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What Kinds of Debts are Not Covered in a Bankruptcy?

Posted by in Bankruptcy
30
Jul 2014
Not all debts are erased by bankruptcy. It’s important that you know which of your debts are covered by Canada’s bankruptcy law if you are considering filing for personal bankruptcy, to ascertain if bankruptcy is the best option to solve your current financial situation. Bankruptcy law is extremely complex. The ...


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How Much Does CRA Charge in Penalties and Interest?

Posted by in Bankruptcy
24
Jul 2014
If you owe money to the Canada Revenue Agency (CRA), you must take steps to avoid late payments. Any late payments owed to the CRA are subject to interest and penalties. Payment must be made by May 1, 2015 for the 2014 tax year. Additionally, any incorrect (falsified) tax returns will be penalized. Please note, the due date ...


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How Can I Deal With Revenue Canada?

Posted by in Bankruptcy
15
Jul 2014
If you owe money to the Canada Revenue Agency (CRA) but cannot pay it, you must take action immediately. Ignoring your debt will simply make your financial situation more serious. What if you do not pay what you owe to the Canada Revenue Agency? The CRA, which was formerly called Revenue Canada, expects to be paid in ...


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How do Interest Rates Work and How are they Calculated?

Posted by in Bankruptcy
1
Jul 2014
Simply put, interest rates are the cost of borrowing money. A loan, such as a car loan or a mortgage, gives you the ability to purchase the car or home now, rather than having to save up until you can afford it. Credit cards give you the ability to purchase goods and services, such as hotels and flights. Without these loans, ...


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