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Debt Calculator

The best solution for eliminating debt depends on many different factors, including your total debts, monthly income and assets. Our debt calculator can help you get an idea of the best and least expensive option to get debt-free.

Your Personal Debt Calculator

Our debt calculator evaluates your outstanding debts, your assets, interest rates and duration of payment schedules to help you compare your options. 

Keep in mind, there are additional factors this debt calculator cannot include but that should be considered when determining your best debt-settlement option. We strongly recommend that you speak with a Licensed Insolvency Trustee about your unique financial situation prior to making any decisions about how to best handle your debt.

Begin by inputting your current financial information into the calculator below. Please complete each box to the best of your knowledge and round to the nearest dollar.

Unsecured debt includes any debt where the lender does not have a lien on your house, vehicle, furniture or other property that you own. Typical unsecured debts include: credit cards, income tax, student loans, bank overdrafts and lines of credit.

Please do not include secured debt in this figure. Secured debts typically include: a mortgage, auto loan, or vehicle lease.

Please include the total monthly amount you receive on your pay cheque, EI cheque and/or other income. This should be the total amount after taxes and other deductions have been removed from your cheque. If you receive two cheques a month, please include the total of both cheques.

If you’re self-employed, this should be the amount you have left over after you have paid your income taxes, CPP and any other business expenses.

Please include the total monthly amount your spouse receives on their paycheque, EI cheque and/or other income. This should be the total amount after taxes and other deductions have been removed from their cheque. If your spouse receives two cheques a month, please include the total of both cheques.

If your spouse is self-employed, this should be the amount he/she has left over after they have paid income taxes, CPP and any other business expenses.

Please include your regular expenses such as:
– Medical expenses for an existing condition (blood pressure medication, insulin, etc.)
– Child and/or spousal support payments
– Daycare costs
– Required employment expenses. These are expenses you would include on a Form T2200 (vehicle costs, if you are required to provide your own vehicle to visit clients, etc.)

Please include people who live with you and are dependent on your income for some, or all, of their living expenses (or whose income you rely on for some, or all, of your living expenses). Please also include yourself. Typically, your spouse and children are considered members of your household, while roommates who share expenses are not.

Regular Payment

Consolidation Loan

Credit Counseling Repayment

Consumer Proposal

Bankruptcy

Regular Payment
Consolidation Loan
Credit Counseling Repayment
Consumer Proposal
Bankruptcy

Consumer Proposal

Monthly Payment
Total Payment
Interest Rate
Payback Period

Bankruptcy

Surplus Income
Total Payment
Interest Rate
Payback Period

Regular Payment

Monthly Payment
Total Payment
Interest Rate
Payback Period

Consolidation Loan

Monthly Payment
Total Payment
Interest Rate
Payback Period

Credit Counseling Repayment

Monthly Payment
Total Payment
Interest Rate
Payback Period

This debt calculator is intended for discussion purposes only. For more detailed information about your options, or to speak to a Licensed Insolvency Trustee about your debt, contact us today.

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