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  • Builders Liens Across Canada

    What is a builders lien?

    Learn about the similarities and differences in builders liens acress Canada, including Quebec.

     
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  • Government Services
    This is the official Industry Canada website. It provides information and links to a wide range of government services that support Canadian businesses.
     
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  • Bankruptcy and Insolvency Records
    Office of the Superintendent of Bankruptcy Canada
     
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  • Unclaimed Funds Database
     
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  • Export Development Canada - Weekly Commentary
     
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  • Bank of Canada Interest Rates
     
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  • Managing Risk in Uncertain Times

    The Role of the Credit Professional in the Commercial Leasing Industry by Lisa Moore CCP

    December 15, 2009: civil servants in Ireland rally in reaction to the Irish government's vote in favour of a reduction in public sector compensation by 5-15%. The Republic of Ireland is claimed to be facing the deepest financial crisis of any advanced nation and it isn't over yet.

    May 5, 2010: striking protestors in Greece, the undisputed pillar of ancient democratic civilization, jam the streets setting the finance ministry ablaze, killing three.

     
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  • CCAA proceedings now at your fingertips

    Trustees, creditors, academics, policy makers and government officials have a new source of insolvency information available to them thanks to recent changes to the Companies’ Creditors Arrangement Act (CCAA). One result of the changes, which came into effect September 18, 2009, is that the Office of the Superintendent of Bankruptcy (OSB) became responsible for maintaining both a Registry of Public Records and a Repository of CCAA Files.

    Registry of Public Records
    Once a court grants protection to a debtor company under the CCAA, the monitor (trustee) must send basic information to the OSB within one business day. This information includes the court’s file number and coordinates—including the website address of both the debtor and the monitor.

     
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  • What are basic concepts of Personal Property Security in Canada?
     
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  • Who Is Committing Fraud in Canada?

    A 2009 survey conducted by KPMG called: Profile of a Canadian Fraudster, revealed some interesting demographics on who commits fraud in Canada.

    The survey polled senior executives such as CFOs and Vice-Presidents from across Canada and covered a wide range of industries, including Financial Services, Energy and Natural Resources, Consumer Markets, and Industrial Markets. One quarter of respondents had revenues of over CAD$1 billion, with another quarter having less than CAD$100 million in revenues.

     
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  • Creditors, Suppliers and Security Breaches

    Once upon a time, all the suppliers had to worry about what was the credit of their customers and the legal effectiveness of the security liens that they took on inventories. Now, debtors and creditors alike, for that matter, live under the constant threat of security breaches which can have consequences of a material order of magnitude. As a lawyer advising payments companies, I thought it would be interesting to discuss security breaches ...

     
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  • Black Holes and Heroes

    At times, the only force holding an organization together and preventing it from falling into the abyss comes from unsung heroes within its ranks. Read this article by Ron Lutka, CMA to find out more about the unsung heroes. There might even be parallels here to your organization.

     
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  • Black Holes and Old Invoices

    My article titled Black holes and Credit Management published in To Your Credit’s fall 2007 edition began with this paragraph:

    “Credit management is an integral and highly visible part of the cash-to-cash business cycle, in which cash invested by shareholders is used to produce and deliver goods and services that are sold for even more cash.

     
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  • Deception of the Gift and Prepaid Credit Card

    What do you do about those not so great gifts, those gifts you didn’t get and really wanted? If you’re lucky you can return the gifts you don’t want and purchase what you really want! Or you may have received gift cards to buy whatever you want but it may not be from a retailer that you shop at.

    Gift cards and pre-paid credit cards (credit cards with amounts already on them) have become more and more the option for giving, it’s simple and easy.  The popularity of gift cards has created a new portal for fraudsters to deceive you and relieve you of your hard earned money.

     
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  • Receivable Insurance Tips

    It is critical that you understand your obligations under the credit insurance policy you have signed and that you are complying with them.

     
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  • Identity Theft - Practical tips for credit professionals

    Every year, identity theft results in millions of dollars of reported losses for Canadians. This has serious implications for credit professionals when it comes to the collection, protection, usage and disposal of the information they gather on their customers. Whether your company accepts payment by credit card, by wire transfer, via e-commerce or by the ageless paper-based cheque method, you need to ensure that your department plays its part in having the necessary checks and balances in place.

     
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  • Some Recent Canadian Developments in Cross-Border Litigation

    Here are some recent developments important to anyone engaged in cross-border civil litigation involving common-law Canada. One, the criteria for determining whether a court has jurisdiction over a non-resident defendant have been revised. Two, the concept of "forum of necessity" is now established in Ontario. Three, Canadian courts will not, as readily as in the past, decline to exercise their jurisdiction in cases where a parallel action (one involving the same parties and issues) has already been commenced elsewhere.

     
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  • Suing a Foreigner? Keep Control of the Case with a Forum Selection Clause

    In the world of cross-border litigation, I can tell you that prevention is worth much more than a pound of cure. Battles over where a case is to be litigated are common, and can be so protracted and costly that the parties never reach a determination of the merits of the case. Such battles are common because generally there are tremendous strategic advantages to litigating the case in one’s home jurisdiction, and disadvantages to litigating the case in one's opponent's jurisdiction.

     
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  • The Interprovincial Enforcement of Judgments

    A Creditor and a Debtor enter into a financial agreement in Alberta. After several years, the Debtor moves to Manitoba, leaving behind only sparse assets, (not nearly enough to cover the costs owed) in Alberta. Following a slowdown of repayments, the Creditor decides to take legal action against the Debtor in the Alberta Court of the Queen’s Bench.

     
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  • CRA Trust Overrides Contractual Right To Set Off

    In a recent decision involving the Canada Revenue Agency (CRA), and the Caisse populaire du bon Conseil (Caisse), the Supreme Court of Canada, (SCC) considered whether a lender’s contractual rights in respect of its customer’s term deposit account could be overridden by a deemed statutory trust in favor of the Crown.

    The issue was whether the Caisse, by virtue of its contractual arrangement with its customer, Camvrac Enterprises Inc, held an iron clad security interest over the proceeds of its deposit account that could not be overruled.

     
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  • Supreme Court Rules Crown Doesn’t Have Rights To GST And QST

    In a unanimous decision on October 30, 2009 relating to the Goods and Services Tax (“GST”) and the Quebec Sales Tax (“QST”), the Supreme Court of Canada rejected the most recent attempt of the Crown to secure its position by recovering the tax portion of accounts receivable outstanding at the time of bankruptcy where the bankrupt had not made the required remittances.

     
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  • Factoring Agreement: Security or Sale of Assets?

    Lenders and other members of the factoring community should be aware of the potential impact of a recent ruling on a priority fight over the accounts receivable of a bankrupt company.  One of the issues that the court had to consider was the application of a factoring agreement.

     
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  • Info from Visa

    What is expected of a credit manager when a customer claims that he was a victim of identity theft, and the debt is not his?

     
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  • PPSA & Legislative Q's
     
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  • Links to Debt Collection Laws and Statutes
     
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  • Cash Flow Myths

    It's just too easy to mislead the average investor in Canada. Financial reports can be arcane and confusing even for professionals. Adding to the problem are regulators who don't care to clean up pervasive scams, much less make financial statements more usable for investors.

     
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  • Common Forms of Financial Statement Fraud

    In the summer edition of To Your Credit, we published an article on the work of Professor Messod D. Beneish from the Kelley School of Business, Indiana University on the subject of earnings manipulation.  In the sample of 74 companies that Pr. Beneish looked into for his research, he concluded that the typical manipulators “overstated earnings by recording fictitious, unearned, or uncertain revenues, recording fictitious inventory, or improperly capitalizing costs.”

     
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  • Fraudulent Financial Information

    Often, the depth and breadth of a credit analysis is based on the risk associated with a potential or existing customer.  For example, when the risk is considered low, a simple trade reference check might suffice whereas in cases where the stakes are high, many seasoned and trained credit managers will resort to financial statement analysis.  Aside from the challenge of getting your customers to furnish financial statements, determining the reliability of such documents can prove to be quite tricky.

     
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  • Role of the Office of the Superintendent of Bankruptcy (OSB)

    The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. Their role is to ensure public confidence in the market place by protecting the integrity of the bankruptcy and insolvency system.

     
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  • CREDIT’S UNTOUCHABLE CODE

    There is one principle of credit management which is inviolable. In fact it’s as close to being sacrosanct as Canada’s right of sovereignty over the Northwest Passage. To break with this code would be to dismantle the basic principles of credit management and the outcome would be similar to the situation which I am certain that we have all experienced in the past, when the little boy visits the grocery store with his mother and is transfixed by the beautifully structured pyramid of apples.

     
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  • Search Sites for Bankruptcies in Canada and the US

    In Canada, you can check on the Superintendent of Bankruptcy search site, or in the US, by looking for a filing on PACER, (Public Access Court Electronic Records.) You will have to establish an account on PACER, but the fees are ...

     
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  • Collection Agencies
    Businesses may engage collection agencies to assist them in the collection of debts from both consumers and businesses. In Canada, agencies must be licensed in a province to operate there. The provincial governments have developed regulations that govern the activities of these agencies.
     
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  • The Ultimate Skip List

    Valerie McGilvrey is a US Professional Skip Tracer who has agreed to share this list with the members of the Credit Institute of Canada. Much of the information is US related, but can be adapted for Canada.

     
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  • PIPEDA and Collections

    Often, collection activity requires interacting with personal information about a consumer, in order to research, contact or collect from that consumer. Whether you are in an internal receivables department, third party collection agency, or you are a legal agent...

     
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  • Differences in Risk based on Type of Business

    In Canada there are three general forms of business ownership: a sole proprietorship, a partnership, and a corporation.

     
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  • Standard Ratios

    Liquity Ratios

    • current Ratio
    • Acid Test

    Debit - Equity Ratios

    • Current Debt to Tangible Net Worth
    • Total Debt to Tangible Net Worth
    • Working Capital
    • Net Worth
     
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  • What is the Companies' Creditor Agreement Act (CCAA)?
    CCAA
     
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  • Risk Assessment

    Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R):, the magnitude of the potential loss (L), and the probability (p) that the loss will occur.

     
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  • Credit Reporting

    Web sites of companies that provide credit reports for Canadian companies.

     
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  • PPSA

    The Personal Property Security Act ("PPSA") is the name given to each of the statutes passed by all common law provinces, as well as the territories, of Canada. They regulate the creation and registration of...

     
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  • The Quickening of Innovation in Asset Based Financing

    Some would call it evolution: others, revolution. Semantic flourishes aside, financial technologies are increasingly in the foreground as drivers of product differentiation and proliferation in the asset-based financing industry.

     
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  • Introduction to Corporate Governance

    Why is governance important from a credit risk perspective? Jeremy Brisset, corporate lawyer at Osler, Hoskin & Harcourt will tell you at our next Live Webinar. This webinar will be of value to members of the credit sector, particularly those in commercial credit industry.

     
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  • My Customer is Restructuring, in Receivership or Bankrupt – What Now?
    Presented by Jerry Henechowicz, CA-CAIRP, Trustee in Bankruptcy Jerry HenechowiczThis one hour webinar with one of Canada’s leading restructuring and insolvency firms to get updates on the best practices and latest trends in maximizing recoveries when a customer is restructuring, in receivership or bankrupt.
     
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  • Target Take Two
    Back by popular demand, Russell Bennett will revisit the bankruptcy of Target and the fall out for its creditors. In May, when we first held this Live-Webinar, it generated a lot of interest from our members – follow up questions continue to come in to the National office.
     
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  • How to Position Yourself for Promotion
     
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  • Betting The Company: BOMBARDIER Goes All-In on C Series Jets and Blows Up Its Balance Sheet
    A brief analysis of Bombardier's woes and what we can learn from a company undertaking a massive project, consuming working capital, and ultimately destroying its balance sheet.
     
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  • Insights for the Target Debtor Community
    Our webinar on the Target Bankruptcy would be of great interest to companies who felt the financial pinch from Targets shutdown in Canada. Webinar participants found it very insightful.
     
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  • Builders lien across Canada
    Please mark this webinar in your to-do-list for what will surely be a very informative session from a noted authority on construction liens.
     
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  • Where Is Your Credit Risk Hiding
    In this session Tim Vine, AVP, D&B Canada will discuss the role the credit manager can play in EVERY stage of business interaction with customers – from prospecting to monitoring and reacting.
     
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  • Retail Insolvency in Canada

    This presentation will discuss: • What led to the insolvency of Target, Sears and Toys R Us • How online competition impacted the fortunes of these retailers • The “red flags” that credit managers should be aware of

     
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  • Trade Credit Insurance

    Why Do Companies Buy Credit Risk Insurance? In this webinar you will learn how Credit Insurance: Mitigates Risk, Facilitates attractive bank financing, Offers Credit Enhancement, and Increase Sales.

     
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  • How Creditors Can Stay Informed

    Knowledge Is Power: As a creditor, you need to learn quickly and easily about public legal notices. NoticeConnect brings that information to your fingertips! They are a web platform for publishing and accessing legal notices and has been operating since 2014. The platform is trusted by lawyers, trustees, banks, and government.

     
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  • Dorel take US$12.5 million Q1 impairment charge due to Toy ‘R’ Us liquidation
    In addition, the company says its profitability was hurt by a shift from its stores to online purchases in Chile, production challenges at a Chinese factory, high raw material prices, restructuring costs at its sports division and investments in technology in home furnishings.
     
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  • These Best Credit Practices in Brazil Will Keep You from Falling Downhill
    I’m often asked by many overseas creditors about where to start when establishing a business relationship with a customer in Brazil. My answer is that it often depends on whether you are going to grant credit, and if so, how much.
     
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  • Do You Have a Credit Policy for Your Organization?

    If your business lets your customers receive goods or services now in return for a promise to pay later, then your business grants credit. And you are not alone. Most businesses grant a credit to their customers, especially if their customers are other businesses (B2B—business-to-business). In fact, this is the most common type of credit offered in the business world and most of the credit offered in this way is unsecured.

     
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  • What’s the Link Between Communication and Credit Management?

    Ultimately, having a credit policy only works if people know about it; what it covers and what the rules are. Put another way, why have a policy if staff members don’t know what is, or what it means? After all, it’s not a secret. So, the next step after you get a credit policy in place is to let your organization’s team know about it. This is the role of the credit team. They should meet with owners and/or a senior manager, to get the buy-in and sign-off, if that has not happened already. Once this is done, the next step is to...

     
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  • How to Better Know Your Customers

    As a credit manager, a critical part of your role is to identify who you can trust and to what extent you find their claims realistic. This is translated into knowing your customers well and defining whether they can pay you as agreed. Naturally, you may not have much information for new clients. The amount of credit awarded requires careful consideration when managing new and existing customers. Luckily, there is a method for evaluating how creditworthy they can be.

     
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  • Waiting too long to collect

    My colleagues think that my role is the worst possible in the company. This is mostly because my job involves calling customers for money. But I have a secret for you: I like making those calls. Rest assured, I’m not an extortionist who likes to torment poor souls. I just love what I do, especially knowing that I contribute to my organization’s success.

     
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  • Do Not Miss the Warning Signs of Insolvency!
     
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Q and A (1)
  • What action can be taken to address recessions?
    https://creditedu.org/knowledgecentre/index.php/site/qa/11

    Because recessions are often caused by decreasing demand, the financial engineers want to increase the demand by offering financial stimulants in the form of tax reductions, subsidies in the form of transfer payments or interest rate reductions to make credit easier to obtain.  This slowdown is largely caused by a collapse of the debt structure resulting in many people declaring bankruptcy or being laid off.  It is unlikely that easier credit is the answer.  As the Sub Prime collapse really affected poor and middle-class families, a tax break is not about to put much money in their pockets.  The solution may take us back to the 1930’s when the focus of Government had to be on creating real jobs.  Fortunately, real jobs in Western Canada are insulating Canada from the full impact of the situation in the U.S., but there may only be a 3 to 6 month delay.

Wiki (4)
  • Property
    https://creditedu.org/knowledgecentre/index.php/site/wiki/58
    Assets including money, land, movable and immovable property, personal and real property, situated in Canada or elsewhere.
  • Act
    https://creditedu.org/knowledgecentre/index.php/site/wiki/1
    Bankruptcy and Insolvency Act, a federal statute of Canada governing bankruptcy and insolvency.
  • OSB
    https://creditedu.org/knowledgecentre/index.php/site/wiki/49

    The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. The Office of the Superintendent of Bankruptcy supervises the administration of the Bankruptcy and Insolvency Act.

  • Insolvent person
    https://creditedu.org/knowledgecentre/index.php/site/wiki/34
    A person who is not bankrupt and who resides, carries on business, or has property in Canada, whose liabilities to creditors provable as claims under the Act amount to $1000.00 or more, and: - who is unable to meet obligations as they become due; - who has ceased paying current obligations in the ordinary course of business as they become due, or; - the aggregate of whose property is not, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all obligations, due and accruing due.