Owe income tax in Canada and can’t pay your taxes?
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
1M ago
Tax season can be a stressful time for many Canadians, especially if you find yourself facing an income tax bill that you can’t afford to pay. The Canada Revenue Agency (CRA) has strict deadlines and rules, and falling behind can result in interest and penalties that make the situation even more daunting. However, there is hope. By understanding your options and seeking the right assistance, you can manage your tax debt. What happens if you owe income tax in Canada and can’t pay your taxes? Do you qualify for tax payer relief from the CRA? Understanding Your Tax Obligations The first step in m ..read more
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Debt Relief BC – Real Debt Solutions To Help With Your Debt Problem
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
1M ago
As a Licensed Insolvency Trustee office, we regularly meet with people and are witness to  the overall strain created by too much debt. Debt can be a heavy burden, weighing down on your relationships, mental health, and overall well-being. If you’re in British Columbia (BC) and struggling with a debt problem, it’s crucial to know that you’re not alone and that there are options available to help you regain control of your financial situation. In this article, we’ll explore what is available for debt relief in BC and which ones are real debt solutions to help you with your debt problem. Wh ..read more
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Debt Relief BC – Real Debt Solutions To Help With Your Debt Problem
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
2M ago
As a Licensed Insolvency Trustee office, we regularly meet with people and are witness to  the overall strain created by too much debt. Debt can be a heavy burden, weighing down on your relationships, mental health, and overall well-being. If you’re in British Columbia (BC) and struggling with a debt problem, it’s crucial to know that you’re not alone and that there are options available to help you regain control of your financial situation. In this article, we’ll explore what is available for debt relief in BC and which ones are real debt solutions to help you with your debt problem. Wh ..read more
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How to Avoid Small Business Bankruptcy and What Happens When a Business Goes Bankrupt
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
3M ago
In the realm of business, few challenges are as daunting as facing financial instability, especially for small business owners who have poured their hearts and souls into their ventures. Bankruptcy, while a difficult reality, is not the end of the road. Instead, it can be a stepping stone towards a brighter, more sustainable future. Many current business moguls have used the tool of Bankruptcy to create a pathway to a more profitable business model. However, why go there if you don’t need to as there are ways to avoid Bankruptcy. Let’s examine how to avoid small business Bankruptcy and what ha ..read more
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What is the Office of the Superintendent of Bankruptcy and The Bankruptcy and Insolvency Act?
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
3M ago
Although at first glance this may seem like a dry topic, we feel it is important to highlight the framework that the insolvency system operates in. These federal laws and rules are important in the operation of a modern economy so that there is both relief for the honest but unfortunate person and to allow those taking a risk to open a business to reorganize if things don’t go as well as planned. To that end, what is the Office of the Superintendent of Bankruptcy (OSB) and the Bankruptcy and Insolvency Act  (BIA)? Let’s take a look at each. The Office of the Superintendent of Bankruptcy ..read more
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Is There an Advantage to Paying off My Consumer Proposal Early?
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
4M ago
Are you grappling with the weight of debts, considering a Consumer Proposal as a way to regain control over your financial life? Then, you’re in the right place! In this article, we’ll explore the pros and cons of paying off your Consumer Proposal early. Is there an advantage to paying off my Consumer Proposal Early?  Let’s find out. What is a Consumer Proposal? A Consumer Proposal is a powerful debt relief mechanism in Canada that offers individuals struggling with financial distress a lifeline toward regaining their financial freedom. This legal arrangement is facilitated by a Licensed ..read more
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Top Reasons Canadians are Declaring Bankruptcy and How to Bounce Back
Chase & Associates Blog
by Derek L. Chase, CPA, CA, LIT
4M ago
Are you curious about why some Canadians are declaring Bankruptcy? It’s essential to remember that Bankruptcy isn’t the end of the road; it can be a fresh start on your financial journey. Let’s explore the top reasons why Canadians declare Bankruptcy, what leads to it, and how to get back on track. Demographics of Those Filing Bankruptcy Before we dive into the reasons, let’s take a quick look at who’s filing for personal Bankruptcy in Canada. People from various walks of life can find themselves in financial hardship. Over the years we have assisted people who are very young to people who hav ..read more
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The Best Way to Pay Off a Credit Card
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
4M ago
In the modern world, credit cards have become an integral part of our financial landscape, offering convenience and flexibility. However, if not managed wisely, credit card debt can quickly spiral out of control, leading to a cycle of late payments, high interest rates, and an overwhelming burden of personal and household debt. The good news is that with determination and a strategic approach, you can take control of your finances and pave the way to a debt-free future. Let’s explore the best way to pay off a credit card. Understanding the Challenge Before diving into the strategies for paying ..read more
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Debt Collection Laws in BC
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
4M ago
Money is a stressful subject for just about anyone, and if you add debt and frequent collection calls from creditors to the equation, that stressfulness just gets worse. Anxiety caused by debt collection can impact more than just your finances, including your relationships, health and daily life. Debt collectors can be intimidating and may use the fact that not many Canadians understand the laws around debt collection when they try to collect money. If you are getting calls from collectors that are confusing and stressing you out, one way to ease your anxieties might be to have a better unders ..read more
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Can’t Pay Your CEBA Loan? CEBA Loan Repayment & Forgiveness
Chase & Associates Blog
by Len Hiquebran, CPA, CA, LIT
4M ago
As a Licensed Insolvency Trustee (LIT) office, we are experiencing an increase in the number of small business owners who are inquiring about their options regarding their CEBA (Canada Emergency Business Account) loans as they are overwhelmed by their debt. They are concerned about their ability to repay the CEBA loans. During the Covid 19 Pandemic the Canadian Federal Government issued nearly 900,000 CEBA loans to businesses across Canada.  At last report by the Canada Revenue Agency only 176,353 businesses have been able to repay the loan. With the loan forgiveness deadline of January 1 ..read more
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