2025-10-01
Debt consolidation vs. consolidating credit: What’s the difference?
Lifestyle Debt
Financial jargon can be murky at the best of times. Downright frustrating when you’re sinking in the depths of unmanageable debt.
2014-04-28
As we say goodbye to another tax season, many individuals may be left with a sense of dread. Whether it is due to a failed business, improper management of self-employed earnings or several years of not keeping up with filing returns, the amount owed to Canada Revenue Agency (CRA) can seem insurmountable.
While struggling to make payments on government debt, regular consumer debt often increases as you rely on credit for normal household expenses. If your credit situation has gone too far to qualify for a loan to pay out CRA, or the amount owing to CRA is too high to obtain a bank loan, there are alternatives.
It is a common myth that you can’t file a bankruptcy or a consumer proposal with debt owing to the government. Individuals often assume the government is exempt from the rules that govern other types of creditors, but this is not actually the case.
You can include the following government debt in either a bankruptcy or consumer proposal:
This list is not exhaustive. If you have other government debt you should check with a trusted advisor as to whether it can included in a proposal or a bankruptcy filing. You may be surprised by the answer.
2025-10-01
Lifestyle Debt
Financial jargon can be murky at the best of times. Downright frustrating when you’re sinking in the depths of unmanageable debt.
2025-09-29
Lifestyle Debt
A clear, realistic budget can help you reach your goals faster. Learn five practical steps to take control of your finances and spend with confidence.
2025-09-02
Lifestyle Debt
Have fun on a budget with our guide to affordable activities in Atlantic Canada.