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For Many Middle-Aged Canadians, It’s Time to Talk Honestly About Finances and Debt

Feeling comfortable discussing your finances is an important component of managing your debt and creating financial stability. However, many Canadians feel judged, embarrassed or uncomfortable discussing their financial responsibilities. As a result, they may not be entirely truthful when it comes to discussing these topics. A new poll conducted by BDO Canada Limited, in partnership with Ipsos Reid, finds that over half of Canadians are likely dishonest when discussing their financial responsibilities with others. The group most likely to bend the truth about their finances and debt may surprise you. Of those surveyed who admitted to financial dishonesty, middle-aged Canadians […]

How Truthful are you about your Finances? (Infographic)

Click here for a PDF version  Toronto, ON – Many Canadians aren’t entirely truthful about their finances, including their income, savings and debt levels, according to a new poll conducted by Ipsos Reid on behalf of BDO Canada Ltd. In fact, half admit to telling white lies – or worse – when it comes to talking about their financial situation. Only one half (49%) of Canadians say they ‘always tell the truth’ when it comes to discussing their finances with others, including their partner/spouse, friends, family and co-workers. On the other hand, 45% maintain that they’re ‘mostly truthful but do tell […]

Dealing with Income Tax Debt

As Canadians we have a civic responsibility to pay taxes to all levels of government. These tax dollars go towards building infrastructure, emergency services, healthcare, business development, and many other things that we potentially take for granted on a day-to-day basis. The fact of the matter is though, that for many Canadians income tax debt is a real problem and it can have a significant impact on household finances. The Government of Canada has established a variety of different options to help reduce or lower the amount of taxes owed through deductions and tax credits, it’s still not enough for […]

Which Option Should I use to Consolidate Debt?

Debt, even a manageable amount, can be stressful, confusing, and overwhelming for many Canadians. With monthly payments due from different creditors, at different times of the month, deadlines can get missed costing you more in interest. Consolidating debt may be an ideal solution for you if have found yourself in the above situation. In order to decide which consolidation option will work best for you and your financial situation, assess amount of debt and what you can afford to pay each month. With these figures you can research all of the options available to help you pay off debt. If […]

From Millennials to Seniors: Budgeting at Every Stage in Life

In 2014, there was a very big push by the Canadian government and various financial organizations to shine a light on the realities of senior debt. We have previously discussed how the current generation of seniors may still be supporting their adult children. We also looked at the sandwich generation, who are taking care of both children and senior parents, at a time when they should be saving for their own retirement. Add to this the fact that many millennials are having a hard time finding careers in their area of study and yet still have lingering student debt. In […]