Graduation Day – for thousands of graduates, it signals the dawning of an exciting new chapter in their lives. For some, it unleashes a burden that anchors them to a decade of crushing debt … Read more
Do you owe money to the CRA? It’s more common than you may think. Tens of thousands of Canadians, especially entrepreneurs and those who are self-employed, owe money to the CRA from past years that were never filed. The good news is – if you are currently behind with your taxes, you’re not alone. The bad news is – the situation isn’t going to go away, the CRA isn’t going to forget about it and the penalties for being late can be quite severe … Read more
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