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All insolvency filings in Canada are administered under the Bankruptcy and Insolvency Act. Bankruptcy Trustees are licensed and regulated professionals who do the actual administration, and they report directly to the Office of the Superintendent of Bankruptcy (OSB) Canada. The BIA sets out the rules and procedures that Trustees and bankrupts must abide by. One of these rules is mandatory counselling.Once a debtor assigns into bankruptcy they must attend a minimum of two mandatory counselling sessions over the term of their bankruptcy. The...[more]
Consumer debt levels across the world are climbing to never before seen rates, and Canada is no exception. A survey conducted by Equifax Canada (a credit reporting agency) says debt levels will reach a record $1.422 trillion in the fourth quarter of 2014. However, though Canadians are in more consumer debt that ever, they are managing make payments more easily. Delinquencies are at an all time low with only 1.12% of Canadian debtors in arrears for more than 3 months at a time. This does however raise the question of how much people are actually paying off. Making...[more]
The latest report from RBC showing the borrowing statistics for May shows Canadians slowing down on mortgage debt, but increasing other types of borrowing. The Royal Bank says Canadians have been slowing down the amount of debt they are taking on to buy real estate, easing concerns about household vulnerability. The RBC paper notes that overall household debt accumulation remained flatlined at 4.2 per cent growth in May, about the same level as the previous three months. Outstanding mortgage debt stood at $1.23 trillion as the annualized growth slowed slightly to five per cent from...[more]
Seniors – Stay put or Sell and Rent? Here’s a question that seniors everywhere are asking themselves... Should we sell and rent? Or stay in our home. Most seniors enjoy their current home and have spent 30 plus years making it perfect for them. So why should they sell? They have great transportation links, a lively urban scene, large backyards and nearby parks for their dogs to run around in but talk of a possible pullback in housing prices has some seniors thinking.. Is it time to sell? Invest the proceeds and rent their next home? The Real Estate market could be the deciding...[more]
Many seniors find themselves thinking about housing options in retirement. As the Boomer generation continues to retire, many seniors are finding themselves house rich and cash poor. Some seniors are deferring their property taxes, but are still struggling to afford the monthly costs of staying in their homes. Even a seemingly small expense like a hydro bill could be the bill that forces them out of their homes or leaves other needs, such as food or medications, unmet. There are also many senior homeowners who are able to meet their monthly costs, but who live in fear of what would happen if...[more]