Bankruptcy News

Press Release: F.A.I.R. Practice Announcement

Today, Personal Bankruptcy Canada announced the development of a new standard of practicing bankruptcy in Canada, called F.A.I.R. Practice.  It has been estimated that Canada's poorest have been overpaying for their bankruptcies by more than ten million dollars (or $350 per family) a year. What is it? [Tweet "F.A.I.R. Practice is designed to change the way bankruptcy is administered to Canada's…

6 Reasons Why New, Low Cost Banking Fee Rules For Low Income Canadians Are Great News

We’ll just come right out and say it: Bank fees suck. But the truth is that for most of us, they are little more than an annoyance. Sure, no one likes having a few extra dollars pried away by multimillion-dollar banks, especially when those corporations are already earning interest on our life savings, our mortgages, our car loans, etc., each…

Government Calls for Increased Regulations on Pay Day Loans

Government officials in Manitoba and Ontario are calling for increased regulations on pay day loans.  These tighter regulations are a result of what they consider to be a way around the legal limits payday loan companies can charge. In Manitoba, payday lenders can only charge 17% in interest and fees over the life of the loan. In British Columbia, these…

Recent Reports Shed Light on Reasoning Behind Lack of Retirement Planning

According to a recent survey conducted by BMO Retirement Institute, less than half of all Canadians over the age of 55 have a plan for post-retirement income in place. Follow-up surveys by BMO helped identify some of the key psychological reasons for this lack of retirement planning. According to BMO, identifying these factors can help Canadians nearing retirement better plan…

Poll Finds Nearly Half of Canadians Don’t Have Funds for Emergencies

“Save a little money for a rainy day” is a familiar idiom to many people, but if you’re like nearly half of Canadians, you don’t have funds for emergencies set aside for unexpected expenses. A recent poll of approximately 2,000 Canadians by the CIBC found that 45% of them do not have funds set aside for unexpected expenses. Of all…