Author Archives: cdugan

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 […]

Posted in Economics | Tagged | Leave a comment

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 […]

Posted in Debt | Tagged | Leave a comment

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 […]

Posted in Economics | 1 Comment

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 […]

Posted in Economics | Tagged | 1 Comment

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 […]

Posted in Announcements | Leave a comment

Canadian Income Tax: Happy 100th Birthday!

Canadians will be interested (though probably not happy) to know that this year marks the 100th anniversary of the federal income tax. Conservative Finance Minister Sir Thomas White introduced it for debate July 25, 1917, three years into the First World War, just days after Parliament adopted compulsory military service. What conscription did for young […]

Posted in Announcements, Economics | Leave a comment

Bankruptcy and Insolvency Act offences — types, detection, penalties

The Canadian bankruptcy regime was designed with two key purposes in mind – provide options to ‘honest but unfortunate’ debtors struggling with an unmanageable financial load and create an orderly means for creditors to recover amounts owed them. With the potential for abuse ever present, the Office of the Superintendent of Bankruptcy (OSB) has ways […]

Posted in Announcements | Tagged | Leave a comment

Top Eight Signs Your Client May Be In Financial Difficulty

This post is written to help those looking in from the outside (bankers, lawyers, accountants, insurance agents etc.) spot when a client of yours may be experiencing financial difficulty and might need the help of insolvency professionals like us. ?Assessing whether your client is experiencing financial distress does not require access to detailed financial information, […]

Posted in Credit Granting | Tagged , , | Leave a comment

Land of the Empty Wallets

More than half of Canadians are living within $200 per month of not being able to pay all their bills or meet their debt obligations, according to a recent Ipsos survey conducted on behalf of accounting firm MNP. For 10 per cent of Canadians, the margin of error when it comes to household finances is even thinner, […]

Posted in Debt | Tagged , | 1 Comment

Earth Day: Time for Science (Maybe Someday Common Sense)

According to The Google, today we honor the rich, vast Earth that’s sustained generations before us and continues to nurture life and inspire wonder. At an estimated 4.543 billion years of age, the Earth is still the only known object in the Universe known to harbor life. It’s also the densest planet in the Solar […]

Posted in Economics, Psychology | Tagged | 1 Comment