A consumer proposal for seniors or retirees is one of the safest ways to manage debt when you are living on a fixed income.

Many older Canadians rely on CPP, OAS, pensions, or savings, and rising debt payments can quickly overwhelm a limited monthly budget. A proposal reduces what you owe, stops interest, and gives seniors and retirees a predictable payment they can comfortably afford.

Business income changes from month to month, and that makes it harder to keep up with steady debt payments.

Self-employed individuals also face extra pressure when:

• Slow months reduce income but bills stay the same.
• Business expenses end up on personal credit cards.
• CRA tax debts grow quickly with penalties and interest.
• Late payments affect both business and personal credit.
• Clients pay late and cash flow becomes unpredictable.

A consumer proposal for self-employed individuals creates structure when income is unpredictable.

Benefits for Self-Employed Individuals

A proposal provides stability and cuts debt to a manageable level.

It helps self-employed Canadians by:

• Reducing the total debt to a fraction of what is owed.
• Stopping all interest immediately, including CRA interest.
• Protecting business income from garnishments or freezes.
• Combining several debts into one affordable payment.
• Allowing you to keep operating your business without interruption.

This keeps your business running while giving you long-term financial relief.

CRA Debt and the Self-Employed

CRA debt can become overwhelming when you’re self-employed, but it can be included in a proposal. This reduces penalties, stops collection, and protects your income.

CRA debt in a proposal helps because:

• All CRA collection action stops the moment the proposal is filed.
• Penalties and interest freeze so the balance stops growing.
• Bank account freezes and garnishments must be lifted.
• Old tax years and unpaid instalments can be included.
• Your business stays open while you repay a reduced amount.

A consumer proposal for self-employed individuals is often the strongest option for tax relief.

Debts You Can Include

Most personal and business-related unsecured debts can be included, making the proposal ideal for entrepreneurs.

Common debts include:

• Credit cards used for business or personal spending.
• Lines of credit opened during slow months.
• CRA tax balances and GST/HST debt.
• Bank loans used for business costs.
• Personal loans taken to support the business.

This simplifies your finances and makes repayment predictable.

When a Proposal Is the Right Fit

A consumer proposal for self-employed individuals is often the right choice when:

• You can’t keep up with inconsistent income and steady payments.
• You owe CRA money and penalties are increasing.
• You are using credit every month to balance cash flow.
• Collectors are calling or threatening legal action.
• You want to keep your business running while reducing debt.

A proposal protects your income and allows your business to stay open while you rebuild.

This consumer proposal calculator shows an approximate of how much you could save.