Consumer proposals in Toronto

Explore a wide range of debt solutions from debt counselling, consumer proposals and bankruptcy.
Main intersection at Union station looking toward CN Tower in downtown Toronto

Need debt advice in Toronto? We're here to help.

At BDO Debt Solutions, we offer consumer proposals that can lower the amount you owe by up to 80% and reduce your monthly payments. We're here to help you protect your assets and become debt-free. 

With multiple offices in the GTA, our team is dedicated to helping you become debt-free. We understand that every debt story is different and take the time to get to know you and your situation. Our Licensed Insolvency Trustees can help you with a variety of debt relief options such as debt counselling, consumer proposals and bankruptcy. The first consultation is free.


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What are the benefits of a consumer proposal? 

The main benefits of a consumer proposal are they it can:

  • Lower your debt by up to 80%
  • Lower your monthly minimum payments dramatically
  • Issue a stay of proceedings. A Consumer proposal will stop all legal action taken against you and stop harassing phone calls and emails from debt collectors
  • Allow you to retain your assets

You won't lose your house or car with a consumer proposal, and you do not need to sell any of your possessions either. Even if you currently have a mortgage, you will not lose your house as part of the consumer proposal process.

We deal with your creditors on your behalf and alleviate a lot of stress. Only Licensed Insolvency Trustees are legally allowed to negotiate with your creditors on your behalf. 

When would you consider a consumer proposal over bankruptcy?

Bankruptcy is seen as the last resort option for debt relief. It is only recommended in extreme cases. 

  • Your monthly payments are fixed even if you end up earning more money 
  • Consumer proposals can be spread out over 5 years which can lower your monthly payment. 
  • Allow you to protect your assets and can put you on the path to becoming debt free. 

If you're looking to keep your home or car, then a consumer proposal is a great choice to become debt free. 

Consumer proposals are creative and flexible solutions. They are tailored to your unique situation and vary from person to person. 

When filing for bankruptcy, the amount you owe is determined by your income.

Our Trustees will take the time to listen to you and hear your story to fully understand how best to help you become debt free. The first consultation with us is completely free.

BDO Debt Solutions - Toronto


20 Wellington Street East

Suite 500

Toronto, Ontario

M5E 1C5


Phone: +1 416-865-0210   


By appointment only

Evening appointments available

Get directions

BDO Debt Solutions - Toronto


222 Bay St.

Suite 2200

Toronto, Ontario

M5K 1H6


Phone: +1 416-636-9955   







By appointment only

Get directions

How we've helped

Our clients say it best. Hear from people we've helped about their financial recovery journey and their experiences with BDO.

I greatly appreciate the service provided by the amazing staff during a very difficult time in my life. I would like to thank you for all the help and financial support over the last few years. You helped my wife and I tremendously to get our lives back in financial order.



If you are buried in debt due to interest loans, credit card debit, Income Tax debit. I would highly recommend that you contact BDO Debt Solutions immediately. The service I received was incredible. The advisors are extremely friendly, helpful and nonjudgmental. From the time I made the decision to seek help until the proposal was filled was extremely fast and easy. I now have my life back and can sleep at night. Thank you BDO (and Beth Ann).

John Carbin


Would highly recommend BDO We had to file a proposal, which was a hard pill to swallow for us. They made me feel comfortable and not judged for our financial situation. They are quick, efficient, and always willing to help. 10/10 service!

Sabrina Baker


I would just like to thank Beth Ann and BDO Debt Solutions for making this experience so convenient, stress-free and just a huge relief. Clear your debts and your mind from worry. Beth Ann is so pleasant to work with. I know I can reach out at anytime if I have any concerns. I am very thankful for her!

Mike Fernandez


Approaching debt is a stressful venture and for a first time debtor like myself it can be quite intimidating. I am so grateful and pleased that I contacted Micheal Comrie and his team at BDO. They made the process of handling my debt a far less stressful procedure, and they answered all my (many) questions along the way with quickness and friendliness. Joe Bette, the credit councillor, was very informative and friendly to deal with as well. I am so very impressed with the entire team at BDO and if you have any issue with debt at all, I highly recommend giving this team a call.



I originally spoke with BDO to see what my options were as at the time I lost about 40% of my income and still had a lot of outstanding debt. I was not delinquent at the time but without doing something quickly I would have been. My BDO Licensed Insolvency Trustee explained to me my options and within one week we filed a consumer proposal. At this point, I thought everything was too good to be true, but in fact I had all my unsecured debt reduced to 60 per cent of my original amount owing. And that's not even the best part. I now have five years interest free to pay it off with equal weekly payments! I would highly recommend anyone who is struggling with debt to not hesitate and call right away to discuss your options. There are options for everyone.



Being a very private person about my finances, I walked into BDO feeling anxious, scared and embarrassed. I was treated with the utmost respect and a sincere understanding of my financial situation without being judged. I got excellent advice for my current situation, ongoing assistance through the whole bankruptcy process and professional training and advice for a healthy financial recovery. Thanks to the BDO team, less than a year after filing bankruptcy I am in a great financial state, with good credit. Thank you BDO.



From consultation to resolution, my BDO Licensed Insolvency Trustee was supportive, informative and highly professional. I felt heard and understood with no judgment. Dealing with debt is very stressful. She helped me remain calm and guided me through the process while being available to answer all of my questions. To anyone struggling with debt, I would recommend reaching out to BDO. They will be there for you every step of the way. 



My Licensed Insolvency Trustee and team were compassionate and understanding of my situation and helped create a solution that worked for me. BDO as a whole offered great resources to understanding my options, and their national reach allowed me to connect with a local office after moving so I didn't have to travel hours for in-person meetings when needed. Overall I'm elated to have chosen to work with BDO.



Everything changed the day after I input my information into BDO’s confidential portal. I had no idea this help was available. That lack of knowledge and of course humiliation kept me suffering in the blackest of places. You do not need to be there. They can and will help. After consultations and advice, my garnishee and issues were very quickly dealt with by the kindest souls. Caring individuals that showed me there was light. Thank you is not enough for the opportunity they gave me to learn, and to rebuild myself. I am beyond grateful. Don't hide. Get the help these people are trained and happy to offer. Life can be better. Thank you BDO. You gave me something I haven't known in a while. Pride.



Couple meeting with a professional

Are you ready to start living debt-free?

We'll meet with you for a free, no-obligation consultation to assess your finances and explain all your options so that you can make an informed decision on the best path towards debt freedom.

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How much does a consumer proposal cost in Ontario?

The cost of a consumer proposal varies depending on each individual situation. The initial consultation with a BDO Licensed Insolvency Trustee is free. Licensed Insolvency Trustees are regulated by the federal government of Canada. 

The fees of a Licensed Insolvency Trustee are set by the Office of the Superintendent of Bankruptcy. Licensed Insolvency Trustees operate within the Bankruptcy and Insolvency Act of Canada.

Is a consumer proposal a good idea?

A consumer proposal is generally considered one of the safest and best debt relief options available in Canada. You keep all your assets, get legal protection from your creditors and avoid declaring bankruptcy. BDO’s Toronto team can also significantly reduce the amount you owe, by up to 80%.

What are the chances of a consumer proposal getting approved?

The vast majority of consumer proposals by BDO’s Licensed Insolvency Trustees are approved. They will prepare the consumer proposal on your behalf and your creditors will have 45 days to consider it. Our BDO Toronto team will do all we can to ensure your proposal is accepted.

Is a consumer proposal worth it?

A consumer proposal is one of the best debt relief options for many people who have a high level of debt. A consumer proposal allows you to keep your assets, such as car and home. It also can reduce your monthly payments by up to 80% of what they are now, protects you from your creditors and stops any garnishment of your salary. They are a creative debt solution that offers a considerable amount of relief.

What is the difference between a consumer proposal and bankruptcy?

A consumer proposal is a legal agreement between you and your creditors to pay back a portion of your debt. They often lower the amount of money you owe, as well as your minimum monthly payments. They also give you greater control over your finances than a bankruptcy.

Bankruptcy is a different legal process where you may be released from most, or perhaps all of your debt. It can mean surrendering assets to in order to have the debt forgiven. Both consumer proposals and bankruptcy can only be done on your behalf by a Licensed Insolvency Trustee.

Is a consumer proposal a type of debt consolidation?

Consumer proposals and debt consolidation loans are not the same thing. A debt consolidation loan combines all your debts into one and can help you save on interest payments and simplify your financial obligations, but they do not reduce your debt load. A consumer proposal is not a loan, it’s a form of debt relief that dramatically reduces your monthly payments and the amount of money you owe.

Are consumer proposals more popular than personal bankruptcies?

Consumer proposals are used much more in Canada than bankruptcies. In 2021, 62,631 consumer proposals were filed in Canada compared to 27,461 bankruptcies, according to the government of Canada. While many people think that bankruptcy is the only option, in many cases a consumer proposal is the more effective solution.

Consumer proposal calculator

Do you know how much it will cost you to pay back your debt? Our calculator can show you how much money it will cost to repay your debt using a variety of options. From DIY debt repayment to filing a consumer proposal, your monthly payment can vary widely. Find out approximately how much you can expect to pay by entering your amounts of debt below.

Type of debt
Based on estimated interest charges, here are four possible debt solutions with their respective monthly payments and total costs over the course of 5 years. Please note that this information is for illustration purposes only. Monthly payments can vary depending on many factors, including your salary and family situation.
Monthly payments
Total cost of repayment
Repay debt on your own
Are you able to repay your debt on your own? If you're looking to pay it off in 5 years, your monthly payment will need to be . In total, you will spend .
Debt consolidation loan
If you have a good credit score and are able to qualify for a debt consolidation loan from your bank, you could repay your debt in 5 years with a monthly payment of . In total, you will pay .
Credit counselling
If your credit rating isn’t strong, your bank might not offer you a debt consolidation loan. You can explore credit counselling, where interest charges are frozen over the course of the repayment period. With this option, your monthly payment will be over five years. But you will have to repay the total amount of your debt
Consumer proposal
If you’re no longer able to pay back all of your debts, a Licensed Insolvency Trustee (LIT) can reduce your debt load by 30-80%. Based on a 70% reduction, your monthly payment will be only , and your total repayment amount will be .
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What is a bankruptcy trustee?

Ilan Kibel, one of our Licensed Insolvency Trustees, explains what a "bankruptcy trustee" does and how they can help. 

Click here to learn more

Why our clients choose BDO?

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Judgement-free advice

Talking about debt can be intimidating, so we ensure you feel supported every step of the way.

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Solutions tailored for you

We take the time to explore all debt relief options, so you can choose the best one for you.

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Helping Canadians since 1958

With 140+ offices and 60+ years of experience, we're ready to help in your local community.