It’s important to recognize the warning signs that your debt may be getting out of control and to know where to find professional support. Knowing where you stand financially and the options available to you are important first steps.

To learn more about how to get started with a debt management plan, a free initial consultation with a Licensed Insolvency Trustee empowers you to find the best solution for your financial situation and lifestyle. Depending on your situation, you may be able to manage your debt by yourself with informal strategies, or you may require formal debt management solutions with the help of a Licensed Insolvency Trustee.

Explore this page to learn more your debt relief options and how a Licensed Insolvency Trustee can help you navigate various types of debt. 

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Debt help in Canada

There are many options available to help Canadians manage their debt:

  • Consolidate your debt into a single, low-interest loan.
  • Present your creditors with an informal payment plan and schedule.
  • Create a formal debt management plan with your creditors.
  • A Consolidation Order, an option that is not available in every province, where you pay an administrator who then pays your unsecured creditors on your behalf, with interest.
  • File a consumer proposal, administered by a Licensed Insolvency Trustee, and pay back a portion of the debt you owe to creditors.
  • File for bankruptcy and get relief from the majority of your debts. Similar to a consumer proposal, creditors must stop contacting you once you file for bankruptcy.

Get debt advice

The best strategy for getting started with debt help is speaking with a friendly, compassionate professional who can offer confidence and relief. That’s exactly what you get when you arrange a personal debt consultation with Grant Thornton.

Online debt help

There are many options for receiving debt advice online. You can contact a debt professional, available coast-to-coast across Canada. Our services are available virtually via phone and video.

While there’s no substitution for a one-on-one consultation with a debt professional, you can also submit a question to the Ask An Expert page, and we’ll do our best to answer it, right here. 

While you are waiting for your scheduled free personal debt consultation or for a response from Grant Thornton experts, you can also view the Frequently Asked Questions section.

Get started with debt management

Whether you’re struggling with credit card or mortgage payments, or need help with student loan debt, explore the pages below to learn about your options for getting debt help so you can take action now. 

Am I in danger of going into debt?

While carrying some amount of debt is common, some borrowing habits can indicate that you have a debt problem, or are heading for one. Explore eight common debt warning signs—the more that apply to you, the more concerning your financial situation might be.  

Click here to learn how to recognize debt warning signs and the actions to take.

How can I get help managing my debt?

Bankruptcy is not the only option for managing debt. Depending on your financial situation, you may be able to navigate your debt by yourself, or you may need a professional. Explore do-it-yourself options for managing your debt and more formal options available through a Licensed Insolvency Trustee. 

Click here for practical debt management tips. 

How can I improve my credit score if I have debt?

Outstanding debts and high levels of debt compared to your income can affect your credit score. Learn about each section of a credit report and how it is affected by your debt.

Click here to learn about how your debt affects your credit score. 

How can I get help with mortgage debt?

Your debts may leave you unable to pay your mortgage, and perhaps even miss some payments. Explore your options for mortgage debt help. 

Click here to get help with your mortgage debt. 

Get help navigating secured creditor debts

A secured creditor is a creditor who has one of your assets as collateral. Explore the debt implications and learn about what options you have if you want to keep the asset. 

Click here to explore options for managing secured creditor debt. 

I’ve missed my minimum credit card payment. How can I get help with credit card debt? 

People often rely on credit cards during tough financial times, yet they come with one of the highest interest rates. Learn how you can get help with credit card debt and move forward so you can manage your credit cards well. 

Click here to learn more about your options if you can’t pay off your credit card.

I’m in debt with a high-interest payday loan. How can I get help?

Payday loans are short-term, high-fee loans meant to cover a cash shortfall until your next paycheque. Learn how to break free from the payday loan cycle.

Click here to learn more about getting help with payday loan debt. 

How do I get help with income tax debt?

If you owe Canada Revenue Agency outstanding income tax, they have a surprising amount of power to get what’s owed to them. Additionally, taxpayers who experienced job losses due to the pandemic and qualified for CERB will owe taxes on the amount they received. 

Click here to learn about options for addressing your tax debt.

How can I get help with student loan debt?

If you’re worried about your ability to repay your student loans, the Canada Student Loans Program has implemented changes that may help you pay down your debt. 

Click here to explore options for getting help with your student loan debt. 

What debt help options are available for farmers?

There are unique treatments applicable to the agricultural sector under the Bankruptcy and Insolvency Act and under other governing acts.

Click here to learn about debt help for farmers. 

How can fixed-income seniors get debt help?

It’s not uncommon for retirement-age Canadians to carry increased levels of debt, which puts a strain on them and their adult children. Learn how a debt professional can help seniors find debt relief.

Click here to learn more about debt help for seniors. 

Read more about debt help

Tips for borrowing money wisely

While credit can be a helpful tool for achieving life goals like attending university or buying a house or a car, some borrowing habits can lead to debt. Learn more about borrowing money wisely and avoiding bad debt.

5 ways to pay off debt fast

Depending on your situation, several debt relief strategies can help you gain control of your finances and reduce how much you owe. Explore five of our best strategies that can help get you out of debt and back to being you.

Tips for taking control of your finances 

Setting achievable financial goals gives you a sense of direction, helps guide decision-making, and is a source of motivation. Explore our guide to setting and achieving realistic financial goals.