Will A Consumer Proposal Affect My Employment?
“Will a consumer proposal affect my employment?”
A Consumer Proposal Won’t Affect Your Employment
Generally speaking, it will not. The Bankruptcy & Insolvency Act, which is the law that governs consumer proposals, states that “no employer shall dismiss, suspend, lay off or otherwise discipline a consumer debtor on the sole ground that a consumer proposal has been filed in respect of that consumer debtor.”
Possible Exception – Licensed Professionals
With that being said, if you happen to be a licensed professional, you should inquire with your licensing body if filing a consumer proposal would affect your ability to be licensed.
For example, according to CPA Ontario Regulation 7-1, a CPA or a person working towards becoming a CPA in Ontario would be required to disclose to CPA Ontario in writing the fact that she filed a consumer proposal and the circumstances that led to the proposal filing (Regulation 7-1, Paragraphs 27 to 29) . CPA Ontario would then render a decision as to whether:
- If that person is an applicant, she should be admitted or be refused admission as a CPA (Regulation 7-1, Paragraph 30)
- If that person is already a member (i.e., already a CPA), she should remain a CPA without condition, remain a CPA subject to conditions or whether her CPA designation be suspended (Regulation 7-1, Paragraph 31)
- If you’re a lawyer, the Law Society of Upper Canada may require you to report to them the fact that you filed a consumer proposal.
- If you’re a human resources professional such as a CHRP, CHRL, or CHRE designate and you’re filing a consumer proposal, you must notify the Office of the Registrar of the Human Resources Professionals Association (HRPA) immediately of your filing. This requirement applies to both new and existing members.
- If you’re a Certified Financial Planner (CFP), you are required to notify the Financial Planning Standards Council (FPSC) within 15 days of your consumer proposal filing. If you’re a new applicant or a CFP applying for renewal, you will need to inform the FPSC of your consumer proposal when you fill out the Declarations and Professional Obligations section of the renewal form. The FPSC will consider your reason for filing and situation and decide whether to deny a new or continued certification.
If you want to work with a Trustee who will give you confidence and peace of mind that your consumer proposal is being dealt with in a professional manner, look no further.
Reviews of Our Services
Victor was quick to contact me and the consistent contact was amazing. Victor is really passionate about listening to my needs and it showed as his service with me was nothing short of an amazing experience. He went out of his way to meet on my sched and his attention to detail is exceptional. If yo
Victor and his team (Mary) were always extraordinarily prompt with their responses to any inquiries and went out of their way to respond to questions in detail. They were extremely helpful at all times, even after my Proposal was completed. VIctor is an excellent advocate for his client's needs and
Victor and his team were amazing. Treated us with the upmost professionalism. Answered all our questions, took care of everything and turned an unfortunate situation and made it much less stressful. I highly recommend Fong and Partners. Thank you all for your support through the process.
Working with Victor Fong was great. We just finished our consumer proposal a week ago and the entire process was quite easy. Mary was amazing at answering all my questions and accommodating me when I had any questions or concerns. Her response time was impeccable. Our initial meeting with Victor wa
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