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Crowe MacKay & Company’s Licensed Insolvency Trustees

At Crowe MacKay & Company, we have over 50 years of experience providing debt solutions in the Greater Vancouver area. Our Licensed Insolvency Trustees are here to provide options for your unique financial situation, ensuring your rights are respected, and your debt is handled correctly.

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Common Questions about Debt Relief

Our Licensed Insolvency Trustees answer your common questions about personal and corporate debt. From how to identify financial trouble to debt relief options, we are committed to educating you, so you feel confident and informed.


Build Financial Resilience in a Changing World 

November is Financial Literacy Month and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is hosting a free Facebook Live panel discussion on Thursday, November 24 from 11:00 to 12:00 p.m. PT. The session will provide Canadians with practical tips on managing their money in an increasingly complex and constantly changing financial marketplace.

To access the session, click the button below and log into your personal Facebook account.

For more information and to add the event to your calendar, please click here.



Featured Blogs 

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  • 23/11/2022
    Inflation: What Is It and How It Affects You

    The cost of living is on the rise and everyone is talking about one thing, inflation. With inflation at an all-time high, Crowe MacKay & Company’s insolvency experts share what it is, how you may be impacted, and provide solutions for those facing financial difficulties. If you require immediate assistance, our team is ready to help navigate you toward financial freedom, book a free initial consultation today.


    What causes inflation?

    Inflation happens when demand outweighs supply, which results in costs rising. For example, in Canada, the cost of groceries alone has increased by 10.28% as of September 2022. To counteract inflation, the Bank of Canada has been raising the prime interest rate.


    What is the prime interest rate?

    A prime rate or prime lending rate is an interest rate used by banks when lending to customers with good credit. Some variable interest rates may be expressed as a percentage above or below prime rate. You can expect the prime rate to impact the interest payments you make on your:

    • Mortgage
    • Line of credit
    • Car loan
    • Student loan

    The prime rate is currently 5.95%, which is 3.5% higher than it was a year ago (2.45%, November 2021) and it is expected to rise again.*


    Interest Payment Example

    To put this into relatable terms, let us look at an example. The table linked below is how much interest you would pay each month on a $10,000 line of credit from November 2021 to October 2022. The borrowing rate is the prime rate plus any additional percentage determined by the credit lender**. In this example, the lender has added an additional 1% to the monthly interest payments.


    ** Loans can be the prime rate plus (or minus) any percentage determined by the lender. The lender will take into account conditions of the market, individual credit score, amount borrowed and assets, if any, available to be provided to the lender as security for its loan.


    View monthly interest payment table


    In short, in the past year, the monthly interest payments have more than doubled. This means that less of your payment is going toward the principal balance and thus extending the time you will be carrying this debt.


    Struggling or unable to meet your financial obligations?

    Inflation affects us all, whether we are financially secure or not. As said by Bank of Canada Governor Tiff Macklem, “high inflation feeds frustration and creates a sense of helplessness,” and if you are already struggling with debt this may be your breaking point – but you do have options.


    Instead of feeling overwhelmed and frustrated, talk to a Crowe MacKay & Company advisor to help you take control of your finances. Many people are surprised to learn that there are several options for reducing debt and to avoid filing for bankruptcy, such as:

    • debt consolidation,
    • debt management programs, and
    • Consumer Proposals.

    Every situation is unique, so we recommend connecting with a Licensed Insolvency Trustee to help review all your options to ensure you have the best financial future possible.


    At Crowe MacKay & Company, we have over 60 years of experience and offer free initial consultations. Contact our office today and start your debt relief journey.


    This article has been published for general information. You should always contact your trusted advisor for specific guidance pertaining to your individual tax needs. This publication is not a substitute for obtaining personalized advice.

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  • Asian business woman worry
    Understanding Bankruptcy Obligations

    Vancouver debt professionals are at times met with surprises from clients who were unaware of the obligations they must meet during bankruptcy. If you declare bankruptcy, whether personal or corporate, certain obligations must be fulfilled to get discharged. If you or your business is struggling financially, filing for bankruptcy may be the best debt solution—but before you can make that decision, you first need to understand the main bankruptcy obligations.


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  • Bankruptcy Vancouver – consumer proposal Vancouver
    How Does Bankruptcy or a Consumer Proposal Affect Student Loans?

    Tuition costs, the price of books, and other school expenses are on the rise. It is no surprise that student debt is also increasing—and becoming unmanageable for many people. A significant number of Canadians finance their post-secondary education with government student loans such as British Columbia Student Aid, private loans from a bank, or both. They work hard at their studies but then find it impossible to get out from under student loans. If you are struggling to pay off loans, there are several options for student debt relief. Today we will look at two options: bankruptcy and consumer proposals.


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  • business owners discussing corporate restructuring
    Signs Your Business Should Consider Corporate Restructuring

    All businesses experience financial challenges at one time or another. It is important to keep a close eye, as these normal challenges can quickly turn into financial hardship. There are obvious red flags that your business is experiencing trouble—and there are some warning signals that are less obvious. Here are some of the signs that your business should start to consider corporate restructuring for debt relief in BC.


    Read More
  • couple reviewing income and finances after bankruptcy
    What Happens to My Income if I Declare Bankruptcy?

    After filing for bankruptcy, any garnishments against your salary will stop. Your wages are not affected by personal bankruptcy and you are entitled to collect your income while using the bankruptcy process to eliminate your debts. However, if your income exceeds a certain level, it is considered “surplus income” and you will be required to pay a portion of it during your bankruptcy for distribution to your creditors. It is important to understand how the surplus income rules work so you know what to expect if you declare bankruptcy.


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  • man dealing with tax debt
    Dealing with Tax Debt? A Consumer Proposal Can Help

    Income tax debt should not be ignored. It can quickly become unmanageable. If you fall behind on payments, interest charges and penalties will be added to your debt. If you do not pay, the Canada Revenue Agency (“CRA”) has broad powers to collect what you owe. The CRA can garnish your wages, seize your assets, freeze your bank accounts, or set off amounts you owe from one year against your tax refund in another year. Unlike other creditors, the CRA can use its authority under the Income tax Act to collect from you without having to get a court order first. The CRA is powerful and notoriously difficult to negotiate with. The good news is that an insolvency trustee has options to help you deal with the CRA and get relief from your tax debt.


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  • calculating business finances
    Deciding Between Informal and Formal Corporate Restructuring

    Vancouver businesses are struggling financially due to COVID-19. Debt and taxes are piling up. Rent is overdue. Payroll is late. Banks are calling in loans or refusing to provide further funds. If this sounds like your business, it’s time to take stock and get a plan in place to help your business survive. Corporate restructuring may be the best option—but is informal or formal restructuring what your company needs? Vancouver insolvency trustees can review your individual company’s circumstances and help you decide. Here are some of the basics to consider when deciding between informal and formal restructuring to deal with business debt.


    Read More
  • business owner calculating finances
    Is Your Business Struggling Financially Due to COVID-19? Consider Corporate Restructuring

    COVID-19 has produced waves of financial distress for BC businesses, large and small. Many companies are struggling to rebound in the wake of COVID-19. As time goes on, government measures to ease the financial strain may not be enough to keep a business afloat. If your company is facing financial difficulties due to COVID-19, corporate restructuring can help your business survive.


    Read More
  • couple reviewing finances
    Facing Financial Stress During COVID-19? A Licensed Insolvency Trustee Can Help Assess Your Options

    COVID-19 has caused unprecedented financial hardship for Canadians. Business closures, employee lay-offs, and income loss due to illness have all skyrocketed in 2020. Some COVID-19 relief measures and government assistance programs are ending, making individuals even more vulnerable to financial trouble.

    Read More
  • woman filing for bankruptcy
    Step-by-Step Guide to File for Bankruptcy

    If your debt has become unmanageable, you need a solution. Personal bankruptcy is one way to get debt relief. But how do you know if you are eligible to file for bankruptcy, and what steps do you need to take to file for bankruptcy in BC? Vancouver bankruptcy consultants at Crowe MacKay & Company prepared this step-by-step guide to file for bankruptcy with the help of a Licensed Insolvency Trustee.

    Read More
  • sign stating “debt relief just ahead”
    How Does a Consumer Proposal Help You Resolve Your Debt?

    Debt can feel overwhelming. If you are having trouble paying credit card debt, payday loans, lines of credit, or personal loans, you may be wondering about options such as bankruptcy, a consolidation loan, or a consumer proposal. Vancouver debt solution professionals can review your financial situation to determine which of the many options is best for you. While bankruptcy can offer a fresh start if you are under a large amount of debt, it is typically used as a last resort due to the damage it causes to your credit rating and the possibility of losing assets. For many people, a consumer proposal is an ideal alternative to bankruptcy that helps eliminate consumer debt while offering some key advantages. Here is how a consumer proposal can help you resolve your debt.

    Read More
  • bankruptcy trustee
    How Will Personal Bankruptcy Affect Your Spouse?

    The short answer is filing for personal bankruptcy will not directly affect your spouse or common-law partner. You are responsible for your own debts. There is a common misconception that when you file an assignment in bankruptcy and you are married or living in a common-law relationship, your spouse or common-law partner is automatically responsible for your debts. Often collection agents, when trying to collect from you, tell you that if you don’t pay they will contact and try to collect from your spouse or common-law partner. This is a collection agency scare tactic and as long as your debts are not co-signed, they can only go after you for your debts.

    Read More
  • bankruptcy consultant
    Recovering From Bankruptcy: Immediate and Long-Term Future

    There are many myths related to bankruptcy where the biggest one is that you will lose everything you own. While there is some truth intermingled with the misconceptions, applying for bankruptcy has both benefits and temporary disadvantages. Doubting how bankruptcy will affect the future is a valid concern that many have. With the help of an experienced bankruptcy consultant, you can find out what bankruptcy is going to mean for your future.

    Read More
  • bankruptcy consultant
    Surplus Income Limits for Bankruptcy in Canada

    In our country, part of the bankruptcy process is paying the creditors in the duration of bankruptcy. The Canadian government has set up many payment regulations known as surplus income limits, given the financial turmoil of individuals who go through the process. The concepts behind it are usually too complex for regular people to understand and that’s where the importance of bankruptcy consultants comes in.

    Read More
  • Bankruptcy
    Will You Lose All Assets After Filing For Bankruptcy?

    Declaring bankruptcy is an extreme measure, but using it in the right way at the right time can save you money, give you peace of mind and help you get back on your feet financially. It allows businesses or individuals that are unable to pay their debts to settle their financial difficulties. 

    One of the first questions that get asked regarding bankruptcy is “Will I lose everything?” People generally fear that a trustee will seize everything and sell it during such times.

    Read More
  • What happens to my student loans if I declare bankruptcy
    What happens to my student loans if I declare bankruptcy?

    Unfortunately, student loans are something that many people have to deal with, and they can keep you in debt for several years. If you’ve recently filed for bankruptcy, you may be left wondering what happens to the student loans you have yet to pay off. The laws vary depending on where you live, so we’re here to offer some clarity on the proceedings in Canada.

    Read More
  • Debt solutions
    How to Manage Debt through Financial Planning?

    If you have a debt, whether small or big, you have to plan your finances to make your payments on time. Without proper management, you lose a major part of your paycheck clearing off credits. You end up borrowing fresh loans to pay off older ones. Managing your bills gets out of your control and you fall into a vicious trap. Crowe MacKay LLP offers debt solutions to clients in Vancouver and the surrounding area.

    Read More
  • Insolvency in Vancouver British Columbia
    How Does Bankruptcy Affect Your Family? – Insights from Vancouver’s Leading Licensed Insolvency Trustees

    Have you unwittingly stepped onto the debt treadmill without realizing how fast it goes? Are you saddled with excessive obligations that are creating a financial crisis? In this situation, your first step is to consider debt solutions, such as a consumer proposal or a consolidation loan. This could potentially reduce your overall debt, or consolidate it under a single loan account. However, if your debt is too large, or your assets fall significantly short of your debt value, then you may have no other choice but to consider filing for personal bankruptcy.

    Read More
  • Insolvency trustee in Vancouver British Columbia
    Realistic Ways to Pay Down Your Debt

    Many people run into financial trouble at some point in their lives. Maybe you lost your job in an unstable economy or your debt grew more slowly over time until it became unmanageable. Whatever the case may be, you are not alone and you are not out of options. A Licensed Insolvency Trustee at Vancouver's Crowe MacKay & Company Ltd. can help you get your finances back on track.

    Read More
  • consumer proposal in Vancouver British Columbia
    What’s a Consumer Proposal?

    A consumer proposal in Vancouver is an effective debt solution for those struggling to pay off the full amounts of the money they owe to creditors, in their currently allotted timeframe. As long as the debt accumulated is under $250,000 without including a mortgage from a primary home, individuals are eligible for this option. A consumer proposal can be customized to your financial situation and help you pay off your debt, either by making smaller payments than what you owe, giving you more time to pay it off, or both.

    Read More
  • improve your credit rating Vancouver
    Understanding Your Credit Rating and How to Rebuild It

    The most common question we are asked by debtors is how they can recover from their debts and rebuild their credit. Many people, even before meeting with a Licensed Insolvency Trustee, have had their credit ruined by missing payments or collection agencies. At Crowe Mackay & Company in Vancouver, we hope to provide you with the information you need to make smart decisions about your long term credit.

    Read More
  • Insolvency trustee in Vancouver British Columbia
    Are You a Good Candidate for Debt Consolidation?

    If your monthly debt payments are becoming difficult to manage, then you should consider debt consolidation as a possible solution. Consolidation can make debt easier to manage by combining all of your credit into one single loan. The loan will ideally have a lower interest rate and lower monthly payments than you pay on all of your debts separately. The licensed Vancouver insolvency trustees at Crowe MacKay & Company can help you figure out whether a debt consolidation loan is a good financial choice.

    Read More
  • Personal bankruptcy in Vancouver British Columbia
    What to Expect during Personal Bankruptcy

    When faced with serious financial trouble, personal bankruptcy is one of the options you can pursue to help deal with your debt. Consult with a Licensed Insolvency Trustee at Crowe MacKay & Company to review the best debt solution in Vancouver for you.

    Read More
  • Rights of a debtor
    Rights of a Debtor

    As a debtor you have rights. A creditor may not use threatening, profane, intimidating or coercive language. They may not threaten to publish your failure to pay. This is harassment and harassment is not ok! A creditor is only allowed to contact you Monday to Saturday between 7am and 9pm, on Sunday’s between 1pm and 5pm and never on a statutory holiday.

    Read More
  • Insolvency trustee in Vancouver
    How a Licensed Insolvency Trustee Can Help

    What is it an LIT?
    Licensed insolvency trustees are, in fact, the same roles previously referred to as trustees in bankruptcy. An estimated quarter of Canadians have relied on trustees or know someone who has when it comes to their financial trouble. A Vancouver insolvency trustee can help individuals in the area by explaining what their options are when facing debt, and reviewing what makes the most sense for their unique circumstances. Two of these options include filing for bankruptcy and filing a consumer proposal.

    Read More
  • How to prepare a budget
    How to Prepare a Budget

    Upon hearing the word “budget” most people begin to frown. This is not surprising as budgeting can be an overwhelming task for some people, but it does not have to be! Preparing a household budget can be simple and exciting. Do not place added pressure on yourself by detailing every tiny expense; rather focus on creating a plan that is reasonable and easy to follow.

    Read More
  • How to budget
    How to Stick to Your Budget

    So you have prepared a budget, what now? How can you make your budget work? Unfortunately there is no magic formula to making your budget work, rather you need to be diligent in keeping an eye on your daily expenditures and stick to your plan. How you track your expenses is a personal decision and depends on what works best for you.

    Read More
  • Pen writing credit report
    Understanding Your Credit Report

    Your credit rating is a collection of information such as your employment history, details on your bank accounts, outstanding debts, loan payments, and whether or not you have declared bankruptcy or filed a consumer proposal and been discharged.

    Read More
  • Business bankruptcy in Vancouver British Columbia
    10 Warning Signs Your Business is About to Face Bankruptcy

    Unfortunately, it is not uncommon as a business to experience financial hardship. But if you can identify problems early, seeking the help of a business bankruptcy trustee in Vancouver may certainly help you rectify them:


    Read More
  • Financial plan and tips in Vancouver British Columbia
    12 Personal Finance Tips to Help You Achieve Financial Freedom

    1. Make a plan

    Set reminders about when to pay bills to avoid risking late payment and high interest fees, ideally in order of which will rack up the most interest the longer you wait – usually your credit cards. Our Vancouver Licensed Insolvency Trustees can help.

    Read More

Our Trusted Insolvency Experts

Our Licensed Insolvency Trustees can help you make informed decisions by providing you with strategic options. Count on our experience and knowledge to deal with your creditors and safeguard your interests.

Group picture Meet Our Team

Now I'm enjoying life and living completely debt-free!

Crystal was such a comforting and kind human to have the pleasure to deal with. Not only did she (and the rest of the team) help me to reduce my debt but she also taught me how to budget and never get caught in this position again. Now I'm enjoying life and living completely debt-free! I owe it to this wonderful company for a new lease on life!

Lisa Klein - 09/10/2020

Contact Us to Start Managing Your Debt

If you’re ready to start managing your debt, book a free consultation with our Licensed Insolvency Trustees by phone (604) 591 6181, email, or by filling in this form.

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Book a Free Consultation


Crowe MacKay & Company follows the practices laid out by the Canadian Anti-Spam Legislation and respects the privacy concerns of our clients and contacts.

Vancouver (resident office)

Crowe MacKay & Company

1100 - 1177 West Hastings Street

Vancouver, BC V6E 4T5

Surrey (non-resident office)

Crowe MacKay & Company

#200, 5455 - 152 Street

Surrey, BC  V3S 5A5

Contact Us

Monday – Friday: 8:30 A.M. - 5:00 P.M.


(604) 687 4511


(604) 687 5617


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