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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 […]

The Social Impact of Historic Debt Loads at The Holidays

The holiday season brings with it significant financial demands on many Canadians, as they try to avoid adding to their personal debt loads, while also funding family gift and travel expectations. In addition to the spending stress, the holidays also bring a litany of predictable media stories around budgeting, savings tips and the impact of the holiday season in creating a ‘debt hang over’ felt by many in January. What many don’t stop to reflect upon in all of this festivity, however, are the social implications of rising personal debt loads on our communities. Heading into this holiday season, Canadians […]

Using Credit Cards Can Increase Your Debt

Life is busy, people want to move fast and shop fast. Consumers move through stores in a blur, grabbing their purchases, checking their phones and watches, tapping their feet and shuffling in impatience waiting for the line to move. They want to cash out and get on to the next task. Digital wallets and cashless buying is becoming more popular as a payment method and the biggest reasons are speed and convenience and can have a major impact on your debt load if not monitored properly. Retailers like that cashless payment is faster at the register so they can move […]