Are you facing uncertainties or questions about managing your spouse or partner's debt? Our team understands the complexities of dealing with shared financial obligations. From understanding the implications of spousal debt to strategies for achieving financial stability, our team can offer actionable advice tailored to your needs. In today’s blog, D. & A. MacLeod Company’s licensed insolvency trustees share invaluable insights to empower your financial decisions. Common Law vs. Married Partners in Ontario In contrast to common-law partners, married couples who are formally wed in Ontario ..read more

Dealing with student loan debt can be overwhelming, especially when it's accompanied by financial difficulties that might prompt individuals to consider filing for personal bankruptcy. At D. & A. MacLeod Company Ltd., we recognize the intricacies involved in managing student loan debt and bankruptcy, and we're here to provide you with guidance and assistance.   In today’s blog post, we'll delve into the intersection of student loan debt and bankruptcy and share valuable insights and advice to help you navigate this challenging situation.   Understanding Student Loan ..read more

Mounting tax debt can become a financial burden that can seem insurmountable. If you owe taxes to the Canada Revenue Agency (CRA), you may be able to negotiate a payment arrangement or make a proposal to settle the debt through the CRA's collections department. Here’s what you need to do. Step 1. Get your documents in order Gather all tax-related documents to determine the total amount you owe. Having accurate information is crucial to avoid discrepancies during the proposal process. This can include your T4, income statements, balance sheets, and previous correspondence with the CRA. Step 2 ..read more

Having a certain amount of debt is normal. In fact, most Canadians are in debt to some extent, through credit cards, mortgages, student loans or car payments. But when is your debt too much? You can evaluate your individual debt level by looking at Canadians of a similar age. Here are some recent debt stats, broken down by age group. Average Individual Debt by Age Statistics Canada regularly compiles debt data measuring these debt types: Mortgage debt Credit card debt Lines of credit Student loans Vehicle loans When analyzing debt data, it’s important to use median numbers because the data c ..read more

Born between the mid-1990s and early 2010s, Generation Z is now actively entering the workforce, looking for financial stability. A recent study by Bank of America has shed light on unique financial priorities that Gen Z holds dear. However, many financial challenges can stand in the way. Here are eight financial goals of Gen Zers and how professional debt management can help get them there. 1. Furthering their education. Gen Zers understand that education is essential for success in the modern workforce. Many are pursuing careers in STEM fields, which require a high level of education and tr ..read more

You may wonder whether your loved ones will be responsible for paying off your debt when you die. Dealing with the passing of a loved one is a deeply emotional and challenging time. Amidst the grieving process, questions related to the debts of the deceased will inevitably arise. Here’s what you need to know about handling debt when someone passes away. Debt Obligations Upon Death When an individual passes away in Canada, their debts don't simply disappear. In most cases, their outstanding debts become part of their estate's obligations. Any assets they leave behind, such as property, investme ..read more

A line of credit can be a valuable tool for financing projects, emergency expenses and repayment of higher-interest debt. However, using them wisely is crucial to ensure they remain a helpful resource for you rather than a source of additional debt. Here’s how lines of credit work, their impact on credit scores and the best strategies for managing them. What Is a Line of Credit? A line of credit is a flexible form of borrowing that allows individuals to access a predetermined amount of funds from a financial institution. Unlike traditional loans, where you receive a lump sum of money, a line o ..read more

Are you considering putting off your credit card payment to make ends meet? That decision could have serious consequences for your financial stability. Here’s what happens when you don't pay your credit card bill and how credit counselling can help you manage your debt. You’ll be charged a late fee. The first consequence of missing a payment is that the credit card company will charge you late fees and penalties ranging from $25 to $40 or more. These fees can quickly add up and make paying off your debt even more difficult. Your interest rate will go up. If you continue to miss payments, you ..read more

Are you considering cancelling a credit card to reduce your monthly expenses? You may be tired of paying fees on a credit card you never use. But think twice about cancelling a credit card. It can negatively impact your credit rating and do more harm than good. Here’s why! It Changes Your Credit Utilization Ratio One factor determining your credit rating is the amount of available credit that you use. For example, if you have two credit cards with a combined credit limit of $10,000 and carry a balance of $5,000, your credit utilization ratio is 50 percent. Creditors and lenders like to see low ..read more

More older Canadians than ever are struggling financially. Mortgage payments, medical costs and mounting credit card debt can be crippling for aging parents on a fixed income. For many, filing for personal bankruptcy may be the only way out. Here’s some advice if your parents are struggling with debt. What’s Personal Bankruptcy? Bankruptcy is a legal process done through a licensed insolvency trustee (LIT). If your parents file for bankruptcy, certain assets are considered exempt under the Bankruptcy and Insolvency Act, while other are not. A first-time bankruptcy generally takes about nine mo ..read more