19 Jun 2017
Pier-Paul Belzil-Lacasse
Lead Senior Director | CPA, CA, CIRP, LIT | Recovery and reorganization

Are you among the 25% of Canadian owners who are only paying interest or the bare minimum on their home equity line of credit? If so, be careful because even if the rate is better than that of a regular line of credit, with a home equity line of credit, you’re only paying back the interest without necessarily paying part of the capital. The Financial Consumer Agency of Canada is warning consumers of the potential indebtedness dangers of such a product.

Pier-Paul Belzil-Lacasse, Lead Senior Manager, Turnaround and Licensed Insolvency Trustee, comments on the situation and offers advice for properly managing a home equity line of credit during an interview with TVA Abitibi-Témiscamingue (go to 12 min 5 sec) on June 9, 2017.

19 Jun 2017  |  Written by :

M. Belzil-Lacasse is a Lead Senior Manager at RCGT. He is your expert in Recovery and Reorganization...

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13 Jun 2017
Pier-Paul Belzil-Lacasse
Lead Senior Director | CPA, CA, CIRP, LIT | Recovery and reorganization

In a Journal de Montréal article published on May 5th, Éric Lebel, Partner and Licensed Insolvent Trustee, analyzed the situation of a 79 year old divorced man with a gambling problem, low income, seven credit cards and over $30,000 in debt!

“Because of his low income, he’ll never be able to repay his credit card debt. Bankruptcy may be the only viable option. It’s a last resort, but in the circumstances, he should seriously consider this alternative in order to recover his financial health,” Lebel stated.

Over 40% of insolvency cases involve people 50 years of age and over

Lebel went on to say, “When people retire, they don’t change their spending habits and use their credit card to compensate. Over time, their debt increases and their situation becomes unmanageable.”

For more information, go to the May 5th article in the Journal de Montréal.

Five Tips to Help Seniors Reduce Their Debt

If you’d like to learn more about indebtedness over the age of 50, you can also listen to Éric Lebel’s interesting article on Salut Bonjour from May 12th, where he draws a portrait of over-indebtedness in this population segment and gives five debt reduction tips.

19 Jun 2017  |  Written by :

M. Belzil-Lacasse is a Lead Senior Manager at RCGT. He is your expert in Recovery and Reorganization...

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12 Jun 2017
Pier-Paul Belzil-Lacasse
Lead Senior Director | CPA, CA, CIRP, LIT | Recovery and reorganization

Planning a business’s transfer is a key step. According to Éric Dufour, Regional Vice-President and National Leader of Business Succession, “It’s important that the process be carried out under a well-thought out succession plan over five to eight years.” Managing a business is often presented as an attractive project, but you need to know what the challenges are and make sure that the person taking over the business has the right profile and knows how to get support from the right people.

Advice for Sellers

Surprisingly, 90% of entrepreneurs who are about to transfer their business don’t have a transfer plan! Such a plan is essential and should be based on five key components, such as the successors, financing, strategic planning, etc.

For more information on business transfers, read the article published in Le Soleil on May 12, 2017, Conseils de Raymond Chabot Grant Thornton and the National Bank website blog Reprendre l’entreprise de ses parents, un défi possible à relever.

19 Jun 2017  |  Written by :

M. Belzil-Lacasse is a Lead Senior Manager at RCGT. He is your expert in Recovery and Reorganization...

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09 Jun 2017
Pier-Paul Belzil-Lacasse
Lead Senior Director | CPA, CA, CIRP, LIT | Recovery and reorganization

Transferring your property to your heirs is a major issue. Estate and will planning is designed to make sure your heirs receive your estate with minimal taxes while ensuring overall wealth management. A will is the key component in this planning process. It can also help reduce your estate’s and heirs’ tax burden through the judicious use of tax provisions.

For more information or to find out what questions you should be asking yourselves, read the complete article online.

Sylvain Moreau is a Tax Partner and columnist for the Argent – Dans vos poches section of Québecor’s two major newspapers, Journal de Montréal and Journal de Québec.

19 Jun 2017  |  Written by :

M. Belzil-Lacasse is a Lead Senior Manager at RCGT. He is your expert in Recovery and Reorganization...

See the profile