Credit Institute of Canada eNewsletter: To Your Credit - Summer 2012 Edition
Cannot see this email? Click here to open it in a new window.

To Your Credit - header
To Your Credit                 A quarterly newsletter for credit professionals
Home | Association News | Bankruptcy & Insolvency | Credit & Collections Management | Credit Laws
Focus on Members | Industry & Economic News | Financial Analysis | Glossary

Jasper Park Lodge 2013 - CIC National Conference - Reaching Great Heights in Credit


Robert Half


Welcome to the CIC e-Newsletter - Summer 2012

Editor's Message

Dear Members,

This edition of To Your Credit offers a pot pourri of credit and business related articles—insights into how to use technology more effectively as well as the soft or people skills required to succeed. For tips on career advancement, we interviewed two long time CIC members, Alan Hale, CCP(Emeritus) and Any Steele, CCP, FCIB. Learning what steps they took to advance their careers, and how membership in the CIC helped them, is interesting and informative.

To help your company recover more funds, be sure to read the article on Post Audit Claims.

Our Legal Corner provides information on limitation periods across Canada, and also what rights you have when your customer claims not to speak English or French.

We’ve also summarized some recent survey results on important trends in Canadian business for 2012 – growth through acquisition.

As always, we hope you’ll find these articles of interest. We look forward to your comments, and suggestions for future editions of To Your Credit.

Happy reading,
Reggie Delovitch

The views expressed in the articles are the opinions of the writers and contributors not those of the Credit Institute of Canada. Nothing in this publication is intended as legal advice, or tax or accounting advice. Nothing in this publication should be considered an alternative to seeking professional legal or professional advice. You are encouraged to use your judgment in deciding which of the ideas to accept or adopt, and which to reject and ignore.

In This Issue:

Association News

Members on the Move

Bankruptcy & Insolvency

Latest Bankruptcy Statistics - Fourth Quarter 2011

  1. Total Insolvencies
  2. Insolvencies Filed by Consumers
  3. Insolvencies Filed by Businesses
  4. Insolvencies by NAICS Economic Sectors, Canada
  5. Insolvencies Filed by Consumers by Economic Region (ER)
  6. Insolvencies Filed by Businesses by ER
  7. Insolvencies Filed by Consumers by Census Metropolitan Area (CMA)
  8. Insolvencies Filed by Businesses by CMA

Credit & Collections Management

Using IT to Aid in Collections
by Joel Lewis
Mention the word "collections," and the stereotype that comes to mind for many customers is the unpleasant phone call that arrives during dinner or as they’re settling in to relax and watch TV for the evening.

Credit Laws

Your Customer Claims That He Does Not Speak or Read English – Can You Still Enforce the Contract?
By Craig A. Lewis, B.A., LL.B.
Your customer has defaulted on a contract and claims that he did not understand the contract because he does not read English (or French) at all. In effect, he is saying "I did not understand what I signed". This is the legal defence known as non est factum (Non est factum is a Latin phrase that is translated to mean "it is not my form"). It raises the following questions: 1) what does a court do in these circumstances? and 2) what can you, as creditor, do to protect your rights of enforcement.

How Long Is A Debt Good For?
By Blair Wettlaufer
Many questions often arise about the age of a debt, and what can be done, especially when it comes to bad debt write-off, collections, the credit bureau, or legal action. Each Province has its own statute of limitation on legal action, or the enforcement period allowed on a judgment acquired.

Financial Analysis

Post Audit Claims - Saving Companies Million$$
By Cheryl Pomerantz
Post Audit Claims are current deductions for previously missed promotional allowances. Your customers are allowed to deduct for allowances missed in the current year as well as the previous two year period according to the Food and Consumer Products of Canada guidelines.

Focus on Members

Focus onLife Members - Allan Hale & Andy Steele
It is often said that we learn a lot from past experience, and from the experiences of others. In this issue, we will highlight the experiences of two retired members and what they learned from their many years in credit that they would now like to pass on to those just getting started.

Industry & Economic News

Economic Trends For 2012 – Growth Through Acquisition
source: Canadian Manufacturing News: May 2012
Canadian companies are pursuing growth through acquisitions over the next three years, says a Grant Thornton International Business Report.

Results from the 2012 survey that shows a global appetite for mergers and acquisitions (M&A) over the past 24 months, despite economic challenges, show that 42% of Canadian businesses plan to grow through acquisition...

TD Insurance


Credit Institute of Canada National Office | Toll Free: 1-888-447-3324 | Email:

Credit Institute of Canada, 219 Dufferin Street Suite 216C, Toronto Ontario, M6K 3J1, Toll Free: 1-888-447-3324, Tel: (416) 572-2615, Fax: (416) 572-2619,,

The Credit Institute of Canada respects your privacy and wants you to know about our privacy policy. Comments, questions or complaints regarding privacy within the Credit Institute of Canada are to be sent to our National Privacy Officer at or by mail to Privacy Officer, Credit Institute of Canada, 219 Dufferin Street Suite 216C, Toronto Ontario, M6L 3J1, marked "personal and confidential". You may provide us with personal information when you complete forms or contact us via telephone, mail, fax, e-mail or any other means. Once the Credit Institute of Canada receives information from you the information is maintained in a secure environment.

If you prefer not to receive commercial emails from the Credit Institute of Canada, or if you changed your email address, please email us.