Author Archives: cdugan

We’re on the Hook for the Lack of Prudence of Others!

As Canadian household debt hit an all-time high in 2017  a new study by TD Bank finds that 97% of Canadian homebuyers say they wish they’d factored in their other financial obligations when determining the mortgage they could afford. (Too bad their mortgage broker/architect/advisor was not required to factor these ‘obligations’ into their loan approval consideration either.) We […]

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Can an Email Can Extend a Limitation Period for a Debt Claim?

In British Columbia, the right to sue on a debtor’s failure to repay a loan is generally limited to a two year period following the date the debtor defaults on that loan, thanks to the provisions of the Limitation Act, S.B.C. 2012, c. 13 (the “ Limitation Act”). However, section 24(6) of the Limitation Act also provides […]

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Canadian Consumers Rightfully Showing Concern Over Rising Interest Rates

According to a recent Ipsos poll conducted by MNP LTD., the increased cost of borrowing due to rising interest rates is causing many Canadians to re-evaluate their relationship with debt. Seven in 10 people who responded to the survey say higher interest rates will cause them to think twice about how they spend their money, […]

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Canadian Problems that Infrastructure Investment Can Solve

Many advocacy groups out there today seem more focused on simply gaining attention while promoting their utopian ideals with little concern for the deeper economic impacts their positions would have on what makes Canada the Canada of today. However, there does exist out there a few champions and voices of reason. Since 1925, the Canadian […]

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How Much Can CRA Garnish?

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 (CRA), things become even more problematic. If you’re concerned that a CRA garnishment may be headed your way due to […]

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Bankruptcies Drop but More Deals with Creditors

Here’s another reason for our clients to remain vigilant in both their credit granting processes as well as their accounts receivable follow-up, including outsourcing problem accounts to Case Receivable Management Inc. Let’s start with the good news. Less Canadians are filing for bankruptcies. Yay! Now for the bad news, more are asking for help with […]

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Negotiate with CRA?

If you owe tax debt and the Canada Revenue Agency (CRA) comes calling, the best step is to pay what you owe in full. The CRA will not forget about you. It may not have contacted you until this point but, now that it has, this is an issue that isn’t going to just go […]

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Does consumer confidence appear in your balance sheet?

A rising currency and a red-hot labor market has sent Canadian consumer confidence to the highest in three years. The Bloomberg Nanos Canadian Confidence Index a gauge based on telephone polling climbed to 60.5 in the week ended Aug. 4, the highest since July 2014 and close to a record. The improving sentiment suggests Canadians are shrugging […]

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Interest Rate Fears Overblown?

Trudeau Officials are fearing the impact of speedy rate hikes by the Bank of Canada. Officials within Prime Minister Justin Trudeau’s government are concerned the Bank of Canada is moving too quickly to raise interest rates, fearing higher borrowing costs could inadvertently trigger a downturn. Governor Stephen Poloz raised the central bank’s key overnight rate […]

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What Does the Bible Teach about Debt?

Not only has Canada become a debtor nation, but most Canadians are drowning in debt. Our day–to–day dependence on debt begs the question: What does the Bible say about debt? First, the Bible warns that “the borrower is servant to the lender” (Proverbs 22:7). As such, we are warned against the folly of being excessively […]

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