What is the statute of limitations on debt collections in canada?
I have a small business in Niagara Falls, ON. If you owe monies, they must invoice you or give notice of your debt at least once every 12 months. If you do not receive notice for one year, they can not sue. There is some unbrella clauses exemting this. If you moved and can’t be found to be served is one example. This usually prompts an imiediate report to the burea for as soon as you file income tax, apply for credit, start job your new address will be recorded and forwarded to those listed on your file. If they did serve you notice and you don’t pay, they can sell to a collections, they can take legal action, they can report to credit bureau which will remain for 7 years deterring other lenders from lending you monies. They also have the option to renew this, it will stay on your file longer than 7 years. If you are owed monies and have paper to prove. Some sort of notice must be given within 12 months or you lose. You may also find it helpful to call the ‘Law society of upper Canada’
