Insolvency News

May 2018

Can debts to CRA be included in a bankruptcy?

Can debts owed to the CRA and QRA be included in a bankruptcy?

Tax season can be stressful, especially for those who receive unpleasant surprises and must pay money to Québec Revenu Agency (QRA) and/or the Canada Revenue Agency (CRA). Tax season can present you with some difficult questions: How do you extract yourself from tax debt, which can drag on for years? Bankruptcy or a consumer proposal may be the solution for you. (more…)

September 2017

August 2017

Rising interest rates

Will rising interest rates lead to more bankruptcies?

The policy interest rate increase posted by the Bank of Canada generated a lot of talk last month. Unsurprising, since it was the first increase in nearly seven years. For a few days, it seemed everyone was holding their breath! Are Canadians in a strong enough position to absorb this increase? Will rising interest rates push people to declare bankruptcy? (more…)

October 2016

Financial Literacy Month

Financial literacy: Best practices with credit

Did you know that November is Financial Literacy Month? Since 2011, by means of this initiative, organizations and companies are encouraged  to mobilize to educate consumers and help them make responsible financial decisions. This year’s theme is “Take charge of your finances: It pays to know!” Note: this post has been updated on November 7, 2017. If you want to learn more about Financial Literacy Month and the appropriate use of credit, this article is for you. You’ll learn how good credit practices can help you better manage your debt. The importance of Financial Literacy Month (FLM) Financial Literacy Month is important. Its goal is to reinforce the financial health of Canadians. This November, various tools and information will be provided each week. [...]

September 2016

August 2016

Licensed insolvency trustee

Licensed Insolvency Trustee

Are you familiar with the term “Licensed Insolvency Trustee” (LIT)? This new name designates what used to be called a “Trustee in Bankruptcy” or, in French “Syndic de faillite.” The Office of the Superintendent of Bankruptcy Canada (OSB) decided to apply this change, beginning on April 1, 2016. We believe the new designation more accurately reflects the role of LITs following the evolution of the industry. Here are some reasons for this change regarding insolvency. Why is Ginsberg Gingras happy with the change to the Trustee in Bankruptcy title? The term “Licensed Insolvency Trustee” is more general and inclusive. Since an LIT’s role is not limited to bankruptcy, our professional title should appropriately reflect the work we do. Additionally, a more [...]

April 2016

How important is it to file your tax return?

How Important Is It To File Your Tax Return?

Some people avoid filing their annual income tax return. Regardless of their reasons, they are exposing themselves to penalties or even fines from the Department of Justice. Here are the reasons why it is important to complete your income tax return and repay your tax liability, if you have any. (more…)

October 2015

will more bars file for bankruptcy

Will We See More Bars And Resto Bars File For Bankruptcy In 2016?

As of February 1st 2016, bars and resto bars will be required to generate bills for each transaction by using a sales recording module (SRM). Started on September 2nd 2015, the implementation of SRMs will continue until January 31st 2016. (more…)

June 2015

Frugal back to school saving tips

Frugal Back-to-School Saving Tips

I know! Yes, I know! I chose to talk about the next back-to-school period while the current school year is not even finished yet. If I actually address this topic as early as on this 16th of June, it is because, during back-to-school time, many families tend to get heavily into debt. School supplies, backpacks, lunch boxes, footwear, clothing, electronic devices, etc. Everything adds up and can easily represent an expense of $500 per child. The following are a few tips for frugal back-to-school savings that may help you avoid getting too deep into debt. (more…)

March 2015

can credit counsellors be trusted

Can Credit Counsellors Be Trusted?

Financial restructuring and insolvency is a fast growing sector. There are credit counsellors, budget counsellors, financial coaches, debt settlement agencies, etc. But, let’s be careful. All these people do not offer the same solutions or the same advantages! So, when facing debt problems, to whom can one really turn to in order to make it through? (more…)