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Exploring Debt Options Can Help Millennials Ease the Stress of #GenSqueeze

Millennials and Generation Xers in Ontario may be unaware of—or at least uninformed about — their options for dealing with personal debt, such as debt consolidation loans, filing a consumer proposal or even filing for bankruptcy. Although these are serious debt options, the levels of student loan debts and credit card debts amongst younger generations are often within range of requiring serious consideration. The average college or university graduate is leaving school with thousands of dollars worth of student loan debts, often without a firm idea of what these levels of personal debt mean. So, taking some time to seriously […]

The Effects of FOMO with a Millennial Under a Baby Boomer’s Roof

Ontario Millennials and those throughout Canada are living at home longer than ever before; partially due to student debt and rising housing costs. The trend has been holding steady for the last number of years, so much so that it might be considered the new ‘normal’. With parents and older children living under the same roof what are the potential effects of FOMO, also known as the ‘Fear Of Missing Out’, on financial responsibilities for each? FOMO is that emotional response generated by social media posts of photos or videos of travel, parties, food, and recent purchases made by peers […]

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 […]