2017-12-21 18:45
Do you pay attention to the Canadian real estate market? If you already own a home, it may not seem necessary to stay on top of housing trends across the country. But for those who are consi… Read More
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Blog Archives - Spergel Blog
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Financial challenges are more common than you think, and they are often due to reasons beyond your control. Filing for bankruptcy or a consumer proposal is not a sign of weakness – it is the recognition that you finally want to stop paying for the past
2017-12-13 14:00
In October 2017, Canadians learned they were losing a retail titan as the Sears Canada bankruptcy was announced and along with it the plan to lay off 12,000 employees across the country.
The… Read More
2017-12-06 14:57
The holidays are fast approaching, and for many that means a struggle to pull off the most magical season without breaking the bank. We’re all about celebrating, but we’re also… Read More
2017-11-29 15:15
When you have good credit, applying for financing or various credit products probably isn’t accompanied by much concern or stress; heading to the bank or submitting an application for… Read More
2017-11-22 14:42
Over the last 2 years, Canadian mortgage rules have changed significantly, making refinancing harder, and with interest rates going up this could shift supply and demand, thereby impacting h… Read More
2017-11-15 16:59
Back in July, the Bank of Canada raised the Canadian interest rate for the first time in 10 years. Then, in September, it happened again. This has been cause for concern amongst some. … Read More
2017-11-08 14:37
Today, and Every Day, We Remember
This weekend we take a moment to remember all of those brave Canadians who gave, and continue to give, all that they have to ensure that we are able to enj… Read More
2017-10-25 17:14
The trustees at Spergel have been providing debt solutions to thousands of individuals in Canada for the past 28 years, and regularly share our wealth of experience.
Spergel trustee Gillian… Read More
2017-10-25 13:28
The retirement years are supposed to be the golden years, the years you can spend your days doing exactly what you want. They are not meant to be the years when you worry most about money. H… Read More
2017-10-18 13:32
As Licensed Insolvency Trustees, we often get asked how to rebuild credit after completing a consumer proposal or bankruptcy. When debt becomes overwhelming, and you’ve chosen to do so… Read More
2017-10-11 14:51
When you owe money, no matter how much, to any creditor, one of the most problematic forms of collection action you face is a wage garnishment. When the debt is to the Canada Revenue Agency… Read More
2017-10-04 15:05
Are you part of the sandwich generation and feeling the impacts on your bank account?
The sandwich generation refers to those in the 35-55 year age range, those who care for their own parent… Read More
2017-09-27 13:26
Sears has been experiencing financial trouble for a few years now, and back in late June, it finally bit the bullet and filed for bankruptcy. This is a significant concern for those employee… Read More
2017-09-20 13:09
We’ve spoken at length over the last few weeks about how the Bank of Canada’s (“BOC”) interest rate hike will impact Canadians. Most of what we’ve discussed has… Read More
2017-09-13 15:04
Back in early July, the Bank of Canada announced that its key interest rate would increase from 0.5% to 0.75%. After months of speculation, during which economists continually warned that an… Read More
2017-09-07 13:39
More often than not, when monthly finances are tight, most Canadians turn to their credit cards or personal loans to make ends meet. Perhaps you feel as though this is something you alone ar… Read More
2017-08-30 13:37
The back to school season is officially here and that means kids are headed back to the classroom and parents finally get a little break from the boredom or mayhem that can come with summer… Read More
2017-08-23 14:15
Arguably one of the most embarrassing things that one can endure is a wage garnishment. It is bad enough to have to walk around with a demanding debt looming over your head, but often no one… Read More
2017-08-16 14:23
A few weeks ago, we covered a trending topic in the news – the growing rate of seniors entering retirement in debt – and this week we thought we’d follow it up by discussin… Read More
2017-08-10 15:14
We often have people call us about rebuilding a credit score that has been damaged by poor credit behaviour. What is surprising is the number of problematic myths that exist in relation to c… Read More
2017-07-26 13:09
Back in March, the Toronto Star reported that Canadian consumer debt had reached a new record high in the last quarter of 2016. According to the article, which reviewed a recent Statistics C… Read More
2017-07-19 14:33
For whatever reason, personal bankruptcy has become synonymous with a person avoiding their bills, but that is simply not the case. We believe that the ability to find relief from debt which… Read More
2017-07-12 14:54
Most of us have them. Credit cards can be so convenient and often make life easier when it comes to doing anything from making hotel reservations to ordering things online. However, as credi… Read More
2017-07-05 16:00
Both the personal and business tax deadlines have now passed, and that means that most people have either received their refund or an assessment indicating tax debt is owing. If you’re… Read More
2017-06-28 13:20
A nation diverse in its people, its land, its culture and its history, Spergel is proud to call Canada home!
Happy Canada Day! Here’s to 150 Years!
The post Happy Canada Day! Here&rsq&hell…Read More
2017-06-28 13:13
If you’re a homeowner in the GTA, you are no doubt aware of the fact that home values have skyrocketed over the last few years. In March 2017 alone we saw a 33.2% increase in the… Read More
2017-06-21 13:27
No matter a person’s age, debt can be a stressful financial burden to deal with. Once that debt becomes unmanageable, it is even more overwhelming. However, when one is working, or has… Read More
2017-06-14 15:50
If you are a sole proprietor or in a partnership, then June 30th is a date quite relevant to you. June 30th is your tax deadline. For some business owners, this day represents just another d… Read More
2017-06-07 13:36
Affordable housing continues to be a major concern for many families in the GTA. With the housing market as hot as ever, property values continue to skyrocket, making it very expensive for s… Read More
2017-05-24 16:29
Have a question about consumer proposals? This consumer proposal FAQ should help!
Is a consumer proposal the same as bankruptcy? No. While they are similar, a consumer proposal is not the s… Read More
2017-05-17 13:19
Your credit report is very important. It is used not only by lenders whom you’ve applied to for credit, it can also be used by employers or even various service providers to validate y… Read More
2017-05-10 15:37
When considering whether a debt consolidation loan is the right solution to your debt problem, it is important to understand the different solutions available as well as which solution is a… Read More
2017-05-03 15:01
Do you owe money to the Canada Revenue Agency (CRA)? Then you are one of thousands of Canadians – it is a more common problem than you might think.
A tax debt can be scary because it i… Read More
2017-04-26 15:11
Since we are well into tax season, we have dedicated several posts over the last few weeks to covering various aspects of dealing with a tax debt. So far we’ve covered the various pena… Read More
2017-04-19 14:50
As with any creditor, if you owe a tax debt to the Canada Revenue Agency (CRA), there are various forms of enforcement action that may be imposed in an effort to collect. Two of the most pop… Read More
2017-04-12 15:28
Last week, in preparation for the approaching 2017 tax deadline, we discussed the importance of filing your taxes, even if you are nervous about a looming tax debt. This week our blog focuse… Read More
2017-04-05 14:15
We have reached April now and that means the 2017 tax deadline for individuals is fast approaching. For many Canadians, this simply means a few hours spent in front of your computer or with… Read More
2017-03-29 13:59
A common misconception that we come across is that a vehicle will be seized in a bankruptcy. This is often a major consideration as most people require a car for daily travel. To answer this… Read More
2017-03-22 16:33
When your wages are being garnished, whether by a creditor, the Canada Revenue Agency or the Family Responsibility Office, combating the garnishment may seem impossible. Fortunately, that is… Read More
2017-03-17 08:00
The private operators of Ontario’s Highway 407 Express Toll Route (ETR) have agreed to pay $7,965,800 to settle a class action lawsuit with individuals who filed for bankruptcy or a co… Read More
2017-03-08 14:28
For Canadians struggling to meet their financial obligations, a consumer proposal and bankruptcy are the two most popular debt management options available, and for good reason. Both can hel… Read More
2017-03-01 18:28
For many Canadians with debt problems, a consumer proposal represents a viable financial solution. In our experience, many people do not quite understand the impacts of a consumer proposal i… Read More
2017-02-13 15:00
Of all the different types of personal debt that Canadians deal with, owing taxes to the Canada Revenue Agency (CRA) seems to cause the greatest concern. While the government is, for the mos… Read More
2017-02-06 19:23
With the holidays done, many of us face the sobering reality of how much we spent over the holidays on our January bills.
To avoid a spiraling debt cycle, we need to find a way to pay off ou… Read More
2017-01-23 18:00
With the start of the New Year, make 2017 the year that you get your finances on track. Here are some credit counselling tips to help you start your new year off right:
Make a Budget and Sti… Read More
2017-01-16 18:57
What is a Wage Garnishment?
A wage garnishment is a legal proceeding in which a creditor can legally deduct payments off your wages to pay back taxes, child support, or other debts.
Accordin… Read More
2016-12-14 14:30
Our Tips to Reduce Debt in the New Year
If one of your New Year’s resolutions is dealing with your debt, here are a few strategies to start minimizing your debt for the current year:
1… Read More
2016-12-12 14:30
Stop Poor Spending During the Holidays
It seems that we spend more freely during the holidays, which makes managing finances more difficult than during any other time of the year. To help yo… Read More
2016-12-07 14:30
Creating a Holiday Budget that Works
The holidays are already a stressful time without having to worry about finances. Studies have shown that the average family will spend more than $800 on… Read More
2016-12-05 17:53
How to Save Money While Traveling During the Holidays
When making travel plans for the holiday season, there are a number of things you can do to save money. Here is how to manage your trave… Read More
2016-07-28 17:14
Receiving a phone call from a collection agency can be stressful. The agents are sometimes forceful, blunt, and difficult to negotiate with. It’s easy to become flustered or nervous w… Read More
2016-06-29 17:20
The decision to declare personal bankruptcy is a always a difficult one to make. For those who are self-employed or own a small business the decision becomes more complicated. How will your… Read More
2016-05-11 14:36
Everyone knows how incredibly easy it is to swipe a credit card when you’re shopping. Credit cards come with a number of benefits – delayed payments, financing options, and point… Read More
2016-05-05 17:29
Summer is almost here. For students, this means a break from tests, essays, and dorm life. It also means an increase in daily expenses and a constant temptation to spend money. Many students… Read More
2016-01-27 22:07
Making a regular appearance in the news quite recently is the talk of the debt to income ratio being on the rise in Canada. When you as a Canadian hear that, you understand that an inc… Read More
2015-12-23 14:40
We’ve all been guilty of over-spending during the holidays and experiencing that pang of anxiety once the credit card bill arrives in January.
Wise spending, however, and making a cons… Read More
2015-11-13 17:34
The Supreme Court of Canada today ruled in favour of discharging 407 debts in a consumer proposal or bankruptcy. This marks a long battle to relieve honest but unfortunate debtors of having… Read More
2015-09-23 16:05
Student Loans are a common source of debt held by many people today. How common? Student Loan debt is over 25 Billion Dollars in Canada.
To say this debt is a problem would be over… Read More
2015-07-10 20:50
When it comes to owing creditors, the last creditor you want to get into trouble with is the Canada Revenue Agency (CRA). Having Canada Revenue Agency debt can be a slippery slope into seri… Read More
2015-07-03 19:39
Your duties after filing for bankruptcy
You’ve met with a trustee in bankruptcy and have decided your best solution is to file for bankruptcy. Once you have signed the paperwork… Read More
2015-06-16 20:46
A question that is frequently asked during consultations is whether they can keep a credit card when filing bankruptcy or a consumer proposal. The question usually is about a credit ca… Read More
2015-06-12 19:46
A writ and a lien can often seem like the same thing to the average debtor, but the implications of both can be very different when it comes to filing a consumer proposal or bankruptcy.How a… Read More
2015-05-20 16:25
Whether you have completed a bankruptcy or consumer proposal and you are on your way to a fresh start, or you are currently dealing with your debt, your credit report can be a source of help… Read More
2015-04-27 15:09
This is a very common question asked by people looking for debt solutions. How can you have something called surplus income when there isn’t enough income to cover all those expenses i… Read More
2015-04-20 19:39
The most common concern people have when looking into filing for bankruptcy is they do not want to lose their house. It is then generally shocking to people when I tell them that filin… Read More
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