2025-09-04
Will Bankruptcy Erase All Of My Debt?
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2010-10-25
For those reading this blog, a Statute of Limitations is the law which will limit the time for prosecution of crimes or suing for debts. The Federal government and the provinces have Limitations Acts which govern these time limits. In Alberta, the provincial Limitations Act sets the time for suing on a debt to 2 years. The definition of when that time clock starts ticking is also something that has to be considered. The 2 year clock begins on the date on which the claimant first knew, or ought to have known, of the debt. And it will renew whenever the Debtor acknowledges the debt. An acknowledgement could be something in writing or a partial payment. If there is already a judgment granted, the time period is extended to 10 years. But judgments can be renewed by the creditor. I believe the Statute of Limitation period for Canada Revenue Agency to collect on debts under the Income Tax Act is 10 years. Donna Carson, CGA, CIRP, Trustee [email protected]
2025-09-04
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2025-09-02
Lifestyle Debt Debt Solutions
You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.
2025-09-02
Lifestyle Debt
Have fun on a budget with our guide to affordable activities in Atlantic Canada.