase in insolvency filings throughout the province. Sound familiar?
Trying to pay your down debt but feel like there’s no wiggle room? Here’s a few tips to free up some funds and get you back on track.
Assessing whether your client is experiencing financial distress does not require access to detailed financial information, but rather facts which are readily available if you keep a keen eye and watch for them.
Even while many Canadian consumers are struggling under a sluggish economy and increased unemployment, many were not deterred from sloshing into the snow to hit the stores for seemingly ‘once in a lifetime’ deals.
Ian Schofield, Senior Vice President of MNP LTD's Insolvency and Corporate Recovery practice based in Regina recently accepted the 2016 Regina Consumer’s Choice Award on behalf of MNP Ltd.
The insolvency statistics for March have just been released and they are consistent with the trends for the previous few months. Generally filings are flat across the country except for those provinces affected by the decline in oil prices. Total filings in Canada for the 12 months ended March 31, 2016, were up only 2.8% and were basically flat in Ontario, Quebec and British Columbia.
As of May 20, 2016, Saskatchewan had the highest delinquency rate in the country. Given how significantly Saskatchewan and Alberta have been hit by the oil slump, this doesn’t necessarily come as a surprise to financial strategists and advisors throughout the country.
MNP LTD Trustee Ian Schofield was interviewed by Discover MooseJaw to discuss the increase in insolvencies in Saskatchewan. The original article was originally posted online at Discover MooseJaw on April 5, 2016.
The data is in, but it’s not necessarily surprising. Insolvencies are on the rise as many Canadians grapple with the burden of unmanageable debt.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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