Bankruptcy and Taxes Archives - Page 4 of 10

Finances and Your Family

Posted on March 1, 2015April 14, 2016 by Jordan Rumanek

Finances and Your Family

Finances and Your Family: One step to a brighter financial future..

(RESP) Registered Education Savings Plan: This is a registered education tax -free savings program with the government of Canada. It is estimated that any higher education in the next ten years will be approximately 45,000-75,000. Saving a small amount annually for your children’s education is a great way to give them their inheritance-or a portion of their inheritance- when they truly need it. As soon as possible, apply for a SIN number for your children (Call 1-800 O Canada, 1-800-622-6232) and start saving. Ask your financial advisor about your options and how much the government will match in your child’s account annually. You could receive up to 100.00 per year in government grants for opening the account. Remember that you can not take the money out so deposit the minimum amount but do so consistently.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Manage and Reduce your Debt!

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Manage and Reduce your Debt!

Managing and reducing your debt is a top priority for absolutely everyone. It does not matter how well you are doing or how not so well you are doing with your personal finances…Learn to manage your finances and you will forever reap the rewards. There are many credit counselling agencies out there and budget calculators for you to download but you will consistently hear the same advice: Make a list of your monthly income and expenses every month to have a better understanding where you are and where you need to be in the future. Here is how you start:

Make a chart to summarize your monthly income and expenses

For example:

MONTHLY INCOME

1. Salary=

2. Child tax benefit=

3. Other=

TOTAL INCOME=

MONTHLY EXPENSES

1. Housing (Rent, Mortgage, Hydro, Heat, Internet, Cable, Repairs, Other)=

2. Food (Groceries, Eating-out, Take-out, Other)=

3. Clothing=

4. Health (Dentist, Prescriptions, Other)=

5. Transportation (Public, Car, Other)=

6. Recreation & Education (Books, Sports, Games, Lessons, Hobbies, Vacation)=

7. Miscellaneous (Pets, Gifts, Savings, Personal)=

8. Payments (Loans, Credit Cards)=

TOTAL EXPENSES=

TOTAL INCOME(-)TOTAL EXPENSES=$$ This amount needs to be in the positive-if it is not you need to adjust your spending and try this budget chart next month. Making the effort to fill out this chart is the most important task of the month for your finances, your life and your family. Start today!!!Let us know how this helps you over the next three months! Good Luck!

Cash vs Plastic

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Cash vs Plastic

There is no question in my mind that we have become a “plastic society.” A credit or debit card is much easier to put in your pocket than a handful of loonies or toonies. I would bet that the credit card companies had a party to celebrate the change from paper to coins.

Numerous studies have shown that the average person will spend more on a purchase if the purchase is made with a credit card or on a “pay later” plan. What if you do not have the money to pay when the bill arrives? Our parents/grandparents used to save the money to buy what they needed for cash. Granted, credit cards may not have been an option as credit cards were not widely available to the general population until the advent of the computer chip in the 1970’s. Notwithstanding, the principal of paying for significant purchase out of savings or a debit card is valid. Simply put, it keeps you out of trouble. If you cannot afford to put money aside to pay for the new TV, couch, bedroom set, kitchen renovation, etc., how on earth are you going to pay the bill when it arrives after you paid for it on a credit card. Be careful with purchases which do not have to be paid until next year – read the contract in detail and see what will happen if you do not pay the purchase in full on the due date. You will be forced into a high interest rate loan that drives up the cost of your original purchase. Be a smart consumer.

Bankruptcy Discharge For The First Time

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Bankruptcy Discharge For The First Time

For a definition of discharge, please refer to our blog: Bankruptcy – What is a Discharge.

If you are filing an Assignment in Bankruptcy for the first time, there is a period of time that is allowed for the trustee to complete their administration of your bankruptcy. The earliest time that you can be discharged from your bankruptcy is 9 months from the date that you originally filed the bankruptcy. Surplus income (if it applies) will extend your discharge date from 9 months to 21 months. Other problems may result in your trustee, a creditor or the Office of the Superintendent in Bankruptcy opposing your automatic discharge date to a future undetermined date. This future date is determined by your trustee only after all of the original problems are resolved. When your trustee requests you to supply information or answer questions that may arise during the administration of your bankruptcy, “failure to cooperate” with the trustee is the most common reason why your trustee will oppose your automatic discharge.

Tag: Bankruptcy and Taxes

Finances and Your Family

Finances and Your Family

Manage and Reduce your Debt!

Manage and Reduce your Debt!

Cash vs Plastic

Cash vs Plastic

Bankruptcy Discharge For The First Time

Bankruptcy Discharge For The First Time

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Finances and Your Family

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Manage and Reduce your Debt!

Cash vs Plastic