Credit Debt Banking News | CDBN

Finally, the government has come to its senses about the 70,000 letters sent to Canadians who made over-contributions to tax-free savings accounts or transferred them without the proper paperwork.

In a statement issued this afternoon, the two ministers responsible for the new tax shelter said they recognized the confusion that resulted from lack of understanding of the rules. And they’re trying to make amends.

If you received a request to pay tax on your TFSA, you can wait until Aug. 3 to submit further information (not June 30, the original deadline). Moreover, you won’t have to pay tax if it’s clear there was a genuine misunderstanding.

The Government of Canada confirms that for the 2009 filing year, the first year of the program, we ..read more

I think contracts should be written and signed by both parties. A verbal contract is unfair — especially if the consumer is not aware that it exists.

Suppose you’re speaking to Bell Canada and you’re offered a discount. You say OK, but don’t ask any questions. You have no idea you’ve entered into an informal contract.

Some time later, you switch your business to another firm. Bell makes you repay all your monthly discounts, going back to when you received them, in your final bill.

Since you didn’t know you had a contract, you didn’t know when it expired. And if you did know the expiry date, you could have delayed your switch for a few months.

I wrote about this issue here a few months ago, but now ..read more

Last week I beat you up about why the number one way to increase revenue is by getting feedback from lost sales. Feedback from the field, not adding new features, not polishing the website, not even talking to existing customers.

That’s right, talking to existing customers isn’t good enough! They bought in spite of your faults; you need to talk to the other 99.9% of your potential customers who aren’t so forgiving and understanding.

But how?

(Cartoon by Andertoons)

It’s unfair of me to say “find out what’s stopping sales” and then not tell you how to go about it.

So here are eleven ways to collect empirical data about why people are checking out your product but not buying ..read more

For most people, they accumulate debt since they didn’t know how to manage their finance. But with time and some organization with the financial aspect of things, they can get out of their money owing problems using debt consolidation. Before you head to one or sign up directly on the internet, you need to get all of the papers that you get in the mail where you have bad debt with such as magazine and CD clubs, book clubs, and anything else that are not a monthly thing such as house and car payments.

Take the time to do research on different companies that you came across and if you can, ask others online and in person what they think of that company and how was ..read more

If you have heard that you can get debt forgiveness for a student loan then you have heard right. It is obviously not easy as the government has been paying you for years to go to college and you have to give something back but it does not necessarily have to be your money. The government would like something out of the deal which I think is fair enough if they are going to forgive your student loan debt. Here are the two main options that people have taken and really enjoyed.

Join the Peace Corps – The Peace Corps is a charitable organization ran by the United States to help developing countries. What you do to get your debt forgiven here is to give your ..read more