Richard Killen & Associates

Since 1992, Richard Killen & Associates, a Licensed Insolvency Trustee, have helped thousands of people resolve their financial problems.

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Debt Counseling in Toronto: Options Beyond Loans

Debt counseling in Toronto searches tend to spike every January, right after the holiday credit card statements arrive. A trip that seemed affordable in December, or a loan taken out to cover gifts, suddenly looks very different once interest is added on top. 

Richard Killen & Associates sees this pattern every year: households that were managing fine in November find themselves short by February, unsure which bill to prioritize first. The good news is that the situation is far more common than it feels, and there are clear, practical steps to work through it.

Debt Counseling In Toronto: What Counseling Actually Covers

Debt counseling in Toronto is not a one-size-fits-all conversation. A credit counsellor reviews total income, fixed expenses, and every outstanding balance, then lays out the realistic options rather than a single fix. That might mean a debt management plan, a consumer proposal, or simply a stricter monthly budget, depending on how much is owed and how stable the household income is.

A Toronto renter who took on $4,000 in short-term loans over one holiday season assumed a debt management plan was the only path forward. After a proper review, it turned out a six-month budget adjustment paired with one consolidated payment cleared the balance faster and with less interest paid overall. That mistake, assuming the most serious option is always the right one, is common. A session with a counsellor before deciding anything tends to save both time and money.

Here is what a typical first session usually covers:

A full list of debts, balances, and interest rates

Monthly income compared against fixed and flexible expenses

Whether a debt management plan or consumer proposal fits the situation

A realistic timeline based on actual, not hoped-for, income

Next steps and what paperwork to bring to a follow-up meeting

Where to Get Holiday Debt Help Right Now

Waiting until spring to deal with holiday debt almost always makes the balance harder to clear. Anyone carrying a balance from November or December spending should look at this guide on holiday debt relief options in Ontario, which lists where to turn depending on how much is owed and how urgent the situation has become.

The timing matters more than most people assume. Interest compounds daily on most credit products, so a balance left untouched for two or three extra months can grow by a meaningful amount before anyone even starts addressing it. Getting in touch with a credit counsellor or an insolvency trustee in January, rather than waiting for a tax refund in April, usually results in a shorter payoff timeline and less total interest paid. A quick call costs nothing and often reveals more flexibility than expected.

Are Holiday Loans Ever Worth It?

Holiday loans are marketed heavily every November, promising quick cash for gifts, travel, or hosting costs. Before applying for one, it is worth reading this breakdown of whether holiday loans in Ontario make sense, which walks through the real cost once interest and fees are added to the original amount borrowed.

In most cases, a holiday loan simply moves the cost of the season into the new year with interest attached. There are a few narrow situations where it can make sense, such as replacing a much higher-interest payday loan with a lower-rate installment loan. Outside of that, most financial counsellors recommend building a small holiday fund throughout the year instead. Saving even a modest amount monthly, starting in January rather than November, removes the need for borrowing entirely by the time the season arrives.

Signs the Debt Is Bigger Than It Looks

A few warning signs tend to show up before debt becomes unmanageable. It helps to check for these honestly rather than assuming things will sort themselves out:

Only making minimum payments across two or more credit cards

Using one credit line or loan to cover payments on another

Losing track of the total amount owed across all accounts

Skipping other bills, like utilities or rent, to keep up with debt payments

Feeling stressed or avoiding opening account statements altogether

Any one of these on its own is not necessarily a crisis, but two or more together usually mean it is time for an outside review. Ignoring these signs tends to make the eventual fix more expensive, since interest and fees continue building in the background while nothing changes.

Practical Steps Before the Next Bill Arrives

A short action plan makes the difference between staying stuck and actually making progress. The following steps work well as a starting checklist:

Pull every statement together and list balances, interest rates, and minimum payments

Compare total monthly debt payments against actual take-home income

Book a session with a credit counsellor before assuming the worst option is the only one

Set up even a small automatic transfer toward a holiday fund for the following year

Avoid opening new credit accounts while a plan is being put in place

Following this order, rather than jumping straight to a loan or a new credit card, tends to produce a plan that actually holds up. Reviewing progress every few months, instead of setting a plan and forgetting about it, also catches problems early rather than after a payment has already been missed.

Holiday debt does not need to follow a household into spring and summer. Whether the right next step is a consolidated payment, a stricter budget, or a full debt management plan, getting an honest review early tends to save both money and stress later on. 

Richard Killen & Associates has walked many Toronto households through this exact decision, weighing every realistic option before recommending one. For anyone still catching up on holiday spending, booking a session for debt counseling in Toronto residents can access locally is often the simplest way to finally get ahead of it.

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Debt Consolidation in Brampton: A Simple Reset Plan

Debt consolidation in Brampton is often the first phrase that comes up once monthly bills start piling higher than paycheques can cover. Credit cards, a car loan, and a line of credit can quietly stack into due dates that never seem to end. 

Richard Killen & Associates has worked with Brampton residents who reached that exact point, and the pattern is usually the same: nothing is technically overdue yet, but nothing is getting paid down either. The encouraging part is that more options exist than most people realize, and understanding them early makes the difference between a manageable fix and a bigger problem later.

Debt Consolidation in Brampton: How the Process Actually Works

Debt consolidation can simplify your finances, but it isn't the right solution for every situation. Understanding how different options work and reviewing the numbers carefully can help you choose an approach that supports your long-term financial goals.

Consolidating multiple debts into one payment: Debt consolidation combines balances such as credit cards, personal loans, and other unsecured debts into a single monthly payment, often with the goal of securing a lower interest rate and making payments easier to manage.

Not every consolidation option works the same way: For some people, a consolidation loan from a bank or credit union is enough to regain control. Others with higher debt levels or limited income may benefit more from alternatives such as a consumer proposal or another structured debt solution.

A lower payment doesn't always mean you're saving money: Some consolidation loans reduce the monthly payment but apply so much of it toward interest that the principal balance decreases very slowly. Reviewing the full repayment costs—not just the monthly amount—is essential.

Compare the long-term impact before signing: Looking beyond the advertised interest rate and calculating how much you'll actually repay over time can help you avoid committing to a solution that doesn't improve your financial situation.

Get professional advice before making a decision: A financial review with a qualified professional can help you compare available debt relief options, understand the total costs involved, and choose the solution that best fits your circumstances.

Handling a CRA Payment Arrangement During the Summer Months

Summer is often assumed to be a quiet season for the Canada Revenue Agency, but arrangements can still be set up during these months, and waiting until fall usually adds more accrued interest to the balance. Anyone juggling a tax debt alongside consumer debt should look at this breakdown of setting up a CRA payment arrangement in summer, which covers what paperwork to have ready and how the online request differs from calling in directly.

Timing matters here more than people assume. A CRA balance left unaddressed over the summer can grow through interest and eventually get pulled from future benefit payments or refunds. Setting up the arrangement early, even a modest one, keeps the file in good standing and prevents the CRA from escalating to more aggressive collection steps. Pairing that step with a wider look at other debts often reveals whether a consolidation plan should happen at the same time or afterward.

Why Holiday Spending Often Triggers a Debt Spiral

Every December brings the same pattern: gifts, travel, and family gatherings pile onto credit cards that were already close to their limit. By January, minimum payments barely dent what was spent, and the cycle repeats the following year. Ontario families dealing with this pattern can find practical strategies in this guide on holiday budgeting for families in Ontario, which lays out ways to enjoy the season without starting the new year further behind.

The mistake most families make is treating the holiday budget as separate from the rest of the year's spending. Setting money aside monthly, starting well before November, changes the entire equation. A household that saves fifty dollars a month from January onward has six hundred dollars ready by the holidays, without touching a credit card at all. Small, consistent habits like this tend to matter more than any single big decision made in December.

Signs A Debt Consolidation In Brampton Might Be The Right Move

Certain warning signs tend to show up before a debt problem becomes unmanageable. Making only minimum payments across several cards, using one credit line to cover another, or losing track of exactly how much is owed across accounts are all signals worth acting on. Reaching out early for debt consolidation in Brampton often costs nothing more than a conversation, and that conversation usually reveals more flexibility than people expect going in.

Waiting tends to make things harder, not easier. Interest compounds, credit scores dip, and the number of realistic options shrinks the longer accounts sit unresolved. A household earning a steady income but carrying five or six different balances is often in a stronger position to consolidate than one might think, provided the numbers are reviewed honestly rather than avoided. Getting an outside opinion early, before a payment gets missed, keeps more doors open.

Building a Plan That Actually Holds Up

A consolidation plan only works if the payment fits comfortably into the household budget, with room left for regular expenses and a small cushion for emergencies. Rushing into the first loan offer that arrives in the mail rarely produces a sustainable result. It helps to gather every statement, list the interest rate and balance on each account, and compare that total against a single proposed payment before signing anything.

Debt does not resolve itself by ignoring due dates, and hoping a balance will shrink on its own rarely works out. Whether the right next step is a CRA payment arrangement, a tighter holiday budget, or a formal consolidation plan, getting guidance early tends to save both money and stress down the road. 

Richard Killen & Associates has guided many Brampton households through exactly these decisions, weighing every realistic option before recommending one. For anyone feeling boxed in by monthly payments right now, a short conversation about debt consolidation in Brampton is often the easiest first step to take.

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Debt Counseling in Toronto: What to Do About CRA Debt

Debt counseling in Toronto is often sought only after CRA collection actions begin affecting daily life. A common scenario starts with a notice from the Canada Revenue Agency regarding an outstanding tax balance. When these notices are ignored, the CRA may continue collection efforts by applying tax refunds to the debt, issuing additional warnings, or taking stronger enforcement measures. 

In some cases, individuals only realize the seriousness of the situation when a bank account is frozen or a transaction is declined due to a legal hold. These stressful and often embarrassing moments are frequently what prompt people to seek professional help and explore their loan relief options.

Richard Killen & Associates works with people in exactly this situation every day. CRA debt does not disappear on its own, and the agency has collection powers that most creditors do not. 

Debt Counseling in Toronto: What It Means When the CRA Takes Your Tax Refund

Do you need debt counseling in Toronto? If you owe money to the CRA, whether from unpaid income taxes, HST balances, or government overpayments, they have the legal right to apply any refund you are owed directly to that outstanding balance. You will not receive a cheque. Instead, you get a notice explaining that your refund has been offset. For many people, this is the first sign that a loan issue is more serious than they realized.

Understanding how a Licensed Insolvency Trustee can help is important because most people assume there is nothing they can do after the fact. That is not true. While you cannot reverse the offset once it has happened, you can take steps to prevent the same thing from happening next year and to address the underlying loans before the CRA escalates to more aggressive collection measures.

Here is what typically leads to this situation:

Unfiled tax returns. The agency estimates your balance owing if you do not file, and those estimates are rarely in your favor. Interest and penalties compound quickly.

Missed installment payments. Self-employed individuals and business owners who owe more than a certain threshold are required to pay tax in installments. Missing them triggers interest automatically.

Reassessments. Sometimes the agency reviews a past return and determines you owe more than you paid. If you do not dispute or pay, the balance grows.

Government benefit overpayments. CERB, CRB, and similar pandemic-era benefits were later reviewed. Some recipients were found to have been overpaid and now owe those amounts back.

If any of these apply to you, the refund offset is unlikely to be the last action the agency takes. Acting quickly, ideally before additional measures begin, gives you the most options.

Wage Garnishment and Bank Freezes: What They Are and How to Stop Them

Most people do not know that the CRA can garnish wages and freeze bank accounts without a court order. This is what separates tax debt from other types of loans. A regular creditor has to sue you, win a judgment, and then enforce it. 

Learning how to deal with CRA wage garnishment and bank account freezes is often urgent because by the time these actions start, people are already in financial distress. A garnishment can take up to 50 percent of your net wages. A bank freeze can hold your entire account balance while you still have bills, rent, and groceries to cover.

Here is what the timeline typically looks like before CRA reaches this point:

Step 1: Notices of assessment or reassessment arrive, explaining what you owe. At this stage, payment plans are still straightforward to arrange.

Step 2: Demand letters follow if the balance is not paid or if no contact is made. These are more formal and signal that collections are getting involved.

Step 3: Legal warning letters state that the agency will take legal action if no response is received within a set time, usually 30 days.

Step 4: Collection action begins. This is where the garnishment or bank freeze is issued. At this point, acting fast matters more than anything else.

The most effective way to stop a CRA garnishment or freeze is to file a consumer proposal or personal bankruptcy through a Licensed Insolvency Trustee. Upon filing, an automatic stay of proceedings takes effect. 

The Debt Behind the CRA Action Is the Real Problem to Solve

Stopping a garnishment or unfreezing a bank account feels like the finish line, but it is actually the starting point. The underlying tax debt is still there. If you only address the collection action without resolving the debt, the CRA will resume collection as soon as the legal stay lifts or the payment arrangement lapses.

This is where a broader debt review becomes essential. In many cases, people dealing with CRA debt are also carrying credit card balances, personal loans, or lines of credit. All of those loans combined may be what is making the tax loans impossible to resolve on their own. Looking at the full picture, rather than just the CRA portion, is how real progress gets made.

A consumer proposal can include CRA debt along with other unsecured loans. Bankruptcy clears CRA balances as well, with some exceptions for amounts tied to fraud or tax evasion. Neither option is as drastic as it sounds, and both offer legal protection the moment they are filed.

Taking the First Step When the Situation Already Feels Out of Control

There is a version of this situation that almost everyone in financial distress knows well. You know something is wrong. You know it is getting worse. But the anxiety of dealing with it keeps you from picking up the phone. I stayed in that place for almost a year before I finally reached out. Every month I waited made the balance larger and the options narrower.

If the CRA has already taken your refund, or if you have received warning letters, the time to act is now, not after the next letter and not after the account freeze happens. The earlier you engage, the more options you have. Waiting does not make the loans smaller. It only makes the path forward harder.

Richard Killen & Associates offers free consultations, and the conversation is confidential. You do not have to have everything figured out before you call. You just have to make the call. The right support from a professional who specializes in debt counseling in Toronto can help you stop the spiral, understand your options clearly, and start moving toward a situation that is actually manageable.

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Holiday Debt Spiral? A Licensed Insolvency Trustee Can Help

Working with a licensed insolvency trustee is something most people never imagine they will need, but for many Canadians, the weeks after the holidays bring a financial reality check that is hard to ignore. Every December, credit cards get swiped without a second thought. Gifts, dinners, travel, and decorations all add up, and by January, the total can feel overwhelming.

Richard Killen & Associates has helped thousands of Ontarians work through exactly this kind of situation. The cycle of holiday overspending followed by months of catching up is one of the most common financial patterns people experience. It does not mean you are irresponsible. It means you are human, and the system makes it easy to spend and hard to stop.

The good news is that there are practical steps you can take right now, whether you are trying to avoid debt before it builds or looking for a way out of debt that already feels unmanageable. This article walks through both.

Steps That Actually Prevent the January Credit Card Hangover

If you want to avoid the January credit card hangover before it starts, preparation is everything. Most people plan their gift lists but never plan their finances around them. Setting a spending cap before the season begins is the single most effective move you can make. Write it down. Share it with your partner or family. Make it real.

Tracking your spending in real time is just as important. It is easy to lose track when you are shopping across multiple platforms, stores, and payment methods. Use a notes app, a spreadsheet, or a budgeting tool to log every purchase as it happens. Seeing the running total keeps you honest. Here are five habits that make the biggest difference:

Set a tight budget before November ends: Decide on a total number and break it down by category, gifts, food, travel, and entertainment.

Use cash or debit instead of credit where possible: When the money is gone, you stop. Credit cards remove that natural brake.

Start a holiday savings fund in January: Even $50 a month adds up to $600 by December, which covers a lot.

Agree on spending limits with family and friends: Group gift swaps, wish lists with price caps, and honest conversations remove the pressure to overspend.

Avoid buy-now-pay-later schemes: They feel harmless until three of them are all due in the same week.

The January hangover is not inevitable. With the right habits in place before the season, you can enjoy the holidays without dreading your bank statements in the new year. Small decisions made in October and November protect your financial health in January and beyond.

Licensed Insolvency Trustee: What Bankruptcy In Ontario Actually Means And Who It Helps

There is a lot of misunderstanding around the word bankruptcy. Many people see it as a failure or an extreme measure, but for people who are genuinely overwhelmed by debt, understanding what bankruptcy in Ontario means and who it helps can actually be a relief.

Working with a licensed insolvency trustee is the only legal way to file for bankruptcy in Canada. This is not a loophole or a financial shortcut. It is a structured legal process that allows people who cannot repay their debts to get a fresh start. A trustee reviews your finances, explains your options, and handles the administration of the process. Their job is to protect both you and your creditors within the rules of the law.

Bankruptcy does not mean you lose everything. Most people who file in Ontario keep their essential assets, including certain amounts in savings, their primary vehicle up to a set value, tools of their trade, and personal household items. The process typically lasts nine months for a first-time bankruptcy with no surplus income. During that time, most unsecured debts, including credit card balances, personal loans, and lines of credit, are cleared.

Here is who bankruptcy typically helps most:

People with no realistic path to paying off their unsecured debt in the near future

Those whose debt is primarily unsecured, like credit cards and personal loans

Individuals facing wage garnishment or creditor lawsuits

People who have already tried and failed with debt consolidation or credit counseling

Those whose monthly debt payments exceed what they can realistically afford

Getting Back on Track After the Holidays or After Debt Relief

Whether you have just paid off your holiday credit card bill or you have recently completed a consumer proposal or bankruptcy, the work of rebuilding comes next. Financial recovery is not a single moment. It is a series of small, consistent decisions made over months and years.

The first step is building an emergency fund. Even a small cushion of $500 to $1,000 changes how you respond to unexpected expenses. Without it, any surprise, a car repair, a medical bill, or a home appliance breaking down becomes a new debt. With it, you handle the surprise and move on.

Rebuilding credit after insolvency is possible, and it does not take as long as most people fear. Here are practical steps that work:

Open a secured credit card and use it for one recurring expense each month

Pay the full balance every single month without exception

Keep your credit utilization below 30% of your limit

Avoid applying for multiple new credit products at once

Check your credit report annually to catch errors and track improvement

The road back to financial stability after holiday debt, or after a more serious debt crisis, is the same road. It is built on awareness, consistency, and the willingness to ask for help when you need it. Richard Killen & Associates is one of those resources, and working with a licensed insolvency trustee is often the clearest and most honest path forward for people who are ready to stop managing debt and start eliminating it.

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Debt experts like Richard Killen and Associates will identify bankruptcy alternatives in Brampton to you after a free comprehensive consulta

Lots of locals and residents are looking for alternatives to bankruptcy in Brampton and Bramalea to find answers to their growing troubles. Assuming you’re just like most individuals, your very last option is to claim bankruptcy.

The bright side is that you’ll discover several debt-help solutions to consider if you’re looking for a way to address your increasing financial debt problems.

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Surviving the End of the World

The fear is eating away your stomach lining. You can’t sleep. You can’t concentrate. You feel like a failure in the eyes of the world.

The fear is eating away your stomach lining. You can’t sleep. You can’t concentrate. You feel like a failure in the eyes of the world.

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The fear is eating away your stomach lining. You can’t sleep. You can’t concentrate. You feel like a failure in the eyes of the world.

The fear is eating away your stomach lining. You can’t sleep. You can’t concentrate. You feel like a failure in the eyes of the world.

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The Road to Recovery

It was a perfect storm of personal and professional misfortunes. Bryan was a successful independent marketing communications consultant, well respected in the business with a good network of friends. But in his late 50s he discovered that he had adult attention deficit disorder (ADD), with a host of problems, ranging from an inability to focus to poor organization skills and depression. After years of laboured compensation for the symptoms, he felt the copying structure he had carefully built begin to fall apart.

It was a perfect storm of personal and professional misfortunes. Bryan was a successful independent marketing communications consultant, well respected in the business with a good network of friends. But in his late 50s he discovered that he had adult attention deficit disorder (ADD), with a host of problems, ranging from an inability to focus to poor organization skills and depression. After years of laboured compensation for the symptoms, he felt the copying structure he had carefully built begin to fall apart.

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The Road to Recovery

It was a perfect storm of personal and professional misfortunes. Bryan was a successful independent marketing communications consultant, well respected in the business with a good network of friends. But in his late 50s he discovered that he had adult attention deficit disorder (ADD), with a host of problems, ranging from an inability to focus to poor organization skills and depression. After years of laboured compensation for the symptoms, he felt the copying structure he had carefully built begin to fall apart.

It was a perfect storm of personal and professional misfortunes. Bryan was a successful independent marketing communications consultant, well respected in the business with a good network of friends. But in his late 50s he discovered that he had adult attention deficit disorder (ADD), with a host of problems, ranging from an inability to focus to poor organization skills and depression. After years of laboured compensation for the symptoms, he felt the copying structure he had carefully built begin to fall apart.

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Why Choose Richard Killen & Associates

Richard Killen explains why you should contact Richard Killen and Associates Ltd if you are having financial difficulties.

Richard Killen explains why you should contact Richard Killen and Associates Ltd if you are having financial difficulties.

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Richard Killen explains why you should contact Richard Killen and Associates Ltd if you are having financial difficulties.

Richard Killen explains why you should contact Richard Killen and Associates Ltd if you are having financial difficulties.

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Facebook Live Webinar: “Getting debt help: Where to go when you face financial difficulties”

CAIRP is hosting a Facebook webinar on Wednesday on how to get help with your debt. You may find this interesting. If you find yourself in debt, watch the webinar, then give us a call. We would welcome helping you to overcome any debt issues you may have.

CAIRP is hosting a Facebook webinar on Wednesday on how to get help with your debt. You may find this interesting. If you find yourself in debt, watch the webinar, then give us a call. We would welcome helping you to overcome any debt issues you may have.

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Ambitious Adulting: How to Reach Financial Security in Your 20s

This video will show you how to take control of your finances, achieve financial security, and elevate your life.

This video will show you how to take control of your finances, achieve financial security, and elevate your life.

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CAIRP Press Release

According to a press release by the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) they suggest that many people who should be seeking the services of a Licensed Insolvency Trustee are not. It seems that between government relief programs and creditors offering payment deferrals many do not feel the urgency to deal with their debt problems.

According to a press release by the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) they suggest that many people who should be seeking the services of a Licensed Insolvency Trustee are not. It seems that between government relief programs and creditors offering payment deferrals many do not feel the urgency to deal with their debt problems.

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Raising Your Vibrational Frequencies and Changing Your Life with Dawn James

This video will show you how to raise your vibrational frequencies, change your behaviours, and change your life.

This video will show you how to raise your vibrational frequencies, change your behaviours, and change your life.

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How to Create a Budget with Irregular Income

Following a budget can be challenging enough when you have a steady job that pays you a regular basic income, but can you imagine how extremely difficult it can be to create a budget with irregular income?

Following a budget can be challenging enough when you have a steady job that pays you a regular basic income, but can you imagine how extremely difficult it can be to create a budget with irregular income?

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What We Can Do to Stay Safe and Healthy as COVID-19 Lockdown Eases

As Ontario and other provinces begin easing coronavirus lockdown restrictions, we’re adapting our lives to deal with the new changes the pandemic is having on our homes, schools, and work-places. We have to accept life with the coronavirus, even though it will be pretty tough to balance normal daily life with quarantine efforts.

As Ontario and other provinces begin easing coronavirus lockdown restrictions, we’re adapting our lives to deal with the new changes the pandemic is having on our homes, schools, and work-places.  We have to accept life with the coronavirus, even though it will be pretty tough to balance normal daily life with quarantine efforts.