Debt Help & Bankruptcy Canada

At Grant Thornton Limited, we provide solutions for people with debt and financial challenges. Consumer proposals, bankruptcy, and other debt solutions.

Is a car a necessity or luxury? guess it depends on where you live….

Most people need to commute to work, there’s generally not an option, but is car ownership even possible in some locations?

If you buy a condo in Downtown Vancouver and you want a parking space, there is a good chance you are going to pay a lot for it.

In Calgary the simple act of parking your car at work is expensive: some of the most expensive parking in Canada.

An analysis in a Toronto real estate blog looked at parking, car payments or depreciation, insurance, gas, and maintenance. It found — even for Sunday drivers — the cost of ownership was $870 per month. That’s $10,400 per year.

Transportation experts  have reported the numbers are similar in Vancouver and that’s why many young urban professionals look at the other options.

What are the options? If you can’t afford a car, the good news is that you dont have to go into debt to get one either. There are many services popping up that can help you bridge the gap: Gar to Go, Uber and a few others.

“Now with car-sharing programs, more and more young people in particular have found realistic ways to get around. As a consequence, you can see they’re taking out licences less and they are not buying cars; they are finding lower cost substitutes.

But though car ownership may have become a luxury for people living downtown, it is still a necessity in some other areas. For many in Metro Vancouver and the Fraser Valley, commuting by transit is not an easy option.

A recent study by the Pembina Institute found only 19 per cent of Metro residents live within walking distance of rapid transit, compared to 21 per cent in Calgary, 28 per cent in Ottawa, 34 per cent in Toronto, and 37 per cent in Montreal.

There are options, there are always options.

Our trustees offer free consultations, credit counselling, consumer proposal administration and bankruptcy services. Call 310-8888 for a free, no obligation consultation.

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Big income . . . and big debt?

Celebrities – and ‘regular folk’ too – often file bankruptcy or consumer proposal for similar reasons:

Limited financial education: If, like a whirlwind celebrity’s (think YouTube insta-sensation) rise to fame you go from having nothing to having the world at your fingertips, a financial education is not usually part of the package. Learning how to effectively save, budget, and invest can take years, and sometimes a team of help, to achieve. When handed huge checks to cash, many celebs go out and buy the biggest house and fastest car, rather than learning how to properly handle their money.

For ‘mere mortals’ a significant career promotion with pay increase (or an inheritance or elusive lottery win) can add a boost to our credibility and add some additional buying power. But, it’s essential to learn how to manage your money, your budget and your long-term financial planning.

Materialism: Our culture can be highly materialistic. It prompts some people to try to ‘one up’ each other with larger houses or forever be ‘keeping up with the Joneses’ with more expensive vehicles. Young people, in particular, can be susceptible to the ‘celeb mindset’ believing their ownership of the latest designer handbag or electronic item is a given. The easy access to credit cards to people with limited income and often limited money management experience (see above) can lead to serious debt problems.

Celebrities, like the rest of us, can get caught up in having the finer things in life. But, a great TV gig can get cancelled and when the paycheques stop rolling in, it’s harder and harder to maintain that same standard of living without getting into serious debt.

Lack of investment in self: Often the stars surround themselves with lawyers, accountants, and insurance professionals to help them with proper estate, tax, and insurance planning. Sometimes they don’t double-check the work done on their behalf, or they don’t properly vet the financial professionals they hire. Not surprisingly, many fall prey to unscrupulous advisors.

The lesson here for ‘man on the street’ is to take ultimate responsibility for your own financial affairs. Yes, seek the advice of proven professionals. Ask other trusted sources for referrals. Get second opinions. And – refer again to the info above – get educated!

If you are facing financial struggles or would like some help with managing your debt—one of our professionals is available to discuss your situation. There are many options available to help and you may not need to go bankrupt. Contact us for a confidential, no-obligation, complimentary consultation. Call us toll at 310 8888.

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