519-646-2222Blog Articles
Save Money on Groceries
I was shopping for a charitable BBQ event about two summers ago, I had my cart filled with buns, sausages, hamburgers, condiments, drinks and so on. When I got to the checkout there was a young woman in front of me pulling out coupons and flashing an app on her phone. Made a comment to […]
Read moreNew Mortgage Rules
New mortgage qualifying rules will come into effect in January 2018. Many consumers are in a rush to obtain mortgages before the changes, but is that a good idea? Let’s think about changes in mortgages during the last fifty years. Fifty years ago, about half as many Canadians had their name on title as property […]
Read moreBankruptcy Counselling Changes
The Office of the Superintendent of Bankruptcy is contemplating sweeping changes to the Counselling Directive, which if implemented will dramatically affect the spin off industry. The mandatory counselling protocol has been in place since about 1997. It required that counsellors be certified after completing a brief training component. Not profit agencies had their staff certified […]
Read moreDo you have ZOMBIE debts?
The term “zombie debts” usually applies to debts that “haunt you” for a long time after you thought they were dead. These may include debts that are no longer owed because they were paid out or even statute barred debts. But in fairness the term should equally apply to credit card debts from Canadian chartered […]
Read moreYou should plan for your bankruptcy
That’s right, you should plan for a bankruptcy in the same manner as you would plan for a critical illness or any other unfortunate occurrence that may come your way. You are probably worried that in the event you became critically ill you could lose everything you own. By the same token you ought to […]
Read moreSurplus Income
In a bankruptcy proceeding surplus income is to be calculated by your trustee who is required to consider the guidelines provided by Directive from the Office of Superintendent of Bankruptcy. The guidelines are based on the LICO (or Low Income Cut Off). You might think of the LICO as being a poverty line. The LICO […]
Read moreTaxes – The Scourge of Small Business
We have solutions for your tax dilemma. Small business owners face tremendous challenges in dealing with taxes and taxation. The challenges are multifarious beginning with excessive taxation, as well as rules and regulations around the calculation, reporting and payment of taxes. Nothing is simple about Canadian tax laws. Small business owners are often talented craftsmen […]
Read moreBANKRUPTCY IS NOT A FOUR LETTER WORD
In fact bankruptcy is a great solution for difficult to solve debt problems. Start rebuilding your credit in one year. We service London, Woodstock, Sarnia, Chatham and Windsor. People filing for bankruptcy for the first time are entitled to be automatically discharged from their debts in nine months. Court attendances are not normally required. After […]
Read moreSTATUTE BARRED DEBTS
What it means for a debt to be statute barred and how that affects you. Under Section 4 of the Limitations Act RSO a debt becomes statute barred two years after it was discovered. “Basic limitation period 4. Unless this Act provides otherwise, a proceeding shall not be commenced in respect of a claim after […]
Read moreOntario Debt Forgiveness
Have you seen the advertisements on facebook? Learn more, read this article. For me, it’s hard to believe that these folks are still at it and still, apparently making money, but then I do still get a lot of spam emails about “collecting money from my deceased Nigerian Uncle’s estate”, you know “the billionaire who […]
Read moreFamous Bankrupts
Put the debt behind you, and get on with life Abraham Lincoln – 16th President of the United States P.T. Barnum – The Great American circus owner Kim Basinger – Oscar-winning actress (1993) Frank Baum – Wizard of Oz author Miguel de Cervantes – Novelist; Don Quixote Samuel L. Clemens (“Mark Twain”) – best-selling American […]
Read moreBombardier – opportunity lost, but for whom:
Is it O.K. for taxpayers to continually bail out big business as two big too fail or should companies and government be looking towards other solutions? Small business owners have a much tougher time with regulation that larger companies do – whether it is access to grants and subsidies to help establish the business or […]
Read moreBEWARE OF TOTAL EQUITY PLANS
Home equity plans may seem like a good idea at first blush but they are loaded against you, and a lot of it is in the sales pitch and the language. Scotia Bank was one of the first Canadian Charter banks out of the gate with their Total Equity Plans, but other banks quickly followed […]
Read moreSIMPLE DEBT FACTS
Change your expectations and you can live with less stress! In Canada, since 1980, the ratio of debt to income has tripled from 60% to 164% of gross income. The people who carry the most amount of debt are those who earn middle to high incomes (probably excluding the top 2%). Low income receivers (including […]
Read more407 ETR Supreme Court Decision still pending
The decision from the appeal against the Ontario Appeals Court decision has not yet been released. it appears that the Supreme Court of Canada heard the case yesterday but have reserved their decision – so we anticipate hearing the final result in the foreseeable future. Many bankrupts are waiting with baited breath in the hopes […]
Read moreNEW MORTGAGE RULES AND YOU
You may be affected by the introduction of new mortgage rules. New mortgage qualifying rules will affect many Canadians, especially those with little or no money down and with relatively low incomes. The rules will have the greatest impact on Realtors by cooling off the market as less people qualify for financing. This will likely […]
Read more¿QUIERES SABER MAS ACERCA DE LA INSOLVENCIA?
Busque nuestro artículo y el anuncio acompañante en la revista Latina sobre el 31 de enero y 15 de febrero. El artículo será en un formato de preguntas y respuestas y responderá a muchas preguntas comunes y conceptos erróneos acerca de la insolvencia. En Locke Consulting Inc. tratamos de hablar un poco de español.
Read moreMORTGAGE PENALTIES
IRD – Interest Rate Differential When you meet your banker to sign for your mortgage you probably don’t have enough time to read through the entire document, and even if you did it is unlikely you would understand it all anyway. Similary when you meet with your lawyer s/he is also unlikely to go through […]
Read moreINCOME TAX DEBT HELP
CORPORATE TAXES IN DECLINE – INDIVIDUAL TAXES UP When Prime Minister Stephen Harper came to power in 2006, the federal corporate tax rate was 21 per cent. That was down from 24.5 per cent in 1990 and 30 per cent in 1980. Ottawa reduced it to 19 per cent in 2009, 18 per cent in […]
Read moreMORE PEOPLE CHOOSE LOCKE CONSULTING
Year over year for the last four years more and more consumers have visited our web site and engaged our services. If you or someone you know is experiencing financial difficulties, because of mounting debts, contact the office and arrange your free, no obligation, consultation.
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