MNP 3 Minute Debt Break

The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores.

Managing personal finances in Canada's current economic landscape is a discussion most households are having. With high levels of household debt, soaring inflation, and climbing interest rates, understanding and navigating personal finance has become crucial for individuals and families alike.

Imagine receiving a call with the message, "This is the Canada Revenue Agency calling. We assessed your tax return that you didn’t file, and you have a significant balance owing." Does this scenario seem all too familiar? It's a situation many Canadians find themselves in, often due to oversight or confusion regarding tax obligations.

Imaginez recevoir un appel avec le message, « Nous sommes l’Agence du revenu du Canada. Nous avons évalué votre déclaration de revenus que vous n’avez pas produite, et vous avez un solde important à payer ». Ce scénario semble-t-il trop familier ? C’est une situation dans laquelle se retrouvent souvent de nombreux Canadiens, souvent en raison d’un oubli ou d’une confusion concernant leurs obligations fiscales.

Owing the government money can be VERY intimidating. It’s a topic that resonates with many Canadians. How to deal with debt owed to the Canada Revenue Agency, especially given the CRA's broad powers to collect what's owed. We’ll dive into what those powers entail, how you can navigate the situation, and what options are available if you find yourself overwhelmed.

Each province in Canada has its unique statute of limitations governing how long a creditor has to take legal action against you for debt collection. Taking Alberta as an example, under the Limitations Act, a creditor has two key time frames to initiate legal proceedings: within two years from when they first became aware of the debt or ten years after the claim arose, depending on which period ends first.

Avoir une dette envers le gouvernement peut être TRÈS intimidant. C'est un sujet qui résonne avec bon nombre de Canadiens. Comment aborder les obligations envers l'Agence du revenu du Canada, surtout compte tenu des pouvoirs étendus de l'ARC pour recouvrer les sommes dues ? Nous allons analyser en détail les implications de ces pouvoirs, comment naviguer dans cette situation et quelles alternatives s'offrent à vous si vous vous sentez dépassé.

Canadians’ current debt perception has reached an all time low on MNPs Consumer Debt index. Conducted quarterly by Ipsos on behalf of MNP Limited, the Consumer Debt Index tracks Canadians’ attitudes about their debt and ability to meet their monthly payment obligations. And last month, the Index has dropped to 83 points.

Les cotes de crédit sont importantes lorsque les institutions financières décident de vous prêter de l'argent ou de vous accorder un crédit. Considérez votre cote de crédit comme une réputation financière qui vous suit partout, indiquant aux banques et aux prêteurs si vous avez de bonnes relations avec l'argent. Votre cote de crédit reflète votre capacité à répondre à certaines exigences financières, telles que l'obtention ou le remboursement d'un prêt ou l'obtention de meilleurs taux d'intérêt.

Credit scores are important when it comes to financial institutions deciding if they'll lend you money or extend your credit. Think of your credit score as a financial reputation that follows you around, telling banks and lenders if you're good with money. Your credit score reflects your ability to meet certain financial requirements such as qualifying for or paying back a loan or getting better interest rates.

The close link between mental and financial health is undeniable. Compromised mental health not only impacts personal well-being but also has significant economic implications. Similarly… financial stress can severely affect mental health.

Sometimes financial trouble can creep up on us, turning everything upside down. But it's rare for debt to just appear out of the blue. Usually, there are signs along the way, and recognizing them early can make a big difference. Here are a few things to look out for and how to handle it before things get too tricky.

Parfois, des difficultés financières peuvent surgir de manière inattendue, perturbant tout sur leur passage. Cependant, il est rare que l'endettement apparaisse soudainement. En général, des signes se manifestent le long du chemin, et les reconnaître précocement peut faire toute la différence. Voici quelques éléments à surveiller et des conseils sur la façon de les gérer avant que la situation ne devienne trop délicate.

Happy Almost New Year! With this new year comes the chance to tackle those resolutions you’ve been thinking about. Especially the financial ones. But it can be tough and setting goals to reduce debt and actually making a dent in it are two different things. So, here are some solid steps to help you move confidently towards a more debt-free life in 2024.

The Holidays can be all about feasting, toasting, and spreading joy. But let's face it. The pressure to go all out during the festive season can turn wallets inside out, leaving you in a financial hangover that lasts into the new year. The good news? You don't have to break the bank to have a blast this holiday season.

Les Fêtes peuvent être synonymes de festins, de toasts et de joie partagée. Mais soyons réalistes. La pression d’en faire trop pendant la saison des festivités peut vider les portefeuilles, laissant place à une gueule de bois financière qui dure jusqu’à la nouvelle année. La bonne nouvelle ? Vous n’avez pas besoin de casser la tirelire pour vous éclater pendant cette période des Fêtes.

"Comment savoir si j'ai trop de dettes?" C'est une question que beaucoup se posent, et la vérité est que ce n'est pas toujours une question de chiffres. Bien que la situation de chacun soit unique, il existe des signes universels qui peuvent indiquer que votre dette atteint un niveau inconfortable.

From near zero to the highest interest rates in more than two decades, the latest MNP Consumer Debt Index reveals that Canadians’ debt outlook has reached the most pessimistic point since tracking began five years ago.

"How do I know if I have too much debt?" It's a question many wrestle with, and the truth is, it's not always about the numbers. While everyone's situation is unique, there are universal signs that might indicate your debt is reaching an uncomfortable level.

Canada has seen a steady rise in debt settlement companies recently. With enticing promises like "Reduce your debts by 70% without the need for bankruptcy," it's easy to see why many are tempted. But as with all things that seem too good to be true, it’s essential to proceed with caution.