CEBA Loan Repayment CEBA, Canada Emergency Business Account program assisted tens of thousands of BC businesses stay afloat, as a temporary support measure during the Covid-19 pandemic.  The federal government guaranteed interest-free loans up to $60,000 and late in 2022 extended the interest-free timeline for repayment to Dec 31 2023. CEBA Loan Repayment and Loan…

MAKING FINANCIAL WELLNESS A REALITY You are likely wonder what exactly represents financial wellness? Maintaining a structured savings plan Establishing an emergency fund Building a sustainable retirement plan Achievable budgets with low credit cared balances Insurance to protect your loved ones Education funds to support your children Achieving financial wellness is more than a series…

2022 is your year for recovery and we are ready to help you. The last 2 years has been particularly difficult for the good folks of the Fraser Valley.  Putting the pandemic, the floods, the wildfires in the rear view mirror is easy to say, but challenging to accomplish. 2022 is positioned to be a…

Insolvency Counselling; The educational piece of the insolvency process required by the BIA, Bankruptcy and Insolvency Act and the OSB, Superintendent of Bankruptcy. In Canada with each consumer insolvency, either a consumer proposal or bankruptcy, there are 2 mandatory insolvency counselling sessions required to be conducted by the LIT, Licensed Insolvency trustee or their designated,…

Debt Freedom in 2018, is that your goal? Rehabilitation of a persons financial situation can be a common New Year’s Resolution. With 33% of British Columbia’s residents overspending this past Christmas Season.  The credit card bills, gifts, trips and entertaining costs along with the hefty financing charges continue to pile up.  When we add those…

Seniors Debt, How things shape up for Canada Seniors debt in Canada is on the rise.  In a recent report from Industry Canada and the Superintendent of Bankruptcy, senior’s bankruptcy rates have quadrupled from 4.6 percent to 20.6 percent. What are the issues that are causing this dramatic rise in our baby boomer generation that was…

Terry Sharp has joined our team at Sheila Smelt & Associates! We could not be more pleased and excited to have such an experienced and well respected Estate Administrator join our team in Abbotsford.  Terry Sharp brings years of professional experience from the big bankruptcy business of Sands Trustee to our boutique Licensed Insolvency Trustee…

How to get Credit after bankruptcy = Improving your Credit Score In order to repair one’s credit score one must first understand some fundamentals in what is a credit score. Building good credit or Fixing bad credit, what is the difference? It will actually takes longer to rebuild credit than building new credit. Building new credit is…

Credit Scores indicate Risk Levels to Lenders There are 2 separate credit score reporting agencies in Canada. Equifax and Transunion are private companies and are the sources for which lenders determine the worthiness of your credit. Equifax  & Transunion Credit Scores are measured with an numberical range of 280 to 850, where the higher score…

5 Steps of Effective Personal Finance  Organize your debts according to the interest rate and develop a plan to pay them off over time. Record and track your income & expenses (cash flow) month by month and sort the expenses into their respective categories. Review your cash flow monthly to identify the elasticity, priorities and…

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