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Financial Assistance & Debt Blog

D. & A. MacLeod Company Ltd’s blog is your resource for financial tips and tricks in Ontario. If you have any questions, don’t hesitate to call us.

  • Bankruptcy in Ottawa Ontario
    What you need to know about filing for a Second Bankruptcy in Canada

    Most people know that bankruptcy should not be entered into lightly. But that notion is particularly true if you find yourself facing this fate for a potential second time. To further deter people from revisiting bankruptcy, the Canadian government implemented stricter discharging durations for those who file more than once. Although not ideal, this option is available to individuals who continue to struggle with debt after their first bankruptcy in Brockville, Kingston, Ottawa or Pembroke.

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  • woman that needs debt counselling tips in ottawa and kingston
    Money Management Tips

    Although many people today are shunning credit cards altogether, it is important rather to establish a good balance between using them often enough and responsibly to secure a good credit rating that will help you when you want to purchase a home or a car, but not too often or too heavily as to acquire debt or negatively impact your credit rating. Read more for simple money management tips and solutions!

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  • a woman in a wheelchair being assisted by a man working on documents
    Filing for Bankruptcy While on Long Term Disability

    Becoming too ill or injured to work is difficult enough, but mounting debt as you are not earning your regular income can add extra stress to your life. Long term disability only provides a percentage of your salary, while your expenses often remain the same. Unless you are particularly cautious with money and knowledgeable about how to cut back, financial matters can become significant.

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  • Credit counselling in Kingston Ontario
    Elderly Parents Struggling with Debt

    Although having elderly parents alive usually feels like a blessing, helping them handle financial matters can be stressful for both of you. The emotional side of dealing with aging parents can be taxing enough, but many children also often feel obliged to take on their finances. That means helping ensure they are making responsible choices by not exceeding what they can afford to spend each month.

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  • note-3050144932966399173-planning-for-retirement-ontario.jpg
    Retirement and the Risks of Financial Instability

    Retirement is a relatively new concept, introduced in the last century and likely to balance the modern economy when life expectancy grew and people were living much longer than they ever had before. Today, this lifestyle is highly sought after and idealized but, without the appropriate savings, not working can prove to be financially challenging for many seniors across Ontario.

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  • Credit cards
    Protecting Yourself Against Identity Theft & Fraud

    Over the last several years, identity thieves have been stealing personal information from a growing number unsuspecting people to make credit card purchases, obtain fraudulent bank loans, apply for fake passports, and more. The problem has become a significant one in the country with over 40,000 consumer complaints to the Canadian Anti-Fraud Centre in 2014 and millions of dollars stolen by criminals. It is crucial to address any suspicious activity early and consult the helpful advice of a licensed insolvency trustee in Kingston if you’ve been impacted.

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  • Developing a Monthly Budget & Avoiding Bankruptcy in Ottawa
    Developing a Monthly Budget & Avoiding Bankruptcy in Ottawa

    Individuals facing financial hardship can take steps to improve their situations by developing smart habits like budgeting their money on a monthly basis. By creating a spreadsheet file on your computer or simply keeping a written notebook, debtors can keep track of their income after taxes and determine how much they can afford to spend each month. This includes sorting out all required expenses, such as insurance, utilities, car loans and rental or mortgage payments, as well as clothing, food and entertainment purchases.

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  • Signs of Overspending & Tips to Reduce Impulse Purchases
    Signs of Overspending & Tips to Reduce Impulse Purchases

    One of the most significant reasons why people may find themselves in debt is due to overspending. Maybe you are unsure how to put together a proper budget for your expenses, or you have a hard time reigning in your spending on “nice to haves”. Our team at D. & A. MacLeod Company Ltd. offers credit counselling for consumers in Brockville, Kingston, Ottawa and surrounding areas. Using our home budget calculator, you can also put together a solution to understand just how much discretionary income you have left each month.

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  • Saving Money for Your Business in Eastern Ontario
    Saving Money for Your Business in Eastern Ontario

    Regardless of the size of your company, having management information tools in place will assist you and any other shareholders of your company in better managing cash flow issues within your business. Understanding how to manage expenses wisely to avoid financial pitfalls and grow the profitability of your business requires time and effort.

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  • Preparing to Seek Financial Counselling in Eastern Ontario
    Preparing to Seek Financial Counselling in Eastern Ontario

    Struggling to manage your own finances can leave you stressed and concerned for the future stability of your family. If you find yourself in this situation, financial counselling from a Licensed Insolvency Trustee (LIT) can be an effective way to better understand your current situation and develop an action plan for your finances, particularly if you are facing significant debt. At D. & A. MacLeod, our team will work with you to budget, strategize, and discuss financial plans for the future.

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  • Tips for Smart Household Budgeting & Saving
    Tips for Smart Household Budgeting & Saving

    There is no real way around the fact that life is, simply, expensive. It also makes sense that the more people you need to clothe and feed, the more money you will need to spend. Debt is on the rise in Canada, including Kingston and Ottawa, but there are helpful solutions to balance your finances. One particular method is ensuring that your income can afford your expenses by maintaining a budget.

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  • Unincorporated Small Business vs. Corporate Bankruptcy: How Do They Differ?
    Unincorporated Small Business vs. Corporate Bankruptcy: How Do They Differ?

    It is always important to make an informed decision when it comes to bankruptcy, as this option should be the last consideration if you or your business is struggling financially. Depending on the size of your business, the processes may differ. When making a decision about your financial situation, you will want to speak to a Licensed Insolvency Trustee (LIT) in the Ottawa Area to learn about your options.

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  • How to Manage Your Student Loan Debt
    How to Manage Your Student Loan Debt

    Along with tuition rates, student loan debt has steadily increased over the past 20 years across most of the country. Canadian Federation of Students statistics show that average university tuition costs in Canada are almost $6,200 for undergrads for this current school year and about $16 billion in Canada Student Loan debt has been borrowed by about 425,000 students. This debt accounts for only 60 percent of all student loans.

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  • Tips & Tricks for Repairing Your Credit Score
    Tips & Tricks for Repairing Your Credit Score

    Having a poor credit rating is not only a nuisance, but it can have serious repercussions for other areas of your life as well. For instance, you may experience difficulties getting an apartment, buying a car, experience higher insurance premiums, and much more. There are many causes of a poor credit score, including job loss, high unexpected health expenses, separation or divorce, or costly home repairs. A major cause of poor credit is missed payments resulting from consumer debt, and each day you are late your score may get worse.

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  • Dealing with Financial Difficulty after a Separation or Divorce
    Dealing with Financial Difficulty after a Separation or Divorce

    As of 2008, approximately 40 percent of marriages ended in divorce and the average length of marriages was less than 14 years. Divorcing couples are on average in their early to mid-40s, which is considered close to “prime earning years.” At this time, families often have significant assets and young children, both of which can influence financial decisions in divorce.

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  • Managing Debt Through a Consumer Proposal vs. Bankruptcy
    Managing Debt Through a Consumer Proposal vs. Bankruptcy

    In recent years, a consumer proposal has become a popular option taken frequently by individuals struggling with debt instead of filing for bankruptcy. Anyone having great difficulty with their finances will welcome the potential to have an alternate solution available; however, not everyone will be in a position to undertake a consumer proposal. Read about these options below to understand which may be best for you.

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  • Planning a March Break Trip for the Family on a Budget
    Planning a March Break Trip for the Family on a Budget

    Vacations are a highlight for many families after a dreary grey winter, especially for March break. While planning a trip can be exciting, it’s important to plan according to your budget and be realistic with your spending. We outline a few ideas below for how to plan a cost-effective March break trip.

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  • Warning Signs of Impending Personal Bankruptcy
    Warning Signs of Impending Personal Bankruptcy

    If you are struggling with debt, you may know firsthand that it can get out of control quickly. You may take actions that provide short-term relief, such as borrowing on your credit card, taking out pay day loans, but these actions are not always viable solutions to manage your debt long-term. Have you found yourself staying up late at night or feeling distracted at work, worrying about debts owed? You may be forced to decide whether you can make your next rent, car, or credit card payment.

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  • What is a Licensed Insolvency Trustee? Why the Change?
    What is a Licensed Insolvency Trustee? Why the Change?

    The formal name for a Trustee in Bankruptcy in Canada has recently been changed to a Licensed Insolvency Trustee (LIT) which will come into effect April 1, 2016 or sooner if trustees execute consent with the Office of the Superintendent of Bankruptcy.

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  • Things to Consider When Choosing to Use a Credit Card
    Things to Consider When Choosing to Use a Credit Card

    A credit card is a popular payment method accepted by most retailers world-wide. Transactions are free to the consumer and incentives for credit card use are provided in the form of travel or cash-back rewards and insurance protections. For many people, credit cards provide a feeling of empowerment because a credit card can provide you with a sense of control in your life, giving you the ability to purchase things you want without having to delay gratification. Some of the key benefits and risks of using a credit card are outlined here.

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