Blog

Disclaimer: These publications provide general information and should be seen as broad guidance only. The information contained herein cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon this information without obtaining specific professional advice relating to your particular circumstances. Charla Smith & Company Ltd. does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in these publications or for any decisions based on them.

20
OCT
2022

The Keys to a Financial Fresh Start

In Canada, we have laws allowing an individual to make a proposal to settle their debt with creditors, or to assign themselves into bankruptcy. These laws are referred to as insolvency laws, and the federal government, which is responsible for insolvency laws in Canada, makes it clear
20
SEP
2022

What I wish people knew about bankruptcy | It’s not as uncommon as you think

Everyone has heard of bankruptcy. But, as with anything a person may not have personally experienced, it's easy to develop false assumptions about it based on tidbits of information heard in the news or from other people. Unless someone has gotten up-close-and-personal with bankruptcy,
15
JUL
2022

How Debt Problems Can Affect Your Health

One of the hardest things about being a Licensed Insolvency Trustee (LIT) is seeing people wait too long to get help with their debt. Unfortunately, most people either don’t know about the assistance an LIT can provide, or they avoid reaching out due to embarrassment about their situ
10
JUN
2022

How debt relief works: A low income case study

There’s one thing that most of the individuals we help have in common: they never thought an insolvency filing would be something they’d ever need or consider. So when their debt initially became overwhelming they typically knew nothing about debt relief. This often means they
19
APR
2022

Major changes made to a form required to make an insolvency filing

Okay, I know that title sounds boring, but I promise we wouldn’t write about this unless the changes had interesting consequences… The government department in charge of overseeing bankruptcies in Canada quietly made some changes recently to a form that has to be filled out
11
APR
2022

My small business needs to go bankrupt… where do I start?

Small businesses have been through a particularly tough time lately, and even businesses that were doing very well previously have run into problems through no fault of their owners and managers, who have worked hard to keep things going for longer than they ever expected they'd have t
09
MAR
2022

Guest Blog: CRA Collection Is Back in Action. What You Need to Know

Tax debt is a hot topic these days, with Canada Revenue Agency (CRA) resuming its collection actions in full force after a 2-year break due to the pandemic. So, we’ve collaborated with Trevor Cawston, of Cawston and Associates, to summarize what you need to know about debt owing to C
10
FEB
2022

How debt relief works: A tax debt case study

There’s one thing that most of the individuals we help have in common: they never thought an insolvency filing would be something they’d ever need or consider. So when their debt initially became overwhelming they typically knew nothing about debt relief. This often means they
20
JAN
2022

How debt relief works: A business owner case study

A lot of people have the misconception that individuals who make an insolvency filing lack a moral desire to pay their debts and happily use an insolvency filing to “game the system” and leave their creditors in the lurch. In most cases, nothing could be farther from the truth.
06
JAN
2022

7 Tips for Crushing Your Financial Goals This Year

When people come to us for help with their debt, we don’t stop at providing relief from the debt they’ve accumulated. Financial counselling is a mandatory part of the process, and helps to set you up for greater financial success in the future. Financial goal setting is a vital
30
NOV
2021

Can you really afford to buy that gift?

You'll often hear people refer to "creating a budget for the holidays".  What this usually refers to is setting a limit, and allocating your total limit between gifts, decorations, food, etc. However, it is very important that your total "holiday budget" is set based on what yo
02
NOV
2021

Community Support You Need to Know About: The Way In

One of the things a Licensed Insolvency Trustee can do for those who reach out to us for help is refer them to other services. Sometimes, when appropriate, we provide information about options that are alternatives to a formal insolvency filing. Other times, we point people to assistance t
04
SEP
2021

How much does a Consumer Proposal cost?

A Consumer Proposal is an agreement you make with your creditors to allow you more time to pay your debt, and often allows you to pay only a fraction of that debt while the rest is forgiven. For some, this sounds too good to be true. It’s not. But there are some things you&rsqu
12
AUG
2021

What happens when I make a Consumer Proposal? Will it destroy my credit?

A Consumer Proposal is an agreement you make with your creditors to allow you more time to pay your debt, and often allows you to pay only a fraction of that debt while the rest is forgiven. For some, this sounds too good to be true. It’s not. But there are some things you&rsqu
05
AUG
2021

What happens when I make a Consumer Proposal? Will I lose my home?

A Consumer Proposal is an agreement you make with your creditors to allow you more time to pay your debt, and often also allows you to pay only a fraction of that debt while the rest is forgiven. For some, this sounds too good to be true. It’s not. But there are some things you
28
JUL
2021

What I Wish People Understood About Bankruptcy | Does it make you a bad person?

Everyone has heard of bankruptcy. But, as with anything a person may not have personally experienced, it's easy to develop false assumptions about it. Unless someone has gotten up-close-and-personal with bankruptcy, there are some things they probably don’t know – things
29
JUN
2021

Do You Need to Hire a Debt Consultant?

Settling your debt for less than you owe is sometimes necessary when your debt has become unmanageable and you have no way of paying it off in the foreseeable future. There are a number of options available to legally reduce the amount you have to pay. In a previous blog post, we discus
17
JUN
2021

What is a Licensed Insolvency Trustee?

You may have heard the term Licensed Insolvency Trustee and wondered what it means. I am a Licensed Insolvency Trustee, so let me explain. Licensed Insolvency Trustee (or “LIT”) is the formal designation for a professional who has been certified to provide services under the
02
JUN
2021

Guest blog - Did you know… the worse your credit score is, the faster it can jump up?

Richard Moxley is the author of the best-selling book The Credit Game: Rules Every Canadian Must Know to Win, a highly informative and entertaining guide to having good credit. Richard has been spreading the word about the rules for good credit issue through television interviews, prese
24
MAY
2021

What I Wish People Understood About Bankruptcy | Will it destroy my credit?

Everyone has heard of bankruptcy. But, as with anything a person may not have personally experienced, it’s easy to develop false assumptions about it based on tidbits of information heard in the news or from people you know. Unless a person has gotten up-close-and-personal with ba
11
MAY
2021

What I Wish People Understood About Bankruptcy | Do you lose all of your assets in a bankruptcy?

Everyone has heard of bankruptcy. But, as with anything a person may not have personally experienced, it’s easy to develop false assumptions about it based on tidbits of information heard in the news or from people you know. Unless a person has gotten up-close-and-personal with bankr
04
MAY
2021

So You Owe Taxes This Year...

This time of year, a lot of people look forward to receiving a tax refund. For those living on a low income, a tax refund can be highly anticipated as a way to catch up on bills or pay for something they’ve been holding off on, such as a car repair or dental work. Unfortunately, this
28
APR
2021

Everything You Need to Know About Debt Settlement

There may come a time when a person realizes they owe more debt than they can afford to pay back. In this case, they may look to settle their debt, meaning they make a deal to pay creditors less than what is owed. There are a number of reasons creditors might agree to this, including:
22
APR
2021

Consolidation Loans: the Good, the Bad, and the Ugly

When a person needs to deal with debt that is becoming unmanageable, they often think of a debt consolidation loan. Although most people are familiar with the term, you might not be familiar with exactly what it entails. Depending on your situation, a debt consolidation loan might be a goo
07
APR
2021

Parents: Teach Your Kids About Money Early

All parents wish for our kids to be more prepared for adult life than we were. In particular, parents who experience financial difficulty are set on helping their kids avoid such problems. But despite efforts of generations of parents, it seems not everyone is sufficiently prepared for fin
22
MAR
2021

Community Support You Need to Know About: Momentum

One of the things a Licensed Insolvency Trustee can do for those who reach out to us for help is refer them to other services. Sometimes, when appropriate, we provide information about options that are alternatives to a formal insolvency filing. Other times, we point people to assistance t
17
MAR
2021

Read This Before Cashing Out Your RRSPs To Pay Debt

An RRSP (Registered Retirement Savings Plan) is a retirement savings vehicle, and a critical part of many peoples’ retirement plans. However, when you have RRSP savings but face an immediate cash crunch, it can be tempting to cash in RRSPs prior to retirement. Cashing in RRSPs to
11
MAR
2021

Parents: Read this before you help your kids with their debt

There’s no shortage of articles on the web highlighting the tough financial road that today’s young adults face. The rising cost of post-secondary education, a tight job market, and high housing costs are some of the many things blamed for this. Parents of these young adults of
04
MAR
2021

Community support you need to know about: Business Link

Charla Smith & Company is always looking for ways to help Calgarians, including business owners, succeed financially. Sometimes, that means learning about community organizations that can help. In this blog we highlight an Alberta organization called Business Link, who we recently collabor
25
FEB
2021

Getting Back On Track: How Not To Stay An Undischarged Bankrupt

Contrary to what you might’ve heard, when someone makes a bankruptcy filing they’re not immediately released from their debts. It’s only at the end of the process, when the individual receives their “discharge” from the bankruptcy that the remaining debt is er
18
FEB
2021

Guest Blog - Beginner's Guide to Taxes for Entrepreneurs and Small Business Owners

At Charla Smith & Company, we often talk to small business owners who have concerns about their business's financial health or the impact their business's finances are having on their own financial situation. One common area of concern is tax debt. Even a business owner that is
11
FEB
2021

Every Albertan Dealing With Debt Should Know About This Free New Program

It's no secret that when a crisis hits, Albertans come together. The response to the 2013 Calgary floods and the 2016 Fort McMurray wildfires come to mind as examples. And there is no question Alberta is in a crisis right now. The financial (among other) impacts the coronavirus pandemi
12
JAN
2021

5 Signs You're Already in the Financial Sweatbox

The “sweatbox” is a situation that often occurs prior to an individual making an assignment in bankruptcy. For those with debts they can’t pay, the sweatbox is all about suffering. Often, the suffering lasts for a long period of time before the individual eventually reali
12
JAN
2021

What is the “sweatbox” and why should you avoid it?

The term “sweatbox” was coined by researchers1 working on a study about people who file bankruptcy to describe the situation that often occurs prior to their insolvency filing. During a person’s time in the sweatbox, they know or suspect they can’t afford to pay the

CHARLA SMITH & COMPANY LTD.

CHARLA SMITH & COMPANY LTD.

Let us help you get relief from the burden caused by your debt. As a Licensed Insolvency Trustee, Charla Smith & Company are highly trained and experienced in debt relief solutions, and we take great pride in identifying the option that's the best fit for your unique situation. From advice on talking to your creditors to consumer proposals to bankruptcy and everything in between, we’re here to answer questions, guide and advise you so you can take back control of your financial situation. Serving Calgary, AB and surrounding areas.

YOUR TRUSTED CHOICE FOR DEBT RELIEF

With our experience and our caring approach, we will help you find the best option for debt relief based on your unique situation - from advice on talking to your creditors to a consumer proposal or bankruptcy, and everything in between. We are here to lift the burden caused by overwhelming debt. 

Contact us today at 1-403-899-3890‌ for a FREE, confidential, no-commitment meeting, and let us guide you to regaining your financial footing.

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