Hundreds of thousands of Canadians file for bankruptcy every year. It is never a decision you can make lightly. Is it something you should consider doing? It really depends on your situation and how you became indebted in the first place. There isn’t a one-size-fits-all answer, but there are factors that can help you decide if you should declare bankruptcy or try to move full steam ahead by paying down your obligations.
If you are asking yourself: “Why file for bankruptcy?”, here are nine reasons why it makes sense to go bankrupt:
Guaranteed investment certificates (GICs) are an investment made by a person to a financial institution. At the end of term, the investor receives their principal investment back as well as any interest earned. Here are 5 reasons to invest in GICs as opposed to other options such as stocks or bonds.
Today, there are multiple ways to file your small business’s taxes. You can use an online program to file them yourself or you can head over to H&R Block. Though these might be inexpensive ways to do your taxes, they certainly aren’t the most effective. At worst, they can be financially devastating.
In Ontario, the provincial government has introduced the Small Business Innovation Challenge (SBIC) to support the growth of high potential, small-to-medium sized enterprises (SME’s) who are focused on technology driven innovations. Small-to-medium sized enterprises are those with less than 500 employees
This Challenge is designed to encourage and engage start ups and other small businesses to solve public sector challenges by providing the small-to-medium sized enterprises with opportunities to develop, test and demonstrate their products. It is geared towards increasing commercialization opportunities through direct funding support (small business grants) and allows for demonstration opportunities to prove the value of the innovations.
These small business grants are implemented through a two-phase process. Continue Reading
We all come into situations where we don’t have enough cash to buy what we need or to cover emergency situations. Some items are just too expensive, such as houses and cars, or injuries and illnesses may cause you to be temporarily out of work while you have a stack of doctors’ bills on your desk. In addition, automobiles and household appliances or fixtures may break down at any time and require costly repairs, and your only option may be to borrow money.
Several types of loans are available to people in all credit categories. Some loans require excellent credit, and some require putting up valuable items as collateral. However, other types of loans, such as online payday loans, can be obtained by anyone with a regular job and a checking account regardless of past credit history.
As you are about to go on vacation, you are no doubt very excited about the time you can spend with your family or friends far away from any thoughts about work. You will of course need to plan many of the essential things that you will need for your trip. From a range of outfits and beach wear, you will also need to exchange some money, so that you can treat yourself to some souvenirs. Continue Reading
Sometimes, a job may take you temporarily to a new place, such as a new city or new province. You know that you will be back, but where would you live? If you have no relatives or friends there, one great idea to consider would be a short-term rental. Thanks to the Internet, short-term rentals have increased in popularity for all kinds of reasons. The nice thing about a short-term rental is that your new place becomes your home away from home.
Unless you’re loaded, staying in a hotel might not be an ideal solution. A short-term place will give you comfort and privacy and is also affordable. You can even personalize it. Here are some tips to get a good deal to make the whole experience a positive one. Continue Reading
It can be surprisingly easy to fall in to debt, and some experts in Canada suggest that many Canadians are only one pay cheque away from slipping into the debt pit. In part, that’s because most people make only modest incomes and use credit and monthly payment plans to stretch their income. When misfortune causes an income to drop—divorce, loss of work, illness and many other factors—a person can quickly become overwhelmed and fall behind in their payments.
Embarrassment, confusion, or hope that changing fortune is just around the corner can keep someone from seeking out professional help and support for their problem. But there is help, and a wide variety of options that a person facing money challenges can use to get them out of debt and on the road to financial recovery.
A GIC or Guaranteed Investment Certificate is a type of Canadian investment vehicle that works by having you deposit or loan the bank some of your money for a specified period of time that could be from six months to five years. In return, the bank or financial institution guarantees to return your money plus interest.
If you leave your money with them longer, they will pay you more money in interest on your GIC. When the specified term is up, they will pay you back the entire amount you deposited plus the interest. For many Canadians, this is a very safe and effective way to save some money in the short term.