Reasons Why Canadians File for Insolvency

Based on the statistics from an insolvency firm in Ontario, the average amount Canadians file for insolvency with in Kitchener, Waterloo and Wellington County is $48,437. This is 8 per cent lower than the national average of $52,634. In Guelph, the average amount that residents file for insolvency is approximately $55,259. This is 5 per…

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Debt vs. Disposable Income

This time last year, the average Canadian owed approximately $1.65 for ever dollar of disposable income. This was discussed in our previous blog, ‘Should I Claim Bankruptcy’. That number jumped to $1.66 at the beginning of the year, and has now increased to $1.68 for every dollar of disposable income. One explanation for the increase…

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The Bank of Canada Increases Interest Rates Again

The Bank of Canada Increased mortgage rates once again. On Wednesday, September 6th, 2017, interest rates were increased another 0.25 per cent. As a result, the Bank of Canada’s rate increased from 0.75 per cent to 1.0 per cent. Lines of credit and variable rate mortgages were increased on July 12th for the first time…

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