Is there a minimum debt before I can declare Bankruptcy?
Is there a minimum debt before I can declare Bankruptcy?
Yes. You can only file for a voluntary bankrupt if your total debts owing are over $1,000 and be unable to pay your debts. A creditor will not force you into bankruptcy unless the debtor owed is $1,000 or more. However, you are advised to discuss your financial difficulties and schedule a consultation or credit counselling to get the proper information and discuss your options. Bankruptcy should be a last resort and it is important to know your rights and responsibilities.
Are you concerned about CRA deadlines for filing and paying income tax? There have been several Government of Canada news updates regarding income tax for
What is the Canada Emergency Response Benefit (CERB)? This is a federal financial aid option to help business owners, employees, and self-employed get much-needed financial
The government of Canada is taking action in order to provide assistance and flexibility to Canadians facing hardship due to the Covid-19 virus. Not only