Managing Your Finances and Overcoming Financial Hardship

Personal finance is a broad and sometimes complex area. As a citizen, you should know the basics and be aware of the various tools at your disposal.

Bank accounts

Bank accounts are a staple of finance management tools. They allow users to receive money from various sources and keep it in one place. Chequing accounts also enable users to pay their bills directly (e.g., phone and internet services).

Credit, loans and mortgages

Consumers are increasingly switching away from cash purchases and taking on more credit, loans and mortgages. This allows them to buy things they may not be able to afford right away, but according to the Financial Consumer Agency of Canada, too much reliance on these methods can make your debt load unmanageable.

Budget planning

Making a budget can help you keep your finances under control. There are simple tools to track your income and expenses and adjust them as needed.

Financial hardship can happen to anyone and can arise from things beyond your control. It can be easier to weather the storm when you know the options available to you.

Job loss

According to the Quebec government, losing your main source of income is among the most stressful events you could experience. However, you have certain rights when you’re fired, and financial protection is available.

Health issues

Anyone can get hit by an unexpected illness, accident or disability. Read up on health insurance and your rights in the event of health issues ahead of time. After all, prevention is the best cure.

Relationship problems

Separations are often emotionally taxing, but they also come with a range of financial considerations, including how to split shared property.

Note: If you’re looking for information that applies specifically to married couples, visit our website’s Separation of Married Couples section. It offers a range of informative content and resources to guide you through this process.

Legal troubles

Neighbourhood disputes, bounced payments, dissatisfied clients…no one’s immune to legal troubles. Fortunately, there are options to help you navigate the legal process.

If you’ve started falling behind on payments, racking up more debt and dreading calls from creditors, it’s time to consider other options.

Avoiding bankruptcy

Finding a way out of crushing debt may seem impossible, but did you know there are less drastic options than bankruptcy?

Last resort: Bankruptcy

You’ve tried everything, but your debt is too high and your creditors aren’t giving you an inch. Filing for bankruptcy may help you wipe the slate clean.