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Consumer Proposal Planning Worksheet Canada (2026): Prepare for an LIT Review
Organize debt, income, expenses, assets, and questions before a Licensed Insolvency Trustee review. This worksheet does not predict a proposal offer or acceptance.
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Planning summary
Review required
No proposal offer, approval, or savings prediction
What This Summary Shows
| Your Total Debt | $0 |
| Household size entered (1) | Not applied |
| Monthly cash-flow before debt | Not calculated |
| Assets entered | $0 |
| Proposal payment | Not calculated |
| Offer and creditor response | File-specific |
| What you would pay | Not calculated |
Proposal payment
Not calculated
Set after file review with the LIT
Debt reduction
Not calculated
Depends on the filed offer and creditor process
Planning Comparison
| Option | What this tool can say | Payment | Term |
|---|---|---|---|
| Consumer Proposal Review first | LIT review | No quote | File-specific |
| Current creditor terms | Check statements | Varies | Varies |
| Bankruptcy | Separate review | No quote | File-specific |
Optional Next Step
Want this planning summary emailed to you?
Your summary stays visible here. We can also send the entered checklist and next-step guidance; we do not send a predicted offer.
Recommended Next Steps
Choose your next review step
These are next-step options, not an approval or eligibility decision.
What Happens Next?
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Free consultation with a Licensed Insolvency Trustee
Review your complete financial picture – no obligation
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LIT files your proposal with the court
A stay may apply to included debts after filing, subject to exceptions and the proceeding.
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The statutory creditor process follows the filed proposal
The OSB describes a 45-day voting period in the applicable process; an LIT should explain how it applies.
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Complete the accepted terms
The legal and credit effects depend on the proceeding, terms, and completion.
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This is a planning worksheet, not a consumer-proposal quote. It helps you organize the facts an LIT will need: unsecured debts, monthly income, essential expenses, household size, assets, province, and the documents or notices that change the urgency.
The federal process is administered by a Licensed Insolvency Trustee. The OSB describes a consumer proposal as an offer to creditors to pay a percentage of what is owed, extend the payment period, or do both. There is no reliable Canada-wide percentage of debt forgiven, cents-on-the-dollar offer, approval rate, or “typical” monthly payment that can be safely applied to an individual file.
What this worksheet can do
- organize the debt and cash-flow information to take to an LIT;
- show the monthly cash-flow figure you entered before debt payments;
- identify documents to gather and questions to ask;
- flag when the federal debt-limit rule or an active collection event needs professional review.
It does not decide whether you qualify, predict what creditors will accept, calculate a bankruptcy alternative, estimate legal fees, or promise debt reduction.
Information to gather
Bring recent income proof, a complete creditor list, statements or notices, essential-expense records, asset and secured-debt information, tax balances, support obligations, and any court or garnishment documents. Do not omit debts because they are old, disputed, tax-related, or already with a collection agency.
The 2026 OSB surplus-income directive is a bankruptcy administration rule. Its standards can inform a professional file review, but a consumer-proposal worksheet should not turn one threshold into an individualized proposal quote.
If collection action is active
Use the debt-collection notice triage workflow if you have a real letter, statement of claim, garnishment notice, or CRA document. A stay may apply after a filing, but the debt, proceeding, secured status, and exceptions must be checked. Do not ignore a court document while waiting for a calculator result.
Sources and limits
- OSB consumer proposals
- OSB consumer insolvency process
- OSB 2026 surplus-income directive
- Financial Consumer Agency of Canada: credit-report timelines
This page provides general information and preparation support, not legal, tax, or insolvency advice.
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Frequently Asked Questions
Disclaimer
This calculator provides estimates for educational purposes only. Actual results may vary based on your specific circumstances. For accurate assessments, consult with a Licensed Insolvency Trustee or qualified financial professional.
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