When looking for the best debt relief options in Canada, it’s important to consider reputable companies and organizations that offer free counselling and provide a variety of options, not just debt consolidation. Debt consolidation may not always be your best option. Based on our assessment results, here are some of the top debt relief companies in Canada that can help you better manage your debt and potentially lower it:
← Slide left and right to view more. →
| Company | Office Locations | Services Offered | Nonprofit Status | Unique Features |
|---|---|---|---|---|
| Consolidated Credit Canada | All Provinces | Free Counselling, Debt Consolidation, Negotiation with Creditors, Credit Counseling, DMP, Bankruptcy, Consumer Proposal, etc. | Yes | Largest nonprofit credit counseling agency in Canada |
| Credit Counselling Society | Only in BC, Alberta, Saskatchewan, Manitoba, Ontario | Free Credit Counseling, DMP, Bankruptcy Help, Consumer Proposals | Yes | Wide regional presence |
| Credit Canada | Alberta, BC, Ontario | Debt Consolidation, Credit Counseling, Financial Education | Yes | One of the oldest nonprofits in Ontario |
| Money Mentors | Alberta | Credit Counseling, Debt Consolidation, Financial Education, Orderly Payment of Debts (OPD) | Yes | Alberta-only, offers OPD program |
| DebtCare Canada | All Provinces | Debt Settlement, Credit Counseling, Consumer Proposals | No | Personalized debt management advice |
| 4 Pillars | All Provinces | Debt Restructuring, Consumer Proposals, Financial Education | No | They offer Corporate Restructuring |
| David Sklar & Associates | Ontario | Consumer Proposals, Credit Counseling, Bankruptcy | No | One of the Largest Licensed Insolvency Trustees |
| Farber Debt Solutions | All Provinces | Consumer Proposals, Bankruptcy, Debt Counseling | No | One of the Largest Licensed Insolvency Trustees |
| Bromwich+Smith | All provinces except Quebec | Consumer Proposals, Bankruptcy, Credit Counseling | No | Regain control of financial situation |
| Grant Thornton Limited | All Provinces | Consumer Proposals, Bankruptcy, Credit Counseling | No | Large financial firm, personalized solutions |
| CIBC Personal Loan | All Provinces | Debt Consolidation Loans | No | Traditional bank loan, requires good credit score |
| RBC Loan | All Provinces | Debt Consolidation Loans | No | Traditional bank loan, requires good credit score |
| Scotiabank Debt Consolidation | All Provinces | Debt Consolidation Loans, Lines of Credit | No | Flexible consolidation options |
| Manulife One | All Provinces | Debt Consolidation Loans | No | Interest savings by reducing debt faster |
1. Consolidated Credit Canada
Photo Credit: Consolidated Credit Canada
- Office Locations: all provinces.
- Services Offered: Debt Consolidation, Negotiating with Creditors, Free Credit Counseling, Debt Management Program (DMP), Bankruptcy, Consumer Proposal, Housing Counseling, Student Loan Counseling, Budgeting Assistance
Consolidated Credit Canada (which we reviewed independently here) is the country’s largest nonprofit debt counseling agency. They can negotiate with your creditors to lower your total debt, and simplify all your payments into one monthly payment plan. But that’s not all. They even offer debt consolidation programs through debt management plans, combining multiple unsecured debts into a single monthly payment at a lower interest rate.
Why Consolidated Credit Canada?
- Nonprofit organization
- Handles multiple types of debts
- NOT a lender (They won’t sell you high-priced loans)
- Free credit counseling
- Locations in all provinces and major cities
- Debt settlement/negotiation
- Exclusive Housing Counselling (Help with Mortgage Debt, Foreclosures, First-Time Homebuyers, etc)
- Tailored debt management plans (DMP’s).
2. Credit Counselling Society
Photo Credit: Credit Counselling Society
- Office Locations: BC, Alberta, Saskatchewan, Manitoba, Ontario.
- Services Offered: Credit Counselling Service, Bankruptcy Help, Debt Consolidation, Debt Settlement Program, Consumer Proposal
Debt Management Program
Similar to Consolidated Credit Canada, Credit Counselling Society is a nonprofit organization providing free credit counseling, debt management programs, and financial education. They help Canadians create budgets, manage debt, and learn more about all their debt management options.
Why Credit Counselling Society?
- Nonprofit organization
- NOT a lender
- Free credit counseling
- Debt settlement/negotiation
- Tailored debt management plans (DMPs).
3. Credit Canada
Photo Credit: Credit Canada
- Office Locations: Alberta (Calgary, Edmonton), BC (Surrey, Vancouver), Ontario (Barrie, Brampton, Markham, Mississauga, Oakville, Oshawa, Ottawa, North York (Toronto), Scarborough (Toronto), Sault Ste. Marie, Timmins, St. Catharines, Windsor, Peterborough)
- Services Offered: DMP, Debt Consolidation, Financial Education, Credit Counselling, Credit Building.
One of the oldest and most respected nonprofit credit counseling agencies in the country, Credit Canada helps Canadians with a range of services. They offer debt consolidation programs in all provinces and credit counseling, including financial education
Why Credit Canada?
- 50 years of service (longest-standing agency)
- Significant presence in Ontario
- Multilingual Support
- Unique Digital Assessment Tool
4. Money Mentors
Credit: Money Mentors
Money Mentors provides credit counseling, debt consolidation, and financial literacy education. With its headquarters in Alberta, the nonprofit organization also offers the Orderly Payment of Debts (OPD) program, a unique debt repayment plan available only for Alberta residents.
5. DebtCare Canada
Credit: DebtCare Canada
DebtCare Canada offers debt relief services, including debt settlement, credit counseling, and consumer proposals. They work with clients to reduce their overall debt burden. Do they provide personalized debt management solutions? Absolutely!
6. 4 Pillars
Credit: 4Pillars
4 Pillars specializes in helping Canadians manage and reduce their debt through debt restructuring, consumer proposals, and financial education. They work as advocates for their clients to negotiate better terms with creditors.
7. David Sklar & Associates
Credit: David Sklar & Associates
A licensed insolvency trustee firm that provides debt relief services such as consumer proposals, credit counseling, and bankruptcy. Their specialty? Personalized advice. They focus on helping individuals find the best solution for their financial situation. Unlike the nonprofits we covered earlier, they don’t offer free credit counseling, debt negotiation, or consolidation programs.
8. Farber Debt Solutions
Credit: Farber Debt Solutions
Farber is a well-known licensed insolvency trustee firm in Canada that provides consumer proposals, bankruptcy services, and debt counseling. They work with individuals to find the best path to financial recovery while minimizing the damage to their credit scores.
9. Bromwich+Smith
Credit: Bromwich + Smith
Bromwich+Smith is a licensed insolvency trustee with locations in all provinces across Canada except Quebec. They offer debt relief services, including consumer proposals, bankruptcy, and credit counseling. The company focuses on helping clients regain control of their financial situation.
10. Grant Thornton Limited
Credit: Grant Thornton Limited
Grant Thornton Limited is a large financial firm with various services. They are also a licensed insolvency trustee firm that offers debt relief services, including consumer proposals, bankruptcy, and credit counseling. They provide personalized solutions to help individuals and businesses overcome financial challenges.
11. CIBC Personal Loan for Debt Consolidation
Credit: CIBC
Consider consolidating debt using personal loans from Canadian Imperial Bank of Commerce (CIBC). The bank doesn’t offer debt counseling, negotiating with creditors or debt reduction services like the top 3 organizations in this list. However, with CIBC, you can consolidate multiple debts into one loan with a potentially lower interest rate.
12. RBC Loan for Debt Consolidation
Credit: RBC
Like CIBC, the Royal Bank of Canada (RBC) provides personal loans designed for debt consolidation. If your credit score is good enough, you may qualify for a lower-interest loan to repay your debt. However, we do recommend speaking to a credit counselling agency before taking on any loan.
13. Scotiabank Debt Consolidation Program
Credit: Scotiabank
Scotiabank offers a variety of debt consolidation solutions, including personal loans and lines of credit. These can help Canadians repay their debt. The bank’s debt consolidation program allows you to combine your debts into one manageable payment. Again, the caveat here is that you must have a qualifying credit score to be approved for a lower-interest loan.
14. Manulife One
Credit: Manulife One
Not one of Canada’s Big Five chartered banks, yet Manulife One is another well-known financial institution offering similar debt consolidation loans. If you qualify for a lower-interest loan, you can pay off your debt faster by reducing the interest you pay.
Important Considerations When Choosing a Debt Consolidation Option:
- Interest Rates: If you’ve decided to go with a consolidation loan, compare the interest rates different lenders offer to ensure you get the best deal. The reason? You never know what you may qualify for. Just remember, the loan’s interest rate MUST be lower than the interest rates on your existing loans, or this strategy won’t work.
- Fees: Be aware of any fees associated with the loan or debt consolidation service. Credit counseling nonprofits tend to offer free or low-cost consultations. We recommend you start with those.
- Reputation: Choose a company with a strong reputation and positive customer reviews. Do your due diligence and speak to multiple organizations before choosing one.
- Loan Terms: Consider the flexibility of the offered loan terms. Note the repayment periods and options for early repayment.
- Nonprofit vs. For-Profit: Nonprofit credit counseling agencies often offer free or lower-fee services. They also provide more personalized support. For-profit companies, on the other hand, may focus on debt consolidation loans with potential upfront costs.
The above companies and organizations offer a range of services that can help Canadians manage their debt, improve their credit, and achieve financial stability. If you’re considering debt relief options, it’s important to compare services and consult a licensed professional to determine the best solution for you.
By carefully evaluating your options and costs you can find the best debt consolidation solution in Canada that meets your financial needs and helps you regain control of your debt.
FAQ: Top Debt Relief Companies in Canada
1. Which debt relief nonprofit is the largest in Canada?
That would be Consolidated Credit Canada. They’re the country’s largest nonprofit debt counseling agency, and they offer services like free credit counseling, debt consolidation, and negotiating with creditors.
2. Is there a debt relief company that only operates in Alberta and offers OPD plans?
Yes, Money Mentors operates exclusively in Alberta. Just like Consolidated Credit Canada, they provide credit counseling, debt consolidation, and a unique program called the Orderly Payment of Debts (OPD), designed specifically for Alberta residents.
3. Which companies offer their services across all provinces?
Several companies serve all provinces and territories, including:
- Consolidated Credit Canada
- DebtCare Canada
- 4 Pillars
- Farber Debt Solutions
- Grant Thornton Limited
Each of the above companies provides a variety of services, from debt consolidation to consumer proposals.
4. Are there companies that provide free credit counseling?
Yes. If you’re looking for free credit counseling, check out these nonprofits:
- Consolidated Credit Canada
- Credit Counselling Society
- Credit Canada
The above nonprofits focus on providing free or low-cost services to help you manage and reduce your debt.
5. Who are the top licensed insolvency trustees in Canada?
If credit counselling doesn’t work for you, then you may need services like consumer proposals or bankruptcy. Some of the largest licensed insolvency trustees are:
- David Sklar & Associates (Ontario)
- Farber Debt Solutions (All Provinces)
- Bromwich+Smith (All provinces except Quebec)
- Grant Thornton Limited (All Provinces)
6. Do traditional banks offer debt relief services?
Yes, but they’re more focused on loans rather than counseling. CIBC, RBC, Scotiabank, Desjardins and Manulife One offer debt consolidation loans. Keep in mind that you typically need a good credit score to qualify for low-interest loans.
8. Which company is the oldest nonprofit credit counseling agency in Canada?
Credit Canada has been around for over 50 years, making them one of the most oldest nonprofit credit counseling agencies in the country.
9. Are there debt relief options if I don’t qualify for a loan?
Absolutely. Nonprofit organizations like Credit Counselling Society, Consolidated Credit Canada, and Credit Canada offer services beyond loans, such as free credit counseling, debt management programs, and negotiating with creditors.
10. How do I know which company to choose?
It’s all about your specific needs. If you’re looking for free counseling, nonprofits like Credit Counselling Society or Consolidated Credit Canada are a great start. For formal debt relief options, a licensed insolvency trustee like Farber Debt Solutions or any local LIT in your area might be your best bet. Compare their services, read customer reviews, and speak to multiple organizations to find the right fit for you
Lauren has over 13 years of experience in wealth management and financial planning. She is a CFA charterholder and holds a Bachelor's degree in Finance. Lauren has worked with several asset management firms, offering wealth advisory and portfolio management services to high-net-worth clients.
