Just because you pay your rent on time doesn’t necessarily mean your credit score is as good as it could be. Some seemingly innocent financial behaviours can negatively affect your credit rating.
D. & A. MacLeod Company Ltd.’s blog is your resource for understanding the finer points of debt management as well as for financial tips and tricks in Ottawa and across Eastern Ontario. If you have any questions, please don’t hesitate to contact us.
Just because you pay your rent on time doesn’t necessarily mean your credit score is as good as it could be. Some seemingly innocent financial behaviours can negatively affect your credit rating.
Opening a small business comes with risks. In fact, 50 per cent of small businesses fail in the first five years. In this case, a bank or other creditor could seize your personal assets and life savings if your business goes under. The good news is, there are ways to protect yourself if you’re a business owner.
Most Canadians know that payday loans are expensive and difficult to repay. Nevertheless, nearly 40 per cent of bankruptcy filings are by people stuck in multiple predatory loan contracts. Here’s what to look for so that you can avoid unfair loans and the debt problems that follow.
Creating a monthly budget when you don’t earn a regular paycheque is challenging. Nevertheless, the process is necessary if you want to ensure you have enough money available to get through the lean times. Here are some budgeting tips for freelancers, contractors and people who work on commission.
Are you married or in a common-law relationship? Do you make considerably more than your spouse? If so, you may want to consider making spousal RRSP contributions. Using a spousal RRSP has many financial benefits. Here are five things you need to know.
A business may require corporate restructuring for a variety of reasons. For example, the company may have financial problems and want to avoid corporate insolvency or seizure. Corporate restructuring is a lengthy process that involves difficult decisions but can ultimately save a company from going under. If your business is in trouble, here are five things you should know about corporate restructuring.
If you don’t pay your bills, you might receive one or more calls from a collection agency. In some cases, debt collectors can be intimidating, persistent and even outright aggressive. The good news is you have rights, and knowing them can help you avoid being harassed. Here’s what you should know.
The old rule that you must retire without debt no longer applies. More people are waiting until later in life to buy a home, so many couples today can expect to retire with a mortgage. The good news is, there are ways to mitigate the financial impact of this expense on your golden years. Here are some tips for retiring with a mortgage.
In Canada, two financial tools for saving for the future stand out: tax-free savings accounts (TFSA) and registered retirement savings plans (RRSP). Both offer tax advantages and can help you achieve your savings goals. You can put your money into an RRSP, a TFSA, or both. But before you decide, it’s a good idea to learn about the differences between the two.
Financial literacy is the ability to use knowledge, skills and resources to make effective financial decisions. This can serve you in a variety of ways, from allowing you to achieve your savings goals to helping you protect yourself from financial fraud. Here are just some of the tools you can use to become more financially literate.
Regardless of your financial situation, there are many benefits to mindful spending. In essence, this practice simply requires you to bring awareness to your relationship with money and to spend it with intention. Here are some ways you can easily implement this approach to money management in your daily life.
Post-secondary education is getting more expensive every year. As tuition rises, students are being forced to take out larger loans and rack up more debt. The best way to eliminate your loans is to make more than the minimum payments each month and decrease the amount of interest you pay. Here are some additional tips to help you pay off your student loans faster.
Financial matters are often a sore spot for couples. While it can be challenging to talk about money, having a realistic financial plan with your partner can help prevent arguments. Here are a few tips to help couples balance a budget together.
A Registered Retirement Savings Plan (RRSP) is one tool that can help you save for retirement. In most cases, the goal is to keep your money in an RRSP until you turn 71 years old. However, some circumstances warrant withdrawing your funds early. Depending on the situation, your withdrawal could be tax-deferred or subject to a withholding tax. Here are five ways to benefit from your RRSP before you retire.
Back-to-school season can be one of the most expensive times of the year for families. Whether your children are in elementary school or college, providing the supplies they need can be pricy. These expenditures can add up quickly and increase your overall debt. That’s why it’s important to create a budget and stick to it. Here are a few tips to help you create a plan for the back-to-school season.
If you secure some extra cash, is it better to pay off your mortgage or put it toward your retirement fund? The answer to this question isn’t clear-cut. The best option really depends on your financial situation and money goals. Here’s an overview.
The question of when you should start saving for your retirement has a simple answer: as soon as possible.
Now that the Canadian Emergency Response Benefit (CERB) Government assistance program is winding down, it is still unclear as to who needs to pay these benefits back. With that uncertainty, it is smart to know your options when the Canadian Revenue Agency (CRA) comes to collect.
Despite the ongoing pandemic, Canadians have been borrowing money to buy real estate at an alarming rate.
Our Licensed Insolvency Trustees canl help you determine whether filing a Division 1 proposal is the right solution for you.
Are you looking to buy your first home? While this is an exciting chapter in your life, it can also be stressful and feel overwhelming.
Do you need to pay off a credit card or student loan? If so, using our debt repayment calculator can help you find the quickest path to debt relief.
As house prices continue to soar, saving enough money to buy a home can be daunting. Here are some tips on how you can start your journey to becoming a first-time homeowner.
At D. & A. MacLeod Company Ltd., we understand that tax time can be confusing, chaotic and downright challenging, and this year is no exception. Here’s the latest information on how to claim a deduction on your home office expenses.
Have you seen ads for debt help companies and consultants on the rise in Ottawa? We’ve compiled a list of the top 5 tactics to help you stop scammers in their tracks.
Being in debt can cause a lot of uncertainty, especially if your only source of income is from a program like the Ontario Disability Support Program (ODSP).
If you or someone you love is in debt and about to retire, there are some important factors you’ll likely need to consider and probably more than one question you’ll want to have answered. To help you move forward, here are the answers to some basic questions about retiring with debt in Ontario.
Small business owners in Ontario need to take action to avoid falling into crippling debt during the COVID-19 pandemic.
Combining a variety of debts into one debt, called debt consolidation, can be a powerful way for you to get your financial situation under control. There are many ways to do this, but one of the most common is to refinance a mortgage.
The COVID-19 pandemic has altered many aspects of people’s lives. Whether it’s job loss, sudden isolation, lack of access to financial assistance, or a dip in business, many individuals are facing difficult times and are struggling to keep up.
Living from one paycheque to the next can be emotionally and financially draining. If most of your salary goes toward expenses, you might be unable to pay off your debt. Here’s how you can regain control of your finances under these circumstances.
If your spouse has accrued considerable business debt, you may be asking yourself how this impacts you. In order to answer this question, it’s important to understand how business debt works in general and also how debt works in a marriage. Here’s what you need to know.
If you’ve recently been surprised to discover that you have too much credit card debt, you’re not alone. In fact, having excessive consumer debt is a common financial issue — one that’s frequently noticed too late!
As families shelter in place, many parents are faced with the challenge of keeping their children stimulated at home. Here are six things you can do to keep kids busy during the lockdown.
In addition to the personal hardships caused by the coronavirus pandemic, there are a number of economic challenges that must be faced.
Many couples feel pressured to have big, elaborate weddings.
While expecting a child is exciting, it’s a good idea to take stock of your financial situation and plan accordingly
Here’s what you need to know about the increasingly serious issue of consumer overspending and how to avoid falling into debt during the holidays!
Outlining the basic procedure of filing a consumer proposal and what happens when individuals can no longer meet its conditions.
The impact of student debt is becoming tougher as programs and post-graduate expectations change.
Did you know that nearly 44% of Canadians are living paycheque to paycheque?
Did you know that one in five retirees lives with debt, with many still making mortgage payments?
If you’ve been struggling with debt management, you may think that you’ll be unable to afford a summer vacation this year.
If your work is facing layoffs or you have just recently been let go, take the steps necessary to keep you financially protected.
Get an in-depth understanding of your credit report as we answer some of the most common questions regarding credits scores and credit repair!
Also known as LITs, licensed insolvency trustees are your best option if you need help getting out of debt.
Do you have a significant amount of personal debt? If so, being well informed is a crucial part of managing your finances and getting the help you need.
Struggling to manage your credit cards? Here’s what you should know about credit card feeds, interest rates, and the best time to pay them off!
According to a recent study, last year 37% of insolvencies in Ontario were directly driven by payday loans
When it comes to paying off your debt, it’s important to weigh all your options.
Did you know that being a student makes you eligible for certain tax breaks?
At D. & A. MacLeod Company, we recognize the financial struggles that many students in Ontario face as they advance through their post-secondary education.
If you recognize your own habits on this list, we recommend taking the time to evaluate your financial situation and call us for a free consultation.
If you’re thinking of starting your family, make sure you follow the advice in this week’s blog to start off on the right foot!
The Bank of Canada recently raised its interest rate to 1.5 per cent, prompting major Canadian financial institutions to increase their prime rates to 3.70 per cent.
Whether starting out on your own, starting a family, or graduating, we are here to explain what to look for when deciding if debt help is needed from a licensed insolvency trustee in Ottawa.
An increasing number of Canadians are entering retirement with large amounts of debt and facing bankruptcy. Learn why and how to get out of debt before it’s too late!
Things to consider when cancelling multiple credit cards to get a handle on your debt overload.
Frequent flyer miles, cash back rewards, discounts at your favorite retail stores, and other “rewards” incentivize a culture of debt.
The pressure to purchase gifts during the holidays feels even worse when you are struggling with debt. Learn some tips from our debt help specialists in Ottawa.
Predatory payday loans are never a good choice. Learn more about these other options available if you are facing debt or behind on credit card bills.
Learn how to deal with collection agencies and wage garnishments. Don’t give up, there are solutions to help get you out of debt today! Read more.
When it comes to money management, where to invest, and how to save, many people have big decisions to make.
Our licensed insolvency trustees in Ottawa and the Eastern Ontario Region can help you figure out which debts to prioritize and pay off first.
Learn more about why you may be unable to obtain a debt consolidation.
Things that can affect your credit and what can be done to help improve it.
In today’s financial landscape, many Canadians are starting out their adult lives already facing massive debts...and rising interest rate.
It’s entirely too easy to go into debt, and extremely difficult to break free from it.
Your credit rating can have a vast impact on your everyday life--especially if you are getting ready to start a family.
Falling behind on credit card payments can trigger a series of unfortunate and stressful events for you. In addition to negatively impacting your credit score, credit card companies may call you about missed payments.
Many Canadians see a rise in their hydro bills once the warmer weather sets in. As enjoyable as the season may be, spending more money to keep your home cool can be unsettling.
As time passes, do you find it harder to pay all of the bills each month? You are not alone. Many circumstances can lead a person to realize they have more debt than they can handle.
Even though debt can feel overwhelming and it may seem as though a service such as a licensed insolvency trustee is your only solution, there are ways you can save for retirement while paying off debt.
When you have multiple debts, it can be difficult to prioritize how to pay them off. There are many choices, but if you make the wrong one, your debt snowball could turn into an avalanche.
It’s that time of year again! Income tax is due yet a surprising number of people can’t afford to pay the CRA the taxes they owe. Are you one of them? Do you not know which way to turn because you owe tax, have personal debts, or are maybe on the edge of bankruptcy?
Is it better to save towards a down payment on a home or to rent a home? While the easy answer is that a home you own is equity, there are many factors that go into such an important decision.
Student loans are a great way for many people to be able to afford to go to college. Once you are done with school and must begin paying off student loan debt, you may find yourself getting stressed out and struggling to make things work each month.
There is a good reason that credit cards have become so popular among Canadians over the years: the sheer convenience of not needing to carry cash, as well as not needing to pay upfront, is obvious advantages. However, the rise of subsequent credit card debt for credit card holders is a clear indication that this method of payment can be easily abused.
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.
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!
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
At D. & A. MacLeod, we have been helping people and companies since 1952 overcome their financial difficulties. Our commitment to those we serve will now include timely blogs as we understand the importance of having information to be able to assist you in resolving your financial situation.