Home / Debt Calculator
Free estimate
See what a consumer proposal might look like for your situation.
This calculator gives you an illustrative estimate based on typical consumer proposal terms. Actual figures depend on your complete financial picture, your creditors, and what your trustee determines is a fair offer.
- Monthly payment estimateis based on a typical proposal term of 36 to 60 months and a settlement of approximately 35 to 45 per cent of your unsecured debt.
- Interest savingsis the approximate difference between continuing to make minimum payments on your current debt at typical credit card rates versus a consumer proposal, where interest stops on the day of filing.
- The real numbersonly come from a free consultation with a Program Manager, who reviews your specific debts, creditors, income, and assets.
Important disclaimer
This calculator is for illustrative purposes only and does not constitute financial or legal advice. Results are estimates based on general assumptions and may not reflect your actual situation. Only a Licensed Insolvency Trustee can assess your eligibility for a consumer proposal and determine appropriate terms.
you save?
Your information is private and never shared. A licensed trustee may follow up to discuss your options.
* Estimate based on a 60-month consumer proposal. Actual figures depend on your income, assets, and creditors and will be confirmed by your Program Manager at no cost.
Book your free consultationHow it works
What this calculator shows you, and what it does not.
Settlement percentage
Consumer proposals typically settle for 35 to 45 per cent of the total unsecured debt. The actual percentage depends on your assets, income, and what your trustee determines is a fair offer to creditors. This calculator uses 38 per cent as a midpoint estimate.
Monthly payment
The estimated monthly payment divides the settlement amount over your chosen term. In a real proposal, the amount is negotiated based on what you can afford. Interest stops on the date of filing, so the payment does not increase.
Interest savings
The savings estimate compares continuing minimum payments on your current debt at a typical 24 per cent credit card rate versus the total cost of a proposal. It does not account for secured debts, which are handled separately.
Important context
What this calculator cannot account for.
CRA and government debt
Tax debt owed to the Canada Revenue Agency can be included in a consumer proposal in most cases, but the CRA has specific voting rights and procedures that can affect the settlement. Your trustee accounts for this in the actual assessment.
Your assets and income
If you have significant assets or income, your proposal offer may need to be higher to reflect what creditors could recover in a bankruptcy. The calculator uses average assumptions; your trustee uses your actual numbers.
Creditor composition
Different creditors vote differently on proposals. A portfolio dominated by one large creditor (such as a single bank or the CRA) behaves differently than a spread of small creditors. Your trustee knows how to structure the offer accordingly.
Bankruptcy comparison
This calculator models a consumer proposal. For some people, bankruptcy may be a better fit and may cost less overall. Your free consultation covers both options so you can compare them honestly.
Today is the day.
The only way to get your actual figures is a free confidential consultation with a Program Manager. It takes 30 to 60 minutes. It costs nothing.
Confidential · No obligation · Federally regulated