Debt Free in 30

So far in 2022 the Bank of Canada has raised its overnight lending rate four times. Its most recent hike in July was the biggest one since 1998. If you're trying to buy a home now, what can you do to make the purchase affordable? Is it a good time to even get a mortgage? Would it be better to rent and wait? On today's podcast, Doug Hoyes and Ted Michalos walk you through the basics of mortgage borrowing, costs that comes with it, explain common mortgage terms, and discuss the factors to consider before buying a home in the first place. Tune in for lots of practical advice & explainers! Links: CMHC Mortgage Loan Insurance Cost: https://www.cmhc-schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost What's Happening to Mortgages Now That Rates Are Up? With Ron Butler: https://youtu.be/Iw-HtqgOgJM

What options do homeowners have when they've got a lot of home equity and a lot of unsecured debt, but the bank won't let them refinance by borrowing against their home? On today's podcast, Ted Michalos and Doug Hoyes explain why homeowners often carry so much more debt than non-homeowners, how to deal with your unsecured debts whether refinancing is an option or not, and how an insolvency filing can affect your home. Given today's economic situation, this may sadly be a reality for many homeowners in the months and years to come. Tune in for lots of practical strategies and advice! Helpful Links: Second Mortgage or Interest-Free Consumer Proposal: https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/ Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

We often meet with clients who have struggled with their debt for a lot longer than they needed to. This is often because they feel embarrassed or ashamed to ask for help. But why do we struggle so much to talk about our financial situation? On today's podcast, Maureen Parent, LIT in our Kanata office returns to give insight as to why we are so afraid to talk about debt. Maureen and Doug draw from their years of experience helping clients and share lots of practical advice to help you overcome the fear of talking debt. Tune in! Additional Links: Is the 50-30-20 Budget Rule Even Do-Able Today? https://youtu.be/hANI5zadF2I Maureen Parent on Twitter: https://twitter.com/MaureenParent7 Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos Kanata office: https://www.hoyes.com/ontario-offices/kanata/

One of the most common borrow-to-invest strategies is to take money from your home equity to purchase an investment property. But is this always a good idea? What if you borrow to invest in the stock market instead? Is that riskier? Is it ever OK to take on debt to invest or is it something you should never do? On today's podcast, Ted Michalos and Doug Hoyes walk you through how to decide when you are ready to invest, the three ways to invest in stocks, what risks are, and the general dos and don'ts of using your hard-earned money to potentially get a return on it. Tune in for lots of practical advice! Resources Mentioned in the Show: Straight Talk on Your Money book by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034/ Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Residential House Prices, Historical Chart: https://fred.stlouisfed.org/series/QCAR628BIS

2022 has so far brought rapidly declining real estate prices, record high gas and food prices, and rising interest rates. It's looking to be a perfect financial storm. So how are all these variables impacting indebted Canadians? On today's podcast, Scott Terrio, Manager, Consumer Insolvency at Hoyes Michalos, returns to discuss what he's seeing from individuals struggling with debt, borrowing trends, and the role inflation is playing in household budgets. Scott and Doug also share their thoughts on why homeowner-driven insolvencies may rise soon and give practical advice for what to do if you're dealing with problem debt in this economic climate. Tune in for a lively discussion! Links: Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Podcast 399 – Is the Housing Market Finally Slowing Down? with Nasma Ali https://youtu.be/4XjDd4JOvVc

We are still in unprecedented times. House prices are going down even though inventory is limited. The unemployment rate is at a 40-year low, and yet insolvencies remain at record lows. What's going on? Will this climate last forever? Enter Ben Rabidoux. Ben returns to the podcast with Doug Hoyes to share his unique insights and research on where housing is heading, whether he sees mortgage rates coming back down, his thoughts on the employment rate and recession, and the show ends with the first-ever Debt Free in 30 wager Links: Ben Rabidoux on Twitter https://twitter.com/BenRabidoux Edge Realty Analytics: https://edgeanalytics.ca/ Bank of Canada: Mortgage Rates: Bank of Canada: https://www.bankofcanada.ca/2022/06/financial-system-review-2022/#box1 Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Episode #379, Will Housing Ever Be Affordable with Ben Rabidoux: https://www.youtube.com/watch?v=exHteyKX5Tg Bank of Canada, 5 Year Bond Yield: https://www.bankofcanada.ca/?p=39890 Monthly mortgage payment on a typical home: https://twitter.com/BenRabidoux/status/1528768057178476544 Rising Interest Rates: What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Average Toronto house prices: https://wowa.ca/toronto-housing-market Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/ Canada Historical Mortgage Rates: https://www.ratehub.ca/5-year-fixed-mortgage-rate-history Landlord Rescue Property Management https://landlordrescue.ca/ Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Time Stamps: 00:57 Will housing ever be affordable? 04:25 Have mortgage pre-approvals impacted prices? 10:01 Will mortgage rates come down in the next few months? 11:25 Doug thinks we are in a recession already; Ben disagrees 11:50 The unemployment rate is at 40 year lows 14:55 Is the household savings rate going to tank? 16:40 Are credit card balances increasing? 22:30 Will insolvencies go up soon? 28:02 Ben and Doug make a wager

If you die with debt, does it get passed on to someone else in your family? Is it possible for an estate to file a bankruptcy or consumer proposal? On today's podcast, Doug Hoyes and Ted Michalos discuss what happens when you still owe creditors after you've passed and the impact on your estate. They provide practical advice on dealing with joint debt when one spouse has passed, how adult children can navigate debt repayment for their aging parents, and other dos and don'ts when it comes to dealing with an insolvent estate, including whether it's a good idea to file a bankruptcy or consumer proposal post-mortem. Tune in for lots of helpful tips! Links: Does Debt Survive Death? https://www.hoyes.com/blog/does-debt-survive-death/ CPP Death Benefit: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-death-benefit.html CPP Survivor's Pension: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-survivor-pension.html

You may be wondering if you can strike a debt repayment deal with your creditors without going to a Licensed Insolvency Trustee and a formal insolvency filing. Well, it depends on how much you owe, who you owe, your assets, and lots of other factors. On today's podcast, Doug Hoyes and Ted Michalos walk you through all the different scenarios in which you could deal with creditors by yourself, the risks to that, benefits, and they discuss when filing a consumer proposal or bankruptcy is the better option. Tune in! Related Links: Can I Negotiate a Debt Settlement on My Own: https://www.hoyes.com/blog/can-i-negotiate-a-debt-settlement-on-my-own/ Negotiating Consumer Proposals – What Your Creditors Expect: https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/ Bankruptcy Protection in Canada: An Automatic Stay of Proceedings: https://www.hoyes.com/blog/bankruptcy-protection-in-canada-an-automatic-stay-of-proceedings/

We're facing massive inflation with more and more people turning to debt to make ends meet. Bankruptcies are still at record lows, but perhaps not for much longer. On today's podcast, Doug Hoyes and Ted Michalos give us an update on what's going on now and how the rising cost of living is impacting our wallets. They also explain why someone would ever need to file bankruptcy by providing some realistic scenarios that lead one to financial trouble. Doug and Ted also share their predictions for what's to come and give lots of practical advice for how to manage debt in today's economy. Tune in! Links: Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Why and How Does Someone go Bankrupt? https://www.hoyes.com/blog/why-and-how-does-someone-go-bankrupt/ Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Real estate prices are down in many parts of Ontario after record increases. Not surprising since the Bank of Canada has indicated it will raise rates again. But what has this done to mortgages? What's happening when people renew? How has mortgage qualification changed? Enter Ron Butler, mortgage broker extraordinaire. On today's podcast, Ron is back to give us an update on what he's seeing on the ground with respect to mortgages. He also shares whether now is even a good time to buy. You won't want to miss this discussion – lots of insight and great advice. Tune in! Links: Butler Mortgage website: https://www.butlermortgage.ca/ Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy Average Toronto house prices: https://wowa.ca/toronto-housing-market Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/ Podcast 293 Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA Podcast 334 Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0 Podcast 376 Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w Time Stamps: 4:43 When did the real estate market start to soften? 7:49 How are you supposed to afford a house in this market? 9:28 What is going on right now with the market? 13:49 How much more expensive is it to get a mortgage today? 19:20 What happens if you back out of a purchase? 26:03 This is the initial phase of a downturn 28:39 Should you buy now or rent? 32:10 Patience is a virtue – pause before you buy

A popular budgeting method called the 50-30-20 Rule dictates that you use 50% of your income on necessities like rent, 30% on wants, and 20% to savings and debt repayment. But is this even a realistic money management approach in 2022? With soaring cost of living, many people spend close to 70%-80% on necessities alone. So is this budgeting method a lie now? Enter Maureen Parent, LIT. On today's podcast, Maureen and host Doug Hoyes discuss how this budget method can be adapted for today's cost vs. income reality and offer practical tips for managing your money and building savings. Tune in for lots of great advice! Related Links: Top Tips to Help You Create Your First Budget: https://www.hoyes.com/blog/top-tips-to-help-you-create-your-first-budget/ Managing Money on a Variable Income: https://www.hoyes.com/blog/managing-money-on-a-variable-income/ The Secret to Budgeting: https://www.hoyes.com/blog/the-secret-to-budgeting/

Since the pandemic lockdowns, a large number of people became self-employed or started their own businesses. Why? Because of job loss or a desire for more flexibility. Makes perfect sense. But while there are many benefits to being your own boss – you get a lot of independence – is it always the right decision for you? What are the pitfalls and when is it just better to get a new job rather than start your own business? Tune in to today's discussion with Doug Hoyes and Ted Michalos as they share the ups and downs of being self-employed (including the potential for debt problems), practical advice and personal experience to help guide your decision. Related Links: From Employee to Consultant Leads to Personal Debts https://www.hoyes.com/blog/from-employee-to-consultant-leads-to-personal-debts/ Self Employed: Financing Wisely to Avoid Debt Trouble: https://www.youtube.com/watch?v=F_lo_0JP46Q Bad Funding Choices for Small Business: https://www.youtube.com/watch?v=UaklFv3eBvI Debt Traps of Buying a Business: https://www.youtube.com/watch?v=-HbW9ww2BNg

It's episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it's that no job is secure. So, what can you do to avoid getting financially burned if you're out of work? If you're unhappy with your job, should you switch? What's the smartest way to go about making a change? On today's podcast Doug discusses three basic work truths and lots of practical advice you should understand to help you navigate the employment world. Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Follow Doug Hoyes on Twitter: https://twitter.com/doughoyes

Ontario real estate prices are pulling back. Is this the end of the housing boom, or just a temporary slowdown? On today's podcast we have first-time guest Nasma Ali, founder of One Group, a real estate agency based in Toronto. Nasma explains what's currently happening with the real estate market. She also shares when she noticed the housing market slow down in the GTA, whether housing will ever drop by 50%, and whether now is a good time to buy. Nasma also discusses sales transparency and why it's worth working with an experienced agent when making one of the most expensive financial decisions of your life. Tune in for lots of great practical advice and rare insight! Related Links: One Group website: https://onegroupre.com/ Nasma Ali on Twitter: https://twitter.com/nasmadotali Nasma Ali on Instagram: https://www.instagram.com/nasmadotali/ Average Toronto house prices: https://wowa.ca/toronto-housing-market Butler Mortgage rates: https://www.butlermortgage.ca/rates/ Time Stamps: 1:13 What is going on with real estate? 6:41 When did the slowdown start? 9:58 What is a bully offer? 13:29 Is now a good time to buy or should you wait? 20:30 Will housing ever be affordable? Will GTA prices drop 50%? 25:35 Sale price + transparency 30:55 Is there a real benefit to working with an agent? Can you DYI real estate sales?

More than 1 in 5 of our clients, people who file a bankruptcy or consumer proposal with Hoyes Michalos, are separated or divorced at the time they file with us. So, what happens when you have debt and are facing divorce? Can you divide debt in a separation agreement? What if it's joint debt? On today's podcast, Doug Hoyes and Ted Michalos explain how debt is managed when couples are facing separation and financial issues. They explain when it may be necessary for both parties to file insolvency if they have joint debt. They also discuss alimony, child support payments, and how joint assets are treated in an insolvency, among other issues. Tune in for lots of practical advice! Links: Should You File Bankruptcy Before or After Divorce? https://www.hoyes.com/blog/should-you-file-bankruptcy-before-or-after-divorce/ What Happens to Joint Property in a Bankruptcy? https://www.hoyes.com/blog/what-happens-to-joint-property-in-a-bankruptcy/ Divorce and Bankruptcy Law in Canada https://www.hoyes.com/blog/divorce-and-bankruptcy-law-in-canada/

When the pandemic first started, the Canada Revenue Agency slowed their collection efforts on income tax debt owing. But with the economy reopened, we are starting to see notices filed by the CRA to individuals owing on income tax, including CERB and CRB debts. Is this a sign that the CRA is ramping up efforts again? What are your options if your employer is served with a Requirement to Pay notice from the government? What if you get a notice that you were overpaid for CERB/CRB or ineligible? Tune in to this panel discussion with Ian Martin, CPA, LIT and Scott Schaefer, CPA, LIT (our in-house tax experts) and host Doug Hoyes for lots of practical advice! Additional Resources: CRA Collection Letters for CERB Ineligibility or Overpayment. Can You File Bankruptcy? https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment/ What To Do If You Owe Back Taxes to CRA: https://www.hoyes.com/blog/what-to-do-if-you-owe-back-taxes-to-cra/ Should I Borrow to Pay Taxes to CRA? https://www.hoyes.com/blog/should-i-borrow-to-pay-taxes-to-cra/

When you go bankrupt in Canada, you have to make a payment into your estate, for your creditors. This is called a surplus income payment. But are surplus income limits out of touch with today's cost of living realities? How can it be fair that someone living in a major city like Toronto or Vancouver must pay the same amount into a bankruptcy as someone living in a small town, with lower living costs? On today's podcast Doug Hoyes and Ted Michalos discuss the issues of surplus income payments, how debtors can make informed financial decisions before filing an insolvency, and when it may be better to file a consumer proposal instead of a bankruptcy. Tune in! Resources Mentioned in the Show: Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Superintendent of Bankruptcy Directive No. 11R2-2022 Surplus Income https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03249.html Hoyes Michalos What is Surplus Income? https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/ Hoyes Michalos Surplus Income Calculator: https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/ Inflation Statistics, Statistics Canada https://www150.statcan.gc.ca/n1/daily-quotidien/220316/dq220316a-eng.htm Average rents in Toronto: https://www.torontorentals.com/blog/toronto-gta-december-rent-report-2021

After two years of working from home, many people are being called back to work in the office. But since 2020, costs, like gas, have soared. How much more expensive is it going to be to go back to the office? Is it a good idea to look for another job that offers remote work instead? What are the risks to that? On today's podcast, Doug Hoyes and Ted Michalos discuss which costs are now higher, who is more likely to be adversely affected, the potential risks of changing jobs, and give advice on how to cope financially. Tune in! Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

We often want to help friends and family financially when they ask for help. But sometimes that help leads to financial problems for us (like co-signing a loan and ending up having to pay it!). How do you say no without seeming harsh or unhelpful? On today's podcast, we have a panel discussion with Scott Schaefer, LIT Maureen Parent, LIT and host Doug Hoyes, with a special appearance by Ian Martin, LIT, sharing cautionary tales of financial help backfiring on their clients. They also explain why we find it so hard as human beings to say no to giving help and share practical advice for how to navigate requests for money from friends and family. Tune in! Links: Never Loan Money to Family and Friends: https://www.hoyes.com/blog/never-loan-money-to-family-and-friends/ Straight Talk on Your Money Book: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034 Maureen Parent, LIT, Kanata: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Scott Schaefer, LIT, Kitchener: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/scott-schaefer/ Ian Martin, LIT, Kitchener: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/ian-martin/

You've paid off your debts. Now you have some cash to invest. How do you get started? On today's podcast, Doug Hoyes and Ted Michalos walk you through what you need to consider before you invest. They explain how TFSAs, RRSPs, RESPs, and RDSPs work and when you should put your money in each. They also discuss the risks that come with stock trading and the true costs of mutual funds. Doug and Ted also explain the different investor personality types so you can better understand yourself. Tune in for great practical advice! Resources Mentioned in the Show: RDSP & RESP expert – Big Cajun Man's website: https://www.canajunfinances.com/about/ Jason Heath, Certified Financial Planner: https://objectivefinancialpartners.com/ Sandi Martin, Certified Financial Planner: https://springplans.ca/ Investment Selling is Not Financial Planning: https://www.hoyes.com/blog/investment-selling-is-not-financial-planning/ Podcast 360 – Planning Retirement with Limited Savings & Income: https://www.youtube.com/watch?v=nth1wjv5s8M Podcast 215 – What is a Robo-Planner? Automated Financial Planning: https://www.youtube.com/watch?v=rXW7a7EdCKA

Our latest bankruptcy study revealed that the average female debtor's unsecured debt increased 6.5%, while her male counterpart only had a 0.7% increase in his unsecured debt load in 2021. Why is this? What are specific issues that women in debt face? On today's podcast, we have an all-female panel of Trustees, who share their insights from client interactions, as well as personal experiences. They discuss why women have less take-home pay compared to men; share advice on how women can advocate for themselves in the workplace; discuss the pink tax and its effect on spending, and much more! Tune in for a great roundtable. Related Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Why Women Face Higher Bankruptcy Risk: https://www.hoyes.com/blog/why-more-women-are-filing-bankruptcy/ Profile of Jennifer Kwon, LL.B., LIT, Mississauga: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/jennifer-kwon/ Profile of Rebecca Martyn, LIT, Windsor: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/rebecca-martyn/ Profile of Maureen Parent, LIT, Kanata: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/

Because there aren't already enough lenders out there, Canada Post has now also come out with their own loan called the 'MyMoney Loan,' partnering with TD Bank. It's a strategic alliance, aimed at Canadians in rural, remote, and Indigenous communities. But, this Canada Post loan is not so cheap. While it's more affordable than a payday loan, is it really a viable option for Canadians who can't easily access a traditional bank? Find out on today's podcast with host Doug Hoyes and guests Rebecca Martyn, LIT, Jennifer Kwon, LIT, Maureen Parent, LIT, and with a special appearance by Tom Cooper from the Hamilton Roundtable for Poverty Reduction. Related Links: Canada Post Press Release https://www.newswire.ca/news-releases/canada-post-and-td-enter-strategic-alliance-to-expand-access-to-financial-services-for-canadians-861926361.html Canada Post My Money Loan https://www.canadapost-postescanada.ca/cpc/en/personal/mymoney/loan.page Canada Post 2020 Annual Report https://www.canadapost-postescanada.ca/cpc/doc/en/aboutus/financialreports/2020-annual-financial-report.pdf Canada Post 2021 Quarterly Reports https://www.canadapost-postescanada.ca/cpc/en/our-company/about-us/financial-reports/quarterly-financial-reports.page? DFI30 Episode 145 Poverty Reduction: What Can We Do? With Tom Cooper https://www.youtube.com/watch?v=juYQjuP0g9w Hamilton Roundtable for Poverty Reduction https://hamiltonpoverty.ca

The Hoyes Michalos 2021 Joe Debtor Bankruptcy Study revealed that insolvent Canadians owed the highest level of unsecured debt since 2016. In 2021, the average insolvent debtor owed $50,484 in unsecured debt, with income tax debt and student loans driving insolvency filings. On today's podcast, Doug Hoyes and Ted Michalos explain why this is just the tip of the iceberg and that student loans and tax debt balances are likely to go even higher in the future, along with other consumer debts. Doug and Ted also discuss other key findings from our Joe Debtor 2021 study. Tune in! Links: Hoyes Michalos Annual Consumer Insolvency Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/ CRB Repayment: https://www.canada.ca/en/services/benefits/ei/cerb-application/transition/questions.html CRA Interest Relief: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/covid19-taxes/interest-relief.html Predictions for Consumer Debt Coming Out of the Pandemic: https://youtu.be/LCE6EkOwi8E Why Credit Card Debt Fell During the Pandemic & Will It Rise Again? https://youtu.be/Fqh_DF0xUrc

We know how hard it can be to live paycheque to paycheque or not have money available when a bill payment is due. Fintech is also recognizing this issue and developers have now created what's called 'early wage access' or 'pay advance' apps. But are these apps really a good idea? Will getting paid sooner fix a cashflow problem or will it create more budgeting issues? How should you actually deal with a lack of income? Tune in to today's podcast as Doug Hoyes and Ted Michalos discuss these apps, their risks, and what to do instead to budget successfully. Links: Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Dayforce Wallet: https://www.dayforcewallet.com/ca/faq Dayforce Prepaid Mastercard Fee Agreement https://www.dayforcewallet.com/dayforcewallet/media/wallet/documents/cha.pdf Earnin App https://www.earnin.com/ Dave App https://dave.com/

Lenders sometimes 'trick' us by posting only the weekly cost of borrowing a loan (which is a much smaller number) than the monthly cost in their ads. Or they offer you an 8-year term on a car loan, which stretches the cost over more years, reducing your monthly payment, but increasing the total interest you pay. In both cases, the lender 'wins' by getting your sale and you end up owing a lot more than you originally planned for. So how can you avoid falling for lender tricks and approach offers more with a more critical eye? That's the discussion on today's podcast with guest Scott Terrio and host Doug Hoyes! Tune in. Links: Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA How Car Loans and Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/

Although the Bank of Canada held interest rates steady in their January 26, 2022 announcement, rates are expected to increase in 2022. When that happens, will you be financially ready for higher borrowing costs? Could you afford to pay an extra, say, $50-$100 a month towards your debts? On today's podcast, Doug Hoyes and Ted Michalos breakdown how a rate hike would impact your finances, whether it's better to get a variable or fixed loan, and why it's important to prioritize debt repayment in a low-rate environment. Tune in for a great discussion. Links: Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Bank of Canada Policy Interest Rate https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/ Understanding the Bank of Canada Policy Interest Rate: https://www.bankofcanada.ca/2021/04/understanding-policy-interest-rate/ Bank of Canada Mandate: https://www.bankofcanada.ca/publications/annual-reports-quarterly-financial-reports/annual-report-2020/mandate-and-planning/#:~:text=The%20Bank%20of%20Canada%20is,committed%20to%20a%20better%20Canada Statistics Canada, Consumer Price Index Graphic https://www150.statcan.gc.ca/n1/en/pub/11-627-m/11-627-m2022004-eng.pdf Butler Mortgage, Mortgage Rates https://www.butlermortgage.ca/rates/ Episode 383, Predictions for Consumer Debt Coming Out of the Pandemic https://youtu.be/LCE6EkOwi8E

For the first time ever on Debt Free in 30, we've gathered some of our Licensed Insolvency Trustees from across Ontario to share what they're seeing on the ground. How has the pandemic impacted indebted individuals? Has the vaccine mandate affected jobs and income? How is Canada Revenue Agency handling consumer proposals? All these questions answered and more, with insights from our Barrie, Mississauga, Oshawa, Cambridge/Brantford, Scarborough/Markham, Windsor, Kanata/Ottawa, and London area experts. Tune in for a great discussion. Related Links: Hoyes Michalos Homeowner's Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos annual Joe Debtor Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Our guests, in alphabetical order: Mark Borysiak, Barrie https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/mark-borysiak/ Howard Hayes, Cambridge and Brantford: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/howard-hayes/ Jennifer Kwon, Mississauga https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/jennifer-kwon/ Rebecca Martyn, Windsor https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/rebecca-martyn/ Maureen Parent, Kanata and Ottawa https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Ianina Raguimov, Oshawa https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/ianina-raguimov/ Joel Sandwith, London https://www.hoyes.com/ontario-offices/london/ Nicholas To, Markham and Scarborough https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/nicholas-to/ Time Stamps: 1:26 – How is the pandemic impacting the average indebted person? 10:16 - How are vaccine mandates impacting people's finances/jobs? 13:50 – What are creditors doing? 21:40 – How has rising real estate impacted people with high unsecured debt? 31:15 – How is the CRA handling income tax debt?

If you ignore an old debt, will it just go away? What if it's been removed from your credit report already? What if a creditor hasn't reached out to you about it in years? Does that mean you don't have to pay? Not exactly. On today's podcast, Doug Hoyes and Ted Michalos discuss how the Statute of Limitations works in Ontario, updates to the law, and which debts it does and doesn't apply to. They also review three scenarios to help you understand what may or may not happen when it comes to owing old debts. Tune in for lots of practical advice! Links: Ontario Limitations Act and Old Debts: https://www.hoyes.com/blog/ontario-limitations-act-old-debts/ What is the Limitations Act: https://youtu.be/97h2u9lqCCY Ontario Limitations Act via Ontario.ca: https://www.ontario.ca/laws/statute/02l24 Eyton Case, In re: John Trevor Eyton, 2021 ONSC 1819 (CanLII): https://www.canlii.org/en/on/onsc/doc/2021/2021onsc1719/2021onsc1719.html Superintendent of Bankruptcy, Directive 6R: https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02402.html

Is it always worth the expense to have an accountant file your taxes? When is it OK to file them on your own? On today's podcast, Ian Martin, LIT and CPA, returns to provide practical advice for how to approach tax filing on your own and when it's time to seek professional help. Ian and Doug Hoyes also discuss the high cost of instant tax refunds, why not filing your taxes can be risky even if you don't owe anything, and they address common myths about income tax filing. Tune in for a great discussion! Links: Instant Cash Back on Tax Refunds. Is It Worth It? https://www.hoyes.com/blog/instant-cash-back-on-tax-refunds-is-it-worth-it/ Tax Returns Not Filed Because You Are Afraid You Have Tax Debts? https://www.hoyes.com/blog/tax-returns-not-filed/

2021 was an interesting year for Canadian consumer debt. Insolvencies remained at record lows and many people were able to pay off their credit cards. But will these trends continue? On today's podcast, Doug Hoyes and Ted Michalos review what happened with consumer debt, insolvencies, and savings in 2021 and, provide their predictions for what's to come in 2022. With government income supplements winding down, collections activity starting again, and limitations periods near expiry, the new year should be interesting, to say the least! Tune in for their analysis. Links: Debt Statistics: What Happened to Debt During the Pandemic & Recovery of 2021 - https://hoyes.news/what-happened-to-debt-2021 Episode 348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth: https://youtu.be/7Kt7KBfemh8 Statistics Canada. Table: 36-10-0639-01. Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 Statistics Canada. Table: 36-10-0112-01. Current and Capital Accounts: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Statistics Canada. Table 14-10-0063-01. Employee wages by industry, monthly, unadjusted for seasonality: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301 Statistics Canada, Labour Force Participation Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Hoyes Michalos Homeowner's Bankruptcy Index https://www.hoyes.com/press/homeowner-bankruptcy-index/ Federal government, fiscal update: https://budget.gc.ca/efu-meb/2021/report-rapport/intro-en.html Bank of Canada, definition of Money Supply, and data: https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/ Money supply, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/ Monetary Aggregates, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/ Statistics Canada. Table 14-10-0063-01 Employee wages by industry, monthly, unadjusted for seasonality https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301 Statistics Canada, Labour Force Participation Rate https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Statistics Canada. Table 17-10-0005-01 Population estimates on July 1st, by age and sex https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000501 Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Consumer Price Index, annual avg, not seasonally adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501

We all agree that life is getting more difficult for the average person. The cost of living is going through the roof; wages are stagnant, and no matter what you do, it seems impossible to get ahead. On today's podcast, Doug Hoyes explains the three forces that are conspiring against you: demographics, technology, and bad money. How did we get here? And how can you compete in today's challenging economy? Tune in to this special episode for Doug's insights and practical advice. Resources Mentioned in the Show: House Prices, Canadian Real Estate Association: https://creastats.crea.ca/en-CA/ Hourly Wages, Statistics Canada: shorturl.at/gGQT1 Rembrandt sketch, The Parable of the Talents: https://www.pubhist.com/w26841 NHL Statistics: https://www.quanthockey.com/nhl/seasons/2019-20-nhl-players-stats.html Inflation, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 2020 Canadian Federal Budget: https://www.budget.gc.ca/2021/report-rapport/anx1-en.html Canada Emergency Wage Subsidy Statistics: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html Canada Emergency Response Benefit Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html High-Income Tax Filers, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action Baby Boom, Statistics Canada: https://www12.statcan.gc.ca/census-recensement/2011/as-sa/98-311-x/98-311-x2011003_2-eng.cfm Historical Price of Oil: https://www.macrotrends.net/1369/crude-oil-price-history-chart Historical Inflation Rate, Canada: https://www.macrotrends.net/countries/CAN/canada/inflation-rate-cpi Historical Wages, Project Link Data from Statistics Canada & various sources: https://worthwhile.typepad.com/stephen/link/ Episode #271, TFSA, RRSP and Debt: https://youtu.be/7zn3JeAonV4

If you are new to credit or have recently completed an insolvency filing, you may be thinking about ways to improve your credit score without taking on more debt. While debt is necessary to have in order to build your credit, there are some strategies to improve your credit score without taking on more debt. On today's podcast, Maureen Parent, LIT, returns to discuss what makes up a credit score and how you can improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, why cash savings and rent payments don't count towards your score, and what to avoid so you don't harm your credit. Tune in for lots of practical advice! Links: How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/ Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034 Maureen Parent, LIT on Twitter: https://twitter.com/MaureenParent7

A lot of personal finance advice is out of touch with today's reality of exorbitant house prices and stagnant wages. So how can a Millennial navigate our current economy and prepare themselves financially for the future? Enter Erica Alini, an experienced personal finance reporter at Global News. She's also the author of the new book Money Like You Mean It – Personal Finance Tactics for the Real World. On today's podcast Erica shares practical advice from her book about how Millennials should approach life milestones like home ownership, emergency events, student loans and how to deal with debt. Tune in for a great discussion! Links: Money Like You Mean It book on Amazon: https://www.amazon.ca/Money-Like-You-Mean-Personal/dp/1459748670 Money123 Newsletter by Erica Alini – how to sign up: https://globalnews.ca/news/4022683/money123-newsletter/ Erica Alini on Twitter: https://twitter.com/ealini

The price of the average home in Canada increased by a record $147,000 compared to last year. Is housing going up forever? How are first-time home buyers supposed to enter such a hot market? On today's podcast, Ben Rabidoux, founder of North Cove Advisors and Edge Realty Analytics, returns with his insights on the Canadian housing market and predictions for 2022. Ben also gives his thoughts on inflation, the impact on consumers if interest rates go up, and whether consumer debt levels will rise substantially in the coming months. Tune in for a great discussion! Links Mentioned in the Show: Podcast 94 What Happens to Debt When House Prices Fall: https://youtu.be/ETkZEc5FLYk Podcast 266 Real Estate, Personal Debt, and Recession Indicators: https://youtu.be/0TMRQ0f0_WQ Podcast 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession: https://youtu.be/fek4xUoIkrc Podcast 333 Mortgages, Consumer Debt and Delinquencies – What's Real & What's Fantasy: https://youtu.be/b-JYXZZ7eDQ Edge Realty Analytics: https://edgeanalytics.ca/ Ben Rabidoux on Twitter: https://twitter.com/BenRabidoux Employment chart, Statistics Canada: https://www150.statcan.gc.ca/n1/daily-quotidien/211105/cg-a001-eng.htm Labour force characteristics chart, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Canadian Real Estate Association Chart: https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/ Current and capital accounts chart, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Hoyes Michalos Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Time Stamps: 2:21 – The most important trend in the housing market today: inventory levels are plunging 5:43 – At what point will house prices start to fall? 6:54 – How did real estate prices get so high? 8:49 – If high prices for single family homes are partially a supply issue, why are we not building more single family houses? 12:09 – Why immigration numbers don't tell the full story about population growth 14:51 – Will inflation and interest rates increase in 2022? 19:25 – Ben disagrees with Doug's deflationary prognostications for 2022 21:37 – Has employment bounced back to pre-pandemic levels? 26:08 – Ben's predictions for 2022 28:52 – Are mortgage borrowers going variable or fixed on their mortgages now? 32:14 – Will debt levels increase in 2022?

On the surface, a debt consolidation loan sounds like a great idea because you're left with only one monthly debt payment as opposed to several. But is consolidation always a good idea? And is it worth it if you're paying more in interest than you were before? On today's podcast, Scott Terrio and Doug Hoyes provide real stories of failed debt consolidation. While borrowers have good intentions and want to make their debts more manageable, consolidation loans can sometimes make debt repayment more difficult. Scott and Doug also give practical advice for when consolidation is the right move and which types of loans to steer clear of. Tune in for a great discussion! Links Mentioned in the Show: How Does a Debt Consolidation Loan Work: https://www.hoyes.com/blog/how-does-a-debt-consolidation-loan-work/ Should You Consolidate or Pay Bills with a Car Title Loan? https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/ Podcast 231: Think Twice Before You Get a Home Equity Line of Credit: https://www.youtube.com/watch?v=RiKKbg_pyu8 Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA

According to a May 2021 survey by the Canadian Federation of Business (CFIB), only 39% of small businesses in Canada are currently making the sales they consider normal. CFIB also estimates that total Canadian small business debt related to COVID-19 sits at $139 billion. With ongoing pandemic restrictions and slow economic activity, will these small businesses recover? On today's podcast, Ted Michalos and Doug Hoyes give practical advice for how a small business struggling with debt can do a self-test to ensure they are viable and when it may be time to consider professional debt solutions. They also discuss the impacts government subsidies have had on the economy and whether or not it's a good idea to continue government financial support for small business. Tune in for a great discussion! Related Links: Small Business Debt: The COVID-19 Impact: https://content.cfib-fcei.ca/sites/default/files/2021-08/Small-Business-Debt-The-COVID-19-Impact.pdf The new challenges facing Canada's small businesses: https://thoughtleadership.rbc.com/the-new-challenges-facing-canadas-small-businesses/ Keeping Your Business Afloat While Dealing with Debt: https://www.hoyes.com/blog/keeping-small-business-afloat-dealing-debt/ Top 5 Bankruptcy Issues for Small Business Owners: https://www.hoyes.com/blog/top-5-bankruptcy-issues-for-small-business-owners-and-self-employed/

According to an October 2021 CIBC report, the average down payment gift from a parent to their child has risen to a record high of $82,000. But while most of these gifts are cash savings, and not debt, is it still wise to gift your child a down payment for their first home? Could there be repercussions and if so, what? On today's podcast, mortgage broker extraordinaire Ron Butler, gives first-hand insight into the rise of down payment gifts for first-time home buyers and discusses the increase in co-signers on mortgages. Ron also explains whether an interest rate hike will affect home prices and much, much more! Tune in. Related Links: CIBC Report – "Gifting for a down payment – perspective" by Benjamin Tal: https://economics.cibccm.com/cds?id=9dc124d8-9764-4c1d-83b4-9e89a5d568b8&flag=E Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Podcast 334 – Mortgage & Home Equity Refinancing: What Are the Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0 Ron Butler on Twitter: https://twitter.com/ronmortgageguy Butler Mortgage Website: https://www.butlermortgage.ca/ TIME STAMPS: 2:18 Today's mortgage rates 3:27 Have people regretted moving away from the city? 6:24 How are bank approvals for mortgages? 8:15 Variable vs. Fixed Rates – what's better? 13:55 Are down payment gifts a good idea? 17:38 How are parents affording down payment gifts? 18:26 Cautionary tales of borrowing to help kids and cosigning on mortgages 20:22 If we have 70s-type inflation, what's going to happen? 23:54 Is the US-style mortgage better for customers? 25:36 Where does Ron see rates in the future? 28:35 Is there more diversity in mortgage providers these days? (A vs. B lenders) 31:10 Should parents be gifting down payments and practical advice

If you don't qualify for a regular credit card or don't want one, but still need to make credit purchases, a good option may be to use a prepaid credit card. But are prepaid cards entirely safe? Can you ever get into money problems with them? On today's podcast, Diane Cunha, a certified credit counsellor, breaks down how prepaid cards work, how they differ from regular credit cards, whether they'll help your credit, the pros and cons of using them and potential pitfalls. Tune in for lots of practical advice! Links: NOT and AFFILIATE LINK: KOHO Card: https://www.hoyes.com/fresh-start/banking/koho/ Fresh Start to Banking after Insolvency: https://www.hoyes.com/fresh-start/banking/

Does a student in grade 9 with no income, savings or financial responsibilities really need to learn about down payments or how to calculate mortgage amortization schedules? Should we even be teaching these financial literacy concepts so early in life? Is there a more effective, practical way to teach kids how to understand money? On today's podcast, Doug Hoyes and Ted Michalos critique the 2021 grade 9 and 10 financial literacy curriculum for Ontario and share their thoughts on money topics and scenarios that would be more fitting for young students. Tune in! Links: Financial Literacy: Does It Belong in Ontario's Curriculum? https://www.hoyes.com/blog/financial-literacy-ontarios-curriculum/ Grade 9 Ontario Mathematics Curriculum 2021: https://assets-us-01.kc-usercontent.com/fbd574c4-da36-0066-a0c5-849ffb2de96e/2c41223a-5f39-4dd2-b94c-c75d2fae1fbd/Math_9_strand%20chart_AODA_06-May-21.pdf

You asked. We answered. On today's podcast guest Blair Demarco-Wettlaufer, CEO of Kingston Data and Credit (a collection agency), returns to answer your most pressing debt collection questions, like whether a collection agency can add interest to your debt or force you to file bankruptcy. Blair also discusses whether you should even bother with collectors if the debt isn't listed on your credit report and many, many more of your questions! Tune in for lots of great practical advice. Resources: Blair Demarco-Wettlaufer on Twitter: https://twitter.com/kdcblair Blair's blog for information on credit and collection issues: https://receivableaccounts.blogspot.com/ Hoyes Michalos free credit repair course: https://courses.hoyes.com/courses/rebuild-credit Hoyes Michalos blogs on dealing with collections: https://www.hoyes.com/blog/tag/collection-calls/ Rights & Responsibilities – Collection Agencies – Ontario.ca: https://www.ontario.ca/page/stop-collection-agency-calls Episode 264 How to Negotiate with a Collection Agent https://youtu.be/ZgNWpKfBUwU Episode 240 Can a Collection Agency Take me to Court https://youtu.be/6UHpCGqVP4k Episode 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals and Credit Report Impact https://youtu.be/S86gnBEkeUY Time Stamps: 4:29 – Should I ignore a debt collector? 11:53 – Can debt collectors add interest or fees to a debt? 14:33 – Can a collection agency show up at my work or call my boss? 18:44 – Should I even bother with a collector if the debt is not listed on my credit report? 20:17 – Should I accept a settlement offer and pay it or don't pay it? Will that reset the statute of limitations? 22:02 – What if you don't have the cash to repay debt, how do you settle or negotiate? 23:55 – Can a credit collection agency force you to file for bankruptcy? 24:30 – I had to shut down my business during the pandemic. I had internet shut off and said I would pay off in payments. Now I got a collections letter directed to my business. Should I deal with the collector, and will this show on my personal credit score? 26:05 – Would a collection agency take the advice of a bank rep and ask family to repay a debt? 28:34 – How do collection agencies communicate with people who don't have voice mail or answer the phone? 31:04 – How do collection agencies get paid?

Do you need a physical bank? Or are you better off using a virtual bank instead? On today's podcast, guest Scott Terrio and host Doug Hoyes do a deep dive on what to consider when choosing banks, including some recommendations for no-fee accounts, why you should switch banks entirely if you're filing a bankruptcy or consumer proposal, and how to protect yourself from the bank's right of offset. They also discuss why Canadians are so attached to their banks in general and how the banker-customer relationship has changed over the years and why that matters. There's tons of practical advice in this show, so be sure to tune in! Helpful Links: Hoyes Michalos Fresh Start Program – Banking Information: https://www.hoyes.com/fresh-start/banking/ Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit What is the Right of Offset & What To Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/ Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ How to Open a New Bank Account for a Bankruptcy or Consumer Proposal: https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

Depending on your financial situation, you may benefit from asking your employer to take more tax off your paycheque. But how can you know when that's a good idea? Enter Ian Martin. Ian is an LIT and CPA and spent 6 years working at Canada Revenue Agency, so he knows a fair bit about income taxes. On today's podcast, Ian explains when it's in your best interest to have your employer deduct higher taxes (like if you think you'll owe due to CERB/CRB, or if you'll owe because you work more than one job). He also gives tips for how to handle income taxes if you're self-employed or if you're bankrupt. Tune in for lots of practical advice! Links: CRA TD1 Form: https://www.canada.ca/en/revenue-agency/services/forms-publications/td1-personal-tax-credits-returns/td1-forms-pay-received-on-january-1-later/td1.html

What if your car insurance rate was decided by your credit score? Well, this is the case in New Brunswick and may one day become a reality in Ontario. But is it fair? Are credit scores a good determinant of our driving habits? On today's roundtable podcast, guests Scott Terrio, Maureen Parent, and host Doug Hoyes discuss the potential pitfalls to using credit scores to decide car insurance rates. They also discuss privacy issues and why this policy is particularly unfair to certain segments of the population (seniors, renters, newcomers). Tune in for a lively discussion! Links: Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit Auto Insurers' Interests in N.B. Credit Scores is Bad News for Many – CBC: https://www.cbc.ca/news/canada/new-brunswick/auto-insurers-credit-scores-new-brunswick-1.6172978 New Brunswick Insurance Board November 24, 2020 Decision: http://www.nbib-canb.org/assets/files/pdf/decisions/2020/2020_11_24%20TDHA%20PPV%20RFG-1%20Decision%20E.pdf

We Canadians consume a lot of American media, so it's possible that the ideas we have about bankruptcy are actually what happens to indebted individuals in the United States, and not the Canadian reality. On today's podcast, Doug Hoyes and Ted Michalos explain how bankruptcy in Canada is a rehabilitative and supportive process, with limited barriers. They address common fears and misconceptions and give insight on why filing bankruptcy is so much simpler in Canada than it is in America. Tune in for a great discussion! Links: Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit Chapter 7 Bankruptcy: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics Chapter 13 Wage Earner's Plan: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics Surplus income in a bankruptcy: https://www.hoyes.com/blog/new-surplus-income-limits-for-2021/ Hoyes Michalos Joe Debtor Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

How often should you check your credit score? Is it wrong to obsess over credit scores? Where is the best place to get your credit report? On today's podcast, seasoned credit counsellor Diane Cunha and LIT (& lawyer!) Jennifer Kwon join Doug Hoyes in a roundtable discussion on whether or not Canadians need to worry about their credit scores and who credit scores are really designed for. They also share practical advice for managing your credit health and where to find accurate information about your credit activity. Tune in for a lively chat! Resources Mentioned in the Show Straight on Personal Finance Credit Repair Course: courses.hoyes.com Did You Know You Have a Bankruptcy Score? https://www.hoyes.com/blog/forget-credit-score-did-you-know-you-have-a-bankruptcy-score/ Podcast 327: New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI Podcast 140: Banks Behaving Badly, Who To Trust, and Has Toronto Real Estate Peaked? https://www.youtube.com/watch?v=TNN-gAyODxg Straight Talk On Your Money book by Doug Hoyes: https://www.hoyes.com/straight-talk/

Canadians with the lowest credit scores paid down their credit cards the most since the pandemic started. Incredible, right? So, will this downward trend in debt continue? Or is this temporary because most of us are still at home and collections activity is slim? Today we review the latest debt statistics and discuss why Canadians are paying off so much debt, who's actually taking on more debt, and whether borrowing will rise again in the near future. We also share practical advice for managing debt and what to do if you owe the CRA. Tune in for a lively discussion! Links: Hoyes Michalos Straight Talk on Personal Finance Course on Credit Rebuilding: courses.hoyes.com Trends in household non-mortgage loans: The evolution of Canadian household debt before and during COVID-19, Statistics Canada: https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2021004-eng.htm Bank of Canada, Financial System Review – 2021 https://www.bankofcanada.ca/2021/05/financial-system-review-2021/ Canadians with Lowest Credit Scores Led Wave of Pandemic Credit Card Debt Repayment: https://www.reddeeradvocate.com/business/canadians-with-lowest-credit-scores-led-wave-of-pandemic-credit-card-debt-repayment/ Hoyes Michalos Bankruptcy Study www.joedebtor.ca Time Stamps: 0:50 Bank of Canada says Canadians increased "prudence" 2:00 Household non-mortgage debt collapses 3:00 Spending dropped during the pandemic 6:00 Credit card debt collapses 9:15 HELOCS – Massive increase in Home Equity Lines of Credit 12:20 Outstanding credit card balance by credit score 13:00 Who paid down credit cards the most? Not who you would expect 13:40 How were people with low credit scores able to pay down their credit cards the most during the pandemic? 18:50 What will happen in the future? 24:30 Dubious speculation on when CRA will start aggressively collecting tax debt 28:30 Where the economy is now 28:50 Practical Advice

Regular episodes resume next week, but for today, a quick overview of our plans for the eighth season of Debt Free in 30. You've told us - we've listened. And this year, we will focus on what you've told us you want the most: practical advice on how to manage your money and live debt free. You'll see a lot of our regular contributors, like Ted Michalos, Scott Terrio and Diane Cunha, and we will be introducing a new feature later this month: the Debt Free in 30 roundtable, where Doug Hoyes and two guests will give their opinions on important issues. All that and more this season on Debt Free in 30.

This episode first aired as episode number 227 in January, 2019, and even two and a half years later it continues to have a lot of downloads each week. We are taught to set a goal, and that's a good plan in some cases, but a better long-term solution is to create a system, as we discuss this week. Enjoy! Resources Mentioned in the Show Systems vs. Goals http://blog.dilbert.com/2013/11/18/goals-vs-systems/ This episode on YouTube: https://youtu.be/ysvkV0uN7mM Podcast: the 80/20 Rule of Money Management https://www.hoyes.com/blog/the-80-20-rule-of-money-management/

Originally broadcast as episode 254 in July, 2019, today we rebroadcast our show about a wonderful, magical place called Costco. Is it a store? A finance company? Something else? And why does it matter? All that and more on today's podcast (and we've got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube https://youtu.be/-8PlGkHjHG8 ).

It's August 2021, and many Canadians filed their 2020 taxes and discovered they owe taxes on the CERB they received last year, or they have to pay it all back because CRA said they weren't eligible. What can they do? Today we rebroadcast our chat with Jason Rosen, a tax lawer and co-founder of Rosen Kirshen (RK) Tax Law. He provides practical advice for how Canadians can prepare themselves in the event of a tax audit and explains what may happen to those who applied to CERB knowing they were not entitled to receive it. Tune in! Relevant Links: Rosen Kirshen Tax Law Website: https://www.rktaxlaw.com/ CRA Collection Letters for CERB Ineligibility & Repayment: https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment CERB Eligibility: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/eligibility-periods.html CERB Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html New T4 Reporting Requirements for Employers: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html CERB Eligibility Criteria: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/who-apply.html