Comments for Hoyes, Michalos & Associates Inc.

Comment on Instant Cash Back on Tax Refunds. Is it Worth It? by J. Douglas Hoyes, CA, LIT

J. Douglas Hoyes, CA, LIT — Fri, 30 Apr 2021 20:29:41 +0000

In reply to Andrea G.. The prep fee is deducted from your refund. It is possible that there are cases where, if you have a complicated return, the prep fee would be the same or greater than the instant cash fee. Since most people have a simple return, in our experience it is more costly to get instant cash back than to simply pay to have it prepared. However, always crunch the numbers to see what's best in our situation.

Comment on Instant Cash Back on Tax Refunds. Is it Worth It? by Andrea G.

Andrea G. — Wed, 28 Apr 2021 22:22:32 +0000

“Fees for instant refunds are set by the Federal Government of Canada at 15% for the first $300 of your refund and then 5% on the rest.”

Doesn’t this include the fee that the tax preparer charges the client? If so, aren’t there circumstances under which it would be advantageous to take the instant refund? Depending on the refund amount, the fee you pay may be less than the tax preparer’s standard fee. This happened to me. I was charged $259 as a standard fee and was not given the option to do an instant refund. Had I done the instant refund, I would have paid much less.

Comment on Burn Your Mortgage with Sean Cooper by Victoria

Victoria — Sun, 19 Feb 2017 14:43:16 +0000

One banker gave me her secret to achieving a quicker ‘mortgage burn’ rate. Each week she checked her mortgage balance. If it was $100,614. she would look for a clean number. In this case she would make a payment of $14. Seems small, but it kept her focused, just as Sean said, and it was additional weekly payments. Psychological motivation.

Comment on Bankruptcy, Sponsorship and Citizenship in Canada by J. Douglas Hoyes, CA, LIT

J. Douglas Hoyes, CA, LIT — Fri, 03 Feb 2017 00:42:23 +0000

In reply to BY. You should contact your trustee, or a bankruptcy lawyer, and ask them what is necessary to get your discharge. I court hearing will be required, since if you don't complete your duties on time and get your discharge only the court can now grant your discharge.

Comment on Bankruptcy, Sponsorship and Citizenship in Canada by BY

BY — Wed, 01 Feb 2017 08:15:18 +0000

I declared bankruptcy and not Discharged yet because I Moved to oversea and got married. Since I am at overseas I could not attend the sessions to get the Discharge. Its been More than 5 years that I declared bankruptcy but could not get discharge. I want to sponsor my wife while we both live outside of Canada and move to CANADA after the sponsorship is finalized. Whats your suggestion ? Thank you so much

Comment on Credit Repair Loan or ‘Savings’ Loans. Are They Worth It? by J. Douglas Hoyes, CA, LIT

J. Douglas Hoyes, CA, LIT — Fri, 16 Dec 2016 16:18:32 +0000

In reply to Denise. Hi Denise. If you are unhappy with their service, I would suggest you contact them directly and ask how they are helping you, and if you are not satisfied ask them for a refund.

Comment on Credit Repair Loan or ‘Savings’ Loans. Are They Worth It? by Denise

Denise — Sat, 10 Dec 2016 17:14:55 +0000

Refresh financial is it really a scam. Pls contact me or tell me if there is a way to get out of it. I just signed up with them but didn’t start payments untill January. Pls help

Comment on Credit Repair Loan or ‘Savings’ Loans. Are They Worth It? by Kia Khosravi

Kia Khosravi — Thu, 03 Nov 2016 22:28:29 +0000

refresh financial is a scam! and they target the most vulnerable group of society under the disguise of help!

they also sell your information to other lending companies such as easy home to harass you with phone calls around Christmas and offer you dirty loans at a whopping 46% interest!

Comment on Does Debt Survive Death? by J. Douglas Hoyes, CA, LIT

J. Douglas Hoyes, CA, LIT — Mon, 05 Sep 2016 14:19:49 +0000

In reply to Murray H..

Hi Murray. This is a complicated question. The short answer is that CRA would be entitled to whatever funds are in the estate.

The longer answer is that the estate presumably now has two creditors: CRA and the relative who “loaned” the estate money to repay the other debts. In that situation it becomes a question of priority, and those questions are often solved with a bankruptcy or a consumer proposal. While it is possible for the estate of a deceased person to file a bankruptcy that would only make sense if the amounts were significant, and no other options exist. I would suggest talking to a licensed insolvency trustee or a lawyer for further guidance.

Comment on Does Debt Survive Death? by Murray H.

Murray H. — Fri, 02 Sep 2016 03:18:38 +0000

I have a question regarding a deceased . If following the death a relative pays off all of the outstanding debts (credit cards etc.), can the relative be paid back from the estate before an outstanding debt to CRA ? The debts were repaid prior to receiving a notice of reassessment regarding a balance in the deceased RRSP home loan which was outstanding at date of death. If the relative is repaid there would not be sufficient funds to pay CRA in full.