Program · Federal
Non-profit credit counselling (DMP)
A Debt Management Plan through an accredited non-profit credit counsellor. Creditors usually agree to reduced or waived interest; you pay 100% of principal over up to 5 years.
Eligibility
- Unsecured debt you can realistically pay in full over 5 years
- Counsellor must be accredited through Credit Counselling Canada
- Not all creditors participate in DMPs; CRA does not
Limits and rules
- Free initial consultation
- Monthly admin fee is modest (typically 10% of monthly payment, capped)
- R7 credit rating on all included accounts for ~3 years after completion