Boale, Wood and Company
Licensed Insolvency Trustees.
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Tax Refunds in Bankruptcy
Supreme Court of British Columbia rules on Tax Refunds in Bankruptcy. In a decision released December 14, 2023, the Supreme Court of British Columbia ruled that any tax refunds that a bankrupt may be entitled to…
Debt Solutions Portal
Information Rich On-line Resource to Help Canadians The Office of the Superintendent of Bankruptcy (OSB) has created a series of articles and videos to help consumers’s identify reliable sources of debt assistance. OSB and the Canadian…
Student Loans – Single Date Approach
May 2023 BC Court of Appeal confirms single date approach to discharging Student Loans through a consumer proposal or bankruptcy. A recent decision by the BC Court of Appeal confirmed that BC will continue to follow…
Credit Cards Rewards – Honest Mistake or ?
Recently I had to call my credit card company for a new credit card as my card was delaminating and the tap function was no longer working. While speaking to the credit card agent, I just happen…
Beware of the Online Calculator
There are a lot of online calculators that will calculate whether you qualify for a consolidation loan, what your credit card payment will be and whether you qualify for a consumer proposal to name a few.…
A Closer Look at September 2022 Insolvency Stats
Consumer insolvencies in BC increased in September 2022 overall by 33.5 percent from September 2021. Consumer proposals increased 52.9 percent while bankruptcies decreased 21.3 percent. Consumer insolvencies in all of Canada for August increased 22.1 percent…
OSB Issues Consumer Alert
If it sounds too good to be true, it probably is. The Office of the Superintendent of Bankruptcy has issued a News Release/Consumer Alert alerting those Canadian Consumers who are in financial difficulty to be aware…
A Closer Look at August 2022 Insolvency Stats
Consumer insolvencies in BC increased in August 2022 overall by 33.4 percent from August 2021. Consumer proposals increased 44.0 percent while bankruptcies decreased 0.6 percent. Consumer insolvencies in all of Canada for August increased 26.7 percent…
CRA Ramps up Collections on CERB
Have you received a repayment letter from CRA and don’t have the funds? You’re panicking because you don’t know where the money is coming from. Don’t panic. We can help. The government began to verify the…
BC Court – Student Loans, Single Date
BC Court confirms single date approach to discharging Student Loans through a consumer proposal or bankruptcy. A recent decision by the BC Supreme Court confirmed that BC will continue to follow the single date approach when…
Comparing Consumer Proposal to a Debt Management Program
In Canada, one of the most common, if not the most common, debt relief program is a Consumer Proposal. Other debt relief programs, commonly referred to as Debt Management Programs, (“DMP”) or Debt Consolidation Programs, typically…
Read More… Comparing Consumer Proposal to a Debt Management Program
I Owe CRA a Lot of Money and I Can’t Pay
Now What? When you owe the government money, it can be overwhelmingly stressful. It doesn’t matter if it is for taxes, student loans or even Medical Service premiums. Most consumers assume that the government has an…
A Closer Look at November 2018 Insolvency Stats
Consumer insolvencies in BC increased in November 2018 overall by 1.0 percent from November 2017. Consumer proposals increased 6.7 percent while bankruptcies decreased 7.7 percent. Consumer insolvencies in all of Canada increased 5.1 percent over the…
Canadian Insolvency Stats for November 2018
The latest numbers from the office of the Superintendent of Bankruptcy Canada shows a 2.5% percent decrease in the total number of insolvencies in Canada in November 2018 compared to the previous month. Bankruptcies decreased by…
Financial Stress!
What are my Options? Do any of these situations seem familiar? You’re being faced with ongoing telephone calls from your creditors harassing you; You’re considering cashing in your RRSP to pay your ongoing credit card payments;…
Financial Options Explained
Communicate with your creditors and find a plan to pay everybody in full. Often the best solution is communication. Everybody feels a little better and appreciates knowing what’s going on even if it’s bad news. At…
Canadian economy facing deep-rooted problems as wages stagnate, household debt mounts
Headline: Canadian economy facing deep-rooted problems as wages stagnate, household debt mounts: Wages are barely keeping up with the cost of living, business executives complain they can’t compete and households are carrying record levels of debt.…
Read More… Canadian economy facing deep-rooted problems as wages stagnate, household debt mounts
Household debt will pose major risk to Canada’s economy
Headline: Household debt will pose major risk to Canada’s economy for next three years. Past 2020, ‘it’s really going to hit the fan,’ warn economists Via: Vancouver Sun
Read More… Household debt will pose major risk to Canada’s economy
Take Control of Your Debt
One of the top concerns of the Bank of Canada is the high level of Canadian household debt. Notwithstanding those concerns, the level of household debt continues to rise, hitting 171.1 per cent of disposable income…
Self-Employed and Can’t Pay CRA?
The June 15 deadline for self-employed individuals to file their 2018 tax return has come and gone. And if you don’t have the funds to pay your tax bill you are probably wondering what can be…
Can I Pursue an Undischarged Bankrupt For Collection?
Yes, but not until the Licensed Insolvency Trustee (“LIT”) is discharged AND the bankrupt is not discharged. When a person declares bankruptcy, there is a Stay of Proceedings that prevents creditors from pursuing collection of their…
Read More… Can I Pursue an Undischarged Bankrupt For Collection?
Half of British Columbians need raise to pay off debt
Headline: Half of British Columbians will need a pay raise to help pay off debt. Via: The Vancouver Sun
Read More… Half of British Columbians need raise to pay off debt
BOC progress report
Headline: Bank of Canada deputy governor’s “Progress Report on the Economy”. Via: Bank of Canada
IMF flags housing at economy risk in Canada
Headline: IMF Flags Housing, Competitiveness as Canada Economy Risks. Via: Bloomberg
How Money Affects Health
Headline: How money affects health — what you can do to stay in control. Via: Global News
Home Sales Fall
Headline: Canada home resales fall in April, lowest in over 5 yrs-CREA Via: Reuters
Will Bankruptcy Affect My Employment?
If I declare bankruptcy, will it affect my employment? This is a fairly common question that a Licensed Insolvency Trustee (“LIT”) gets asked at the initial interview stage. You may be wondering if your current or…
Office of the Superintendent of Bankruptcy Issues Directive on Counselling
In previous newsletters, we addressed the issue of possible changes being proposed to the counselling directive by the Office of the Superintendent of Bankruptcy (“OSB”). The OSB issued its draft directive in October 2017 and commenced…
Read More… Office of the Superintendent of Bankruptcy Issues Directive on Counselling
Case Law Update Re: Gwidz
Recently, the BC Supreme Court provided some much needed clarification relating to the non-exempt equity in a bankrupt’s home at the date of bankruptcy and where the bankrupt and the Licensed Insolvency Trustee (“LIT”) have reached…
A Closer Look at December 2017 Insolvency Stats
Consumer insolvencies in BC decreased in December 2017 overall by 15.0 percent from November 2017. Consumer proposals decreased 13.6 percent while bankruptcies decreased 17.0 percent. The proportion of proposals in consumer insolvencies in BC accounted for…
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