If you ignore an old debt, will it just go away? What if it’s been removed from your credit report already? What if a creditor hasn’t reached out to you about it in years? Does that mean you don’t have to pay? Not exactly. On today’s podcast, Doug Hoyes and Ted Michalos discuss how the Statute of Limitations works in Ontario, updates to the law, and which debts it does and doesn’t apply to. They also review three scenarios to help you understand what may or may not happen when it comes to owing old debts. Tune in for lots of practical advice!

Links:

Ontario Limitations Act and Old Debts: https://www.hoyes.com/blog/ontario-limitations-act-old-debts/

What is the Limitations Act: https://youtu.be/97h2u9lqCCY 

Ontario Limitations Act via Ontario.ca: https://www.ontario.ca/laws/statute/02l24

Eyton Case, In re: John Trevor Eyton, 2021 ONSC 1819 (CanLII): https://www.canlii.org/en/on/onsc/doc/2021/2021onsc1719/2021onsc1719.html

Superintendent of Bankruptcy, Directive 6R: osb.nsf/eng/br02402.html">https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02402.html