Managing Your Debt

Getting your finances in order can be an overwhelming task. Service Canada has prepared the following to provide you with general information about managing your debt.

Understand Your Credit Report and Credit Score

The Understand Your Credit Report and Credit Score publication provides key information on how to obtain and understand your credit report and score, as well as what to do if you find errors on your credit report.

Take Charge of Your Debts

Canada’s Office of Consumer Affairs provides an online tool to help consumers deal with debt. The Take Charge of Your Debts tool brings together many sources of information about debt in one place. It offers Canadians some suggestions and options for getting out of debt.

The Office of the Superintendent of Bankruptcy Canada also provides answers for the particular needs of debtors . The website also provides information about avoiding debt and improving your financial condition. If you are unable to pay back what you owe, these links will help you understand the bankruptcy process and what bankruptcy will mean to you.

Set-off: If you are owed money from the federal government, the CRA can issue a statutory set-off to have all or part of that money applied against your outstanding balance, or automatically offset other amounts owed to you. For example, we can offset your income tax refund to reduce or pay off your defaulted Canada Student Loan.

Dealing with Mortgage Payment Difficulties

Canada Mortgage and Housing Corporation (CMHC) provides information to prepare and educate homeowners so that they may confidently approach their lender and discuss ways to address financial difficulties in the repayment of their mortgage loan.

Manage Your Student Loan Debt

CanLearn provides information about repaying your student loan, including the repayment process and assistance that may be available to help you repay your loan.

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