During the pandemic, the Canadian government recognized the widespread financial difficulties suffered by its citizens due to strict lockdown restrictions. To help alleviate this, the Canada Revenue Agency (CRA) suspended some activities, including collections on some of the tax debt owed to them.

No one gets into debt by choice. However, many people can’t pay their debts on time due to unforeseen circumstances, which is becoming a more prevalent problem for Canadians. According to the Organization for Economic Co-operation and Development (OECD) report, household debt levels have reached higher levels than any other country.

Your credit score is a major factor when it comes to managing and navigating your personal finance. This is why you want to make it a point to build up your credit score as it will make things infinitely easier for you from a financial standpoint. However, this can get rather tricky as a slew of different things must be considered when it comes to increasing your credit score.

Understandably, one of the calls nobody ever wants to deal with is one from a collector. After all, collection agencies are phoning with gentle reminders or to have cordial conversations. As the name suggests, collection agencies aim to collect on  outstanding debt.

Everyone’s financial situation can get rough at times. And sometimes, it can lead to a mountain of debt that seems impossible to overcome. But with the right help, you can get past your debt problems and move toward a more financially stable future.

In Canada, it is not unusual for most people and households to have debt in many forms; personal loans, credit cards, car loans, mortgages, student loans, and the list goes on. In most cases, this is how life is for people in our society.

Acquiring possessions and property with loans and credit is easy, but when it's time to pay, it's not always as easy to meet the payment terms and obligations.

The benefits of a good, or a great credit rating, are numerous. Access to lower interest rates, higher levels of credit, credit cards with more perks and benefits,  and even things such as employers hiring you can all benefit from a positive credit rating.

Life is always unpredictable, and sometimes unforeseen circumstances pile on and you find yourself buried under debts that are beyond your ability to pay. In situations where you’re stuck in a financial burden, it might be best to consider declaring bankruptcy.

It is natural for people to rely on debt to get by at some point in time in their life. Almost everybody has experienced the stress of running out of cash in their pockets and having nothing left in their accounts and were questioning what to do.

It seems like we never run out of news headlines reporting about the rising average Canadian household debt and how people are hard-pressed to meet monthly payments. But what does it really mean to be in too much debt? And how much is too much? This article examines four vital signs of too much debt and offers solutions that a Licensed Insolvency Trustee can help you reduce or even eliminate your debt.