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Corporations are said to have limited liability. However, that provides less shielding than most people realize.
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Shares have lost 80% of their value in the last year.
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The company saw 25% of its value wiped out in a morning.
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The Ontario government just announced a pilot project to test a basic income for low-income earners in Hamilton, Brantford, Lindsay and Thunder Bay. Will the program be successful? I have no idea. The answer will, in large part, depend on what will be measured.
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As we start a new year, we have yet another new poll about how Canadians are once again listing paying down debt as their top financial priority for 2017. This survey, from the CIBC, says that for the seventh straight year concerns about debt were a top concern for most Canadians.
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It is Saturday night and I am rebounding on my mini trampoline (so good for the body and mind), watching a movie on www.Gaia.com. The main character just broke his neck in a car accident, lost his job...
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Real estate agents can talk about the upside of buying right now, but they don't explain the downside of carrying massive debt. Yes, you may build some equity if you purchase a home, but if you've mortgaged 90 per cent of it, very little of your payments in your first five to 10 years will go towards repaying principal.
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The Office of the Superintendent of Bankruptcy just released their 2015 Annual Report of bankruptcies and consumer proposals in Canada and from these numbers we can see the impact shifts in the Canadian economy have on indebted Canadians. In 2015, 121,609 Canadians filed for insolvency, an increase of three per cent over the prior year.
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I've had a few people say to me recently "If you have debt, just walk away; the banks won't do anything. My friend stopped paying, and nothing happened to him. Don't bother with credit counselling, or a consumer proposal, just walk away". Does that strategy actually work?
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Lenders have been using a person's credit report for years to judge their overall creditworthiness and the risk that they might default and become a bad debt. However, financial institutions often use another measure, a bankruptcy score, to refuse a loan application for someone who may otherwise have good credit.
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To err is human. Mistakes can be a valuable learning opportunity, and sometimes, the bigger the mistake, the bigger your lesson will be. Lucky for us, there are plenty of people out there who made huge personal finance mistakes in 2015, and we have the benefit of being able to sit back and learn from them.
Recently, a friend asked me if I could help a neighbor whose life had fallen apart. I have the bittersweet reputation of being someone who's lived through some soul-shattering events and has managed to stay vertical, so she thought I might be able to offer some comfort and advice.
HARTFORD, Conn. — Rapper 50 Cent's bankruptcy attorney says he'll try again to sell his 50,000-square-foot Connecticut mansion. The Hartford Courant reports (http://cour.at/1hH14pW) Pat Neligan spoke...
Here's the bottom line: too many students are burdened with excessive student debt and that hurts all of us, so a solution must be found, and the sooner the better.