Certificate of Full Performance consumer proposal – what is it?

Posted on 2 May 2023

Written by Ashvin Sharma

When you file a consumer proposal, half of the battle is having it accepted by your creditors and the court. At Spergel, we have a 99% acceptance rate on any consumer proposals we file, which means you have a 99% chance of having your debt reduced by up to 80%. Once your consumer proposal has been approved, there are just two things you need to do – attend two obligatory credit counselling sessions, and meet the terms of your consumer proposal which includes making your monthly payments on time and in full. Once these duties have been met, you will receive a Certificate of Full Performance. In this article, we explain what a Certificate of Full Performance is, and what this means for your consumer proposal.

What is a Certificate of Full Performance?

A Certificate of Full Performance is the legal release from your unsecured debts. It is provided to you by a Licensed Insolvency Trustee, the professional who will administrate your consumer proposal. They will only share your Certificate of Full Performance when you have attended the obligatory credit counselling sessions and made your final consumer proposal payment. The certificate is evidence that you have completed your consumer proposal, and that your debts have been discharged. At this point, you are cleared of any unsecured debts you filed as part of your consumer proposal, and you are free to enjoy life after consumer proposal. As well as your Certificate of Full Performance, you will also receive a Statement of Receipts and Disembursements, a Notice of Taxation of the Administrator’s Accounts, and the Discharge of the Administrator. This is the final documentation required for the process, and documents will be received by you, your creditors, and the official receiver once you file has finally been closed. Once your Certificate of Full Performance has been issued, the Office of the Superintendent of Bankruptcy will report the date you completed your consumer proposal to Canada’s two primary credit bureaus – Equifax and TransUnion. Your certificate can be used as proof of no longer owing debts if by any chance you are contacted by collection agencies after filing your consumer proposal. Your Licensed Insolvency Trustee at Spergel is here to help with any issues like this, too – we have been helping Canadians gain debt relief for over thirty years.

Which debts are cleared when you receive your Certificate of Full Performance?

One of the primary advantages of a consumer proposal is that you are released from almost all unsecured debts that you file. This includes the following types of debt:

Unsecured debts that cannot be covered in a consumer proposal include the following:

  • Joint debts
  • Child support payments
  • Alimony
  • Debts related to fraud
  • Court-imposed fines or penalties
  • Restitution orders

It is important to note that consumer proposals do not deal with your secured debts. Secured debts refer to any debts you may have that are associated with an asset, for instance a mortgage or car loan. Provided you can stay current on your payments for secured debts, you are able to keep the assets and a consumer proposal will not affect them. In fact, many Canadians find that filing a consumer proposal reduces their debts and means they have more available funds to make payments on their secured debts. At Spergel, we recommend speaking to your Licensed Insolvency Trustee about any debts that may remain after your consumer proposal and how you can tackle these.

Which debts remain once your consumer proposal is finished?

When you have received your Certificate of Full Performance, you will only need to pay any outstanding debts you have. As most Canadians file all the unsecured debts they have as part of their consumer proposal, this refers mainly to any fraud related debts, fines, penalties, or restitution orders that you might have. Equally, if you owe spousal support, child support, or alimony, this is non-negotiable. You must make these payments, although they should feel a lot easier to make without various unsecured debts hanging over you. Some Canadians will find they still owe student loan debt if they finished their studies within the last seven years. You will likely discover that when your consumer proposal is complete, you can begin to make larger payments on your student loans, and the overall debt will reduce much faster than before.

How does a Certificate of Full Performance affect your credit report?

When you have finished your consumer proposal, the Office of the Superintendent of Bankruptcy will report the date of completion to Canada’s two primary credit bureaus – Equifax and TransUnion. From this date, your consumer proposal will remain on your credit report for 3 years. In fact, it will remain on your credit report for either 6 years from the date you originally filed your consumer proposal, or 3 years since completing your consumer proposal – whichever is first. At Spergel, we recommend that you reach out to the credit bureaus to ensure the completion of your consumer proposal is recorded appropriately in your credit report. If it is not tracked, you can share a copy of your Certificate of Full Performance so they can make the change accordingly. Our Licensed Insolvency Trustees can help you to rebuild your credit score so that you can take appropriate actions to strengthen your chances of securing credit sooner.

What should I do if I continue to receive collection calls after my consumer proposal?

Often, creditors will sell their debts to collection agencies, or hire them to collect on their behalf. This can even happen long after you have completed your consumer proposal. For this reason, it is not unusual to find that you may still receive collection calls. If this happens to you, you should inform the collection agency that you have filed a consumer proposal, and show them either your consumer proposal documentation or your Certificate of Full Performance as evidence. When you file a consumer proposal, you are protected from your creditors automatically via a stay of proceedings. You should let your Licensed Insolvency Trustee know if you still receive collection calls, and they can assist in having these stopped.

If you have any further questions around filing a consumer proposal, or receiving a Certificate of Full Performance, book a free consultation with Spergel. Our experienced Licensed Insolvency Trustees have helped over 100,000 Canadians gain debt relief, and we are here to help you too. Reach out today – you owe it to yourself.


Ashvin Sharma

Ashvin Sharma is a Chartered Insolvency and Restructuring Professional and LIT (Licensed Insolvency Trustee) overseeing all of Spergel's offices in the Greater Vancouver Area and British Columbia. He is also our resident expert on homeownership debt and health debt. In his spare time, Ashvin loves to play sports, spend time with family and friends, and serves as a volunteer coordinator for "Free-Them", a Canadian organization committed to raising awareness about human trafficking.

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