2025-07-24
Five ways to spend your 2024 personal income tax refund 2025
Whether you're planning ahead or paying down debt, we have five tips to help you turn your refund into financial momentum.
2014-12-08
In Alberta, the answer to this question would be yes.
The Limitations Act of Alberta states that a creditor cannot seek a judgment or order against you unless they do so within:
This means that if you have a debt out there and your creditor takes no steps to seek judgment within two years, there may be an argument that the debt is now statute-barred. Generally though, the creditor has likely made some type of step towards collecting. Even though they may not be able to get a judgment against you, that doesn’t mean they’ll stop calling you or sending collection agencies your way. Those actions are not statute-barred.
Another problem in determining if a limitation period has expired in Alberta is that a creditor can keep their debt ‘alive’ by having you acknowledge the debt or make a partial payment towards it. It quickly becomes tricky to determine if you have acknowledged the debt.
Beyond that, every province in Canada has its own provincial law regarding a Statute of Limitations.
Canada Revenue Agency (CRA) is also bound by these rules in collecting past income tax debt. Generally, there is a ten-year statute of limitations for CRA to collect past income tax debts. There may be some intervening factors that could affect this timeframe, such as if you’ve transferred assets to another party. But ten years is a solid general guideline.
While this blog is not official legal advice, hopefully it can give you some guidance in determining if you have an argument to make with respect to the collection actions of one or more of your creditors. Keep in mind that the limitations only apply with respect to getting a judgment. It doesn’t stop the phone calls, the harassment or the actions of credit collectors. If you know your debt is unmanageable or the calls won’t stop, contact MNP Ltd. to see what options may be available to you.
2025-07-24
Whether you're planning ahead or paying down debt, we have five tips to help you turn your refund into financial momentum.
2025-07-23
Lifestyle Debt Alternatives to Bankruptcy
We’re here to answer your questions about whether you will be able to keep your vehicle if you choose Bankruptcy or a Consumer Proposal to work towards achieving a debt-free future.
2025-07-14
MNP Consumer Debt Index
Nearly half of Albertans (47%, +2 pts) report they are $200 or less away from financial insolvency each month — more than those in any other province — according to the latest MNP Consumer Debt Index.