Whoever coined the phrase ‘death by a thousand cuts’ probably owned a restaurant or small business in Alberta.
The Alberta Treasury Board and Finance released their February 2018 Labour Market Notes which contain the analysis of the latest labour market data for Alberta and highlighted that the economy is stabilizing. With employment increasing 2.0% year- … Read more
The holiday glow has long faded and now you’re left with a pile of credit card bills and a serious debt hangover. Once again, you ask yourself – how did I spend this much money?
You tell yourself it was ‘only’ a few thousand dollars, but when you add it to your existing debt, the numbers start to swell. If you owe over $25,000 in credit card debt … Read more
At Faber, we often talk about the misconceptions and negative connotations around the word bankruptcy. The truth is – bankruptcy is simply one of the options faced by people with debt. Occasionally, it’s the only option available but it doesn’t have to mean gloom and doom. … Read more
Today, accumulating debt has become a way of life. As more of our income is allotted to day-to-day living expenses, there is much less left for retirement, savings, education or personal luxury items. … Read more
Someone told me recently that he thought CRA debt could not be dealt with in a bankruptcy. Apparently, someone had told him it was not possible to write off tax debt through bankruptcy proceedings. … Read more
Many Canadians are unable to pay their personal income taxes when they are due despite incentives to defer tax in a Registered Retirement Savings Plan (RRSP). A primary reason for failing to pay tax, besides tax evasion, is failing to adequately plan for taxes owed, followed by a resultant inability to pay. It is easy for tax to surmount if you are self-employed and have no income tax deducted at source or have multiple jobs and insufficient tax deducted at source. … Read more
The cost of living is a major concern for Albertans, which is made higher when a marriage breaks down. When a couple divorces, there are potentially substantial legal fees involved in resolving how to split assets and debt, and income by means of spousal and child support. Further, there are increased costs of taking care of two households and childcare with the same income you had when you lived together. … Read more
The decrease in oil prices is a bonus for consumers, but for those in the oil industry, these lower prices mean higher unemployment rates. Alberta and other oil-sensitive areas of Canada are taking quite the hit. According to a report in the Globe and Mail in January 2015, the industry’s unemployment rate was 4.5 percent, but by February it jumped to 5.3 percent, and the worst is yet to come. … Read more
Your credit score is a very important aspect of your financial health. It is a measure lenders consider to be your default risk, as the risk premium that must be added to the price at which you borrow. Your credit score or credit rating is something that can take years to build up slowly and tumble down ever so quickly. … Read more