Magical Credit Blog

A consumer proposal is a formal, legally binding offer to settle unsecured debts for less than you owe, with fixed monthly payments spread across a period you can realistically afford. It’s one of the most powerful debt-relief tools available to Canadians, but it’s also a major financial decision that affects your credit, your budget, and your future borrowing options. Before committing, it's important to understand how proposals work, what they cost, and when they’re actually worth it.

You’re short on cash. It happens — a car repair, a medical bill, a stretch between paycheques. You type quick loan Canada into Google and two phrases jump out: microloans and payday loans. They sound similar, but they’re not twins. One is a steady set of steps up. The other, a fast ladder that can wobble if you’re not careful. Let’s look at how each works.

A tax refund isn’t “free money.” It’s your money coming home. That said, when a lump sum lands in your account, it’s tempting to celebrate first and think later. Let’s flip that. Give the dollars a job before they arrive, and you’ll feel the win twice — now, and in six months when a nasty surprise would’ve knocked you off balance but didn’t.

Minimum wage is the lowest hourly pay most employers are allowed to offer. Canada doesn’t use one national number — each province and territory sets its own rate. There’s also a federal rate for federally regulated jobs (banks, airlines, interprovincial transport). If both could apply, the higher one wins.

When Sarah realised she might be due a little extra support each quarter, she dug out last year’s tax return and spotted something called the GST/HST credit. “I’ve been filing on time for years — why didn’t I know about this?” she wondered. If you’re like Sarah, you’re not alone. The GST/HST credit is a simple, tax-free payment designed to help Canadians with modest incomes offset the sales tax they pay, but many miss out by overlooking it.

A personal loan is a way to borrow money for a longer period of time. It is meant for people who need a large amount of money to pay for a big or planned expense. You pay back the loan in monthly installments over a period of months or years. People often use personal loans to pay for car repairs, home improvements, dental surgery, back-to-school costs, or even to combine high-interest debt.

In an economy where food prices are rising faster than wages, the weekly grocery bill can quickly derail even the most disciplined household budget. Many Canadians are discovering that the most effective way to save money on groceries doesn't involve cutting coupons or driving across town for sales — it starts at the kitchen table with a pen, a list, and a plan.