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To start 2017 debt free, we will discuss a few topics that have already made an impact throughout media headlines.

PAYDAY LOANS IN 2017

We discussed in a previous blog the sensitivity surrounding payday loans. For a refresher click on the following link: http://dodicklandau.ca/payday-loans/. As of January 1, 2017, Ontario lowered it’s maximum total cost for taking on a payday loan from $21 to $18 for every $100 that is borrowed.

“PUTTING CONSUMERS FIRST ACT” & 2017 DEBT FREE

A new legislation has been introduced in Ontario to improve protection for consumers that use certain financial services. These financial services include payday loans, instalment loans, rent-to-own services and cheque-cashing services. If the new legislation is passed, Ontario residents can start to make 2017 debt free.

TUITION FEE CAP & ONTARIO STUDENT ASSISTANCE PROGRAM

Ontario has placed a cap on tuition fees for colleges and universities. The average tuition fee increase is limited to three percent per year over the next two years. Tuition fees are a large expense and with the new legislation, Ontario residents can take a step to make 2017 debt free.

The Ontario Student Assistance Program (OSAP) will be redesigned to provide financial assistance to those with the greatest need. With the new OSAP guide lines, free tuition will be made available to over 150,000 families who make less than $50,000 per year. The main objective of the new OSAP is to ensure that 80 percent of all recipients graduate with less provincial debt.

ONTARIO’S CAP-AND-TRADE PROGRAM

The cap-and-trade program is designed to decrease carbon emissions in Ontario by raising the price of fuel. The price of gasoline is expected to go up 4.3 cents per litre. Diesel will be expected to increase by 6.1 cents a litre.

With the price increase for gasoline and diesel; home heating fuel, furnace oil, and jet fuel are expected to go up as well. A study conducted by the Ontario government predicts that homes heated with natural gas or furnace oil will expect to pay an extra $5 per month.

The beginning of a new year signifies a fresh start, and a great way to start your year is by making 2017 debt free.

We are Licensed Insolvency Trustees that have extensive experience in addressing financial issues and challenges such as those above as well as all the questions you may have, including managing credit.

Feel free to email us at info@dodicklandau.ca, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no-obligation consultation with one of our debt solutions’ experts.

Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting.