OP, do your own research and save yourself having to read the incorrect information you are being given here.
A start would be ;
Financial Consumer Agency Of Canada
Anything negative on your credit report will be automatically purged from your file after a maximum of 6 years of completion/last activity in Alberta, whether it be bankruptcy or default on your loan(info quoted directly from Government Of Canada website above for anyone that still try's to argue it). This means your slate is wiped clean unlike the info some others have posted here, and it will not continue to haunt you for years after as banks can only see what is on your credit file. As well, your credit will start to rebuild sooner, meaning you won't be starting from complete scratch. There are a lot of agencies out there that help with this, and provide an orderly payments of debt program. But no matter which route you take, it will affect your credit for a few years.