Debt help options in Canada
Canada’s equivalent to a UK IVA is a Consumer Proposal, arranged through a Licensed Insolvency Trustee.
Free, independent debt advice is available before you commit to any paid solution — always check what’s free in your country first.
Consumer Proposal
Can reduce debt by 50-80%, arranged via a Licensed Insolvency Trustee
Bankruptcy
Overseen by the Office of the Superintendent of Bankruptcy
Credit counselling (non-profit)
Free or low-cost budgeting and debt-management advice
Debt consolidation loan
Combines multiple debts into a single, often lower-interest, repayment
Compare side by side
| Option | Known for |
|---|---|
| Consumer Proposal | Can reduce debt by 50-80%, arranged via a Licensed Insolvency Trustee |
| Bankruptcy | Overseen by the Office of the Superintendent of Bankruptcy |
| Credit counselling (non-profit) | Free or low-cost budgeting and debt-management advice |
| Debt consolidation loan | Combines multiple debts into a single, often lower-interest, repayment |
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Descriptions above are honest, general guidance, not financial advice. Full side-by-side comparison also available on the Compare Debt Options page.