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How to plan a debt free retirement

Retirement should feel like a reward, not something to stress about. But with the cost of living rising across Canada, more people are tapping into retirement income earlier than planned. The good news? A comfortable, debt-free retirement is still possible with the right mix of planning, realistic expectations, and support when you need it.
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Couple with tax debt looking at a letter from the CRA indicating their amount owing

Income tax debt relief

If you have outstanding income tax debt with the CRA, you should deal with it sooner than later. Options are available to help you overcome income tax debt.
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Can you reduce tax debt with a consumer proposal?

Feeling overwhelmed by CRA tax debt and the maze of forms, credits, deductions and benefits? Learn how filing a consumer proposal through a Licensed Insolvency Trustee (LIT) can reduce the amount of income tax debt you owe to the CRA.
Self employed person seated at a table using a laptop doing taxes

Avoiding tax debt for the self-employed 

The growth of the gig economy offers new avenues for Canadians to achieve self-driven employment opportunities and flexibility in where, how, and when they choose to work. Joining the gig economy also comes with risks, such as unpredictable income, economic uncertainty, and financial mismanagement.

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A couple sits at a table reviewing bills and using a calculator, appearing stressed while looking over financial documents.

What are the risks of instant loans in Canada?

When an unexpected bill pops up or your bank balance hits an uncomfortable low, fast‑cash lenders can seem like a lifeline—promising quick approvals, minimal requirements, and money in your account at lightning speed. But as convenient as they sound, instant loans often come with strings attached—and those strings can pull you deeper into debt. Understanding how these quick loans work, and the risks hiding behind the “instant” label, can help you make choices that protect your financial health.
Photo of parents and adult daughter hugging and smiling.

Family finance: The emotional cost of financially supporting family

With rising costs, increased debt loads, and tighter budgets, many Canadians turn to family for support. Whether it’s helping an adult child get back on their feet, lending money to a sibling, or opening your home to a relative, financial support within families is common across the country. In fact, over half (53%) of Canadians gave money to relatives last year. But money can also strain relationships, create pressure, and sometimes lead to debt on both sides of the conversation.
Collage of Canadian landmarks: Lake Louise in Banff with turquoise water and mountains, Peggy’s Cove lighthouse on rocky shore in Nova Scotia, Toronto skyline with CN Tower, and Confederation Bridge over ocean at sunset.

How much debt is normal in your province?

Having debt is a reality for most Canadians—whether it’s student loans, credit cards, or car payments. But can the province you live in impact the amount of debt you have, and how does it compare to the rest of Canada?
An older aged couple sitting together on the couch looking at their laptop and phone

How to plan a debt free retirement

Retirement should feel like a reward, not something to stress about. But with the cost of living rising across Canada, more people are tapping into retirement income earlier than planned. The good news? A comfortable, debt-free retirement is still possible with the right mix of planning, realistic expectations, and support when you need it.
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Every person's debt situation is different. Our debt repayment calculator can help you understand your debt management options and estimated monthly payments.

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