Today's
Brandon's Blog is titled Canada Canada Emergency.
Response Benefit: Enormous Debt Problem Now Facing CanadIans.
It could have just has easily been titled
The Government Giveth And Then The Government Taketh.
My name is Ira Smith, President of
Ira Smith Trustee & Receiver Inc.
Both Brandon Smith and myself are available to answer any questions
you may have, either about this Brandon's.
Blog or anything else at all.
So feel free to shoot us a
message, give us a phone call.
We would love to speak with you.
I hope you can watch until the
end of this video because I know
you will find it informative.
CERB Canada: The Enormous Debt Problem Now.
Facing Canadians. Brandon first goes through a
summary of what the Canada Emergency Response benefit plan was. And what it was,
was to help people who either lost their job or had their hours totally
curtailed because of the lockdown orders and.
the shutdown of business due to the Covid-19 pandemic.
People were having trouble paying rent and buying food and this program was meant
to get money out to people so
that they could survive.
The program was put together hastily and with
very confusing details, but they got it
off the ground quickly to the government's credit.
Well now Canada Revenue Agency and
Service Canada are going through all their records
and they're looking to identify people who they now believe did not qualify and.
they are sending out demand letters demanding all
or a portion of the money back.
Now these people spent the money.
It's gone.
They spent it on rent, food, supporting
their family necessities.
Canada Revenue Agency is telling everyone, if
you can't pay it all at once
we can put you on a payment program.
But as you'll see from the details
below, in reality you have to show
what CRA calls financial hardship in order
to qualify for a payment program.
So this is putting a lot of stress on Canadians who do not have
a lot of money and are already heavily in debt.
So Brandon then runs through some ideas
of what these Canadians faced with demand.
From CRA. What they can do in order to try to survive
through this crisis and of course, being a licensed insolvency trustee,
the two last options that Brandon provides details on is either a consumer proposal
or Division 1 proposal for restructuring the
person's financial affairs or in worst
case situations which hopefully most Canadians can avoid, bankruptcy.
So I hope you can read the entire Brandon's Blog below as it does
provide a lot of good detail.
I hope you enjoyed this brief summary video.
Again, both Brandon Smith and myself are
available to answer any questions you may
have either about this Brandon's Blog, which
I hope you will be able to
read because it provides a lot more
detail or anything else at all,
any other questions you may have.
So shoot us a message, give us a phone call.
We would love to speak with you.