- Publisher |
- Doug Hoyes
- Media Type |
- audio
- Podknife tags |
- Investing,
- Personal Finance
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Submit ReviewAccording to TransUnion, the average credit consumer with a balance in Canada saw a 10% year-over-year increase in their minimum monthly debt payments in Q4 2022. If your minimum payments start going up, what should you do? What if they already have? On today’s podcast, Maureen Parent returns to discuss why minimum payments increase in the first place, and practical advice on how to get ahead of them. Maureen and Doug also share specific tips for you to negotiate with your credit card company to possibly reduce your debt costs. Tune in for a great discussion!
Related Links:
TransUnion Q4 2022 Release: https://newsroom.transunion.ca/credit-health-in-canada-remains-steady-despite-high-interest-rate-and-inflation-environment/
Podcast Ep 352 - The Minimum Payment Lie: https://youtu.be/6nbkc8UBW54
Minimum Payments on Credit Cards Are Keeping You In Debt: https://www.hoyes.com/blog/minimum-payments-on-credit-cards-are-keeping-you-in-debt/
Maureen Parent on Twitter: https://twitter.com/MaureenParent7
Maureen Parent, LIT: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/
Food is now more expensive than ever. But why? Is it just corporate greed? Or something greater? Enter Dr. Sylvain Charlebois, a.k.a. The Food Professor. Sylvain is a Professor and the Scientific Director at Agri-Food Analytics Lab at Dalhousie University. On today’s podcast, he demystifies grocery pricing and explains why food inflation is a global phenomenon. Sylvain also discusses the part the Canadian government plays in grocery price hikes and gives lots of valuable practical advice for how to save on your food bill. You won’t want to miss this episode. Tune in!
Time Stamps
7:42 What is Shrinkflation?
8:31 Groceries vs. Snacks + Tax
11:55 Is the Grocery Rebate Even Helpful?
19:01 Which Days of The Week To Shop Groceries?
23:30 Shop at 3 Different Stores
27:04 Consumers Can Make a Difference
Links:
The Food Professor Podcast: food-professor.simplecast.com/episodes">https://the-food-professor.simplecast.com/episodes
Dr. Sylvain Charlebois on Twitter: https://twitter.com/FoodProfessor
CRA: GST/HST on food products: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-020/bars.html
Toronto Sun article on the food rebate: https://torontosun.com/opinion/columnists/charlebois-government-handouts-are-mirage-for-needy
Episode #254 – What Costco Can Teach Us About Making Financial Decisions: https://www.youtube.com/watch?v=-8PlGkHjHG8
Episode #270 – The Fable of the 20 Dollar Bill - https://www.youtube.com/watch?v=5fYfAvSnNps
We are no strangers to inflation, with the cost of living soaring to new records. But what’s really causing inflation? Where are our dollars going and what’s the impact on the economy? On today’s podcast, David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, returns to discuss his research on why we see inflation and who benefits. David also shares his thoughts on employment, where wages are headed, and whether credit card debt will continue to trend upwards. Tune in for a very informative discussion!
Related Links:
Podcast 319: CERB Transition to EI https://youtu.be/piEhsYgWU8I
Podcast 114: Basic Income, Is it a Silver Bullet for Poverty? https://youtu.be/mi3tWjg1bC4
Where Are Your Inflation Dollars Going Report: https://policyalternatives.ca/publications/reports/where-are-your-inflation-dollars-going
David Macdonald on Twitter: https://twitter.com/DavidMacCdn
Canadian Centre for Policy Alternatives: https://policyalternatives.ca/ Episode 435 December 31, 2022, Year-End Predictions show, https://youtu.be/3i22JpmcozY Statistics Canada Consumer Price Index Portal: https://www.statcan.gc.ca/en/subjects-start/prices_and_price_indexes/consumer_price_indexes
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401
Time Stamps:
1:34 What is Inflation and Where Is It Going
5:10 Who Benefits From Inflation?
12:42 Wages vs. Inflation
16:27 Is Unemployment Actually Low?
18:48 Why We Didn’t Have the Great Resignation in Canada
24:30 Is Now the Best Time To Change Jobs?
27:10 Will Credit Card Debt Keep Going Up?
Most money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go back to school to increase your earning potential. Finally, they review the dos and don’ts of increasing income if you have a lot of debt. Tune for great tips!
Links:
Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
Bank of Canada Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/
Avoid the Surplus Income Penalty With a Consumer Proposal: https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/
Surplus Income Calculator 2022: https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/
The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today’s podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion!
Links:
What Happens If You Can’t Pay Your CEBA Loan? https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/
Hoyes Michalos Bankruptcy Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/
CERB and EI Statistics: report.html"> https://web.archive.org/web/20220606110225/https:/www.canada.ca/en/services/benefits/ei/claims-report.html
CRB Statistics: statistics.html"> https://web.archive.org/web/20220604110136/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit/crb-statistics.html
CRCB Statistics: statistics.html"> https://web.archive.org/web/20220604103941/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-caregiving-benefit/crcb-statistics.html
The Canadian government just announced a new Tax-Free First Home Savings Account (FHSA), which will launch on April 1, 2023. This new account gives first-time home buyers the ability to save $40,000 tax-free to put towards their first home. But don’t we already have this program through RRSPs First Time Home Buyers Plan? And what about Tax-Free Savings Accounts (TFSA)? How do these savings vehicles differ? That’s the discussion on today’s podcast, with guest Ted Michalos. Doug and Ted also discuss what happens to money in these accounts when you file a consumer proposal or bankruptcy and whether you should first pay down debt or invest. Tune in for lots of practical advice!
Helpful Links:
Design of the First Home Savings Account: of-the-tax-free-first-home-savings-account.html"> https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html
Ottawa’s New Tax-Free Home Savings Account is Coming – What To Know: https://www.jamiegolombek.com/articledetail.php?article_id=1998
Should You Pay Down Debt or Invest in RRSP: https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/
Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/
Fraudsters and scammers look for every available opportunity to prey on you. How can you protect yourself? Enter Rachel Jolicoeur. Rachel is the Director of Cyber Market Intelligence & Financial Crimes at Interac, and she is back on the podcast with Doug Hoyes to share the top scams she’s seeing in 2023, from renter scams to investment cons. Rachel shares lots of practical tips and helpful information to help you stay vigilant. You won’t want to miss this show. Tune in & share to spread awareness.
1:40 Renter Scams
5:55 Loan Scams
9:51 Employment/Job Scams
15:59 Investment Scams
21:06 Canada Revenue Agency (CRA) Scam
25:04 How Interac Auto-Deposit Prevents Fraud
Links:
How to Avoid E-Transfer Email Scams: https://youtu.be/971-DQWk4CI
Interac Digital Self-Care Checkup: https://www.interac.ca/en/content/life/digital-self-care-stay-safe-online-with-the-ultimate-cyber-security-checkup/
Online Investment Cyber Crime: https://ottawa.ctvnews.ca/it-s-heartbreaking-ottawa-woman-says-she-lost-100-000-in-an-online-investment-cyber-crime-1.6296899
A debt service ratio basically the amount of your monthly income that’s used to service your monthly debt payments. But why does this ratio matter and what’s a good debt service ratio to have? On today’s podcast, Doug Hoyes and Ted Michalos break down how a debt service ratio is calculated, what it means for your financial health and practical advice for how to avoid a high ratio and debt problems. Tune in to this episode, which also serves as a great introduction to financial literacy.
Links:
What’s the Wealth Effect (And Why It Matters To You): https://youtu.be/jVjVS8gik2o
4 Personal Finance Ratios That Measure Debt Risk: https://www.hoyes.com/blog/4-personal-finance-ratios-that-measure-debt-risk/
When debt collectors start getting aggressive with their collection efforts, what do you do? What should you avoid saying to a collection agent? When does the Statute of Limitations on debt come into play? And what if you can repay only some of your debt? On today’s podcast, Scott Terrio returns with Doug Hoyes to give practical advice on dealing with collection agencies and spotting their tricks. They also share specific tips for approaching Canada Revenue Agency when you have unpaid tax debt. Tune in for a great show!
Related Links:
Exposing Collection Agencies’ Dirty Tricks: https://www.hoyes.com/blog/collection-agency-dirty-tricks/
Collection Agents: How Did They Find Me? https://www.hoyes.com/blog/collection-agency-dirty-tricks/
Top 10 Tips for Dealing with a Collection Agent: https://www.hoyes.com/blog/top-10-tips-for-dealing-with-a-collection-agent/
Can a Collection Agency Take Me to Court? https://youtu.be/6UHpCGqVP4k
We just released our 2022 Hoyes Michalos Consumer Insolvency Study which found that 49% of all insolvencies are now being filed by Millennials. Millennials were the only age demographic to see a rise in their unsecured debt obligations last year. On today’s podcast, Doug Hoyes and Ted Michalos explain why Millennial insolvencies are rising. They also discuss another alarming trend from our study – the growth in Rapid Loan (high-cost payday and installment loan) usage. Tune in for a great discussion!
Links:
Hoyes Michalos Consumer Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/
Rapid Loans & Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/how-insolvent-borrowers-use-payday-loans/
Amid layoff announcements and rising cost of living, you may be feeling like you’re in a crisis or about to face one. What do you do? And what should you avoid doing? How can you manage your financial health when your stress levels are at an all-time high? Enter Maureen Parent. On today’s podcast, Maureen gives lots of practical advice along with dos and don’ts of dealing with job loss, high food costs, and managing your bill payments when money is tight. Tune in for an inspiring discussion!
Links:
Five Tips to Survive an Economic Crisis: https://www.hoyes.com/blog/five-tips-survive-economic-crisis/
Maureen Parent, LIT: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/
Maureen Parent on Twitter: https://twitter.com/MaureenParent7
Less than one year ago, the Bank of Canada overnight rate was just 25 basis points. Today, it’s 450 basis points – an 18X increase. How have record rate increases affected homeowners and potential homebuyers? What about borrowers with a home equity line of credit (HELOC)? On today’s podcast, Ron Butler, mortgage broker extraordinaire, gives us insight into the mortgage world in 2023. He also discusses how recency bias affects our decision-making, with lots of practical advice to avoid paying more for your mortgage than you need to. Tune in!
Links:
Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy
Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/
High Interest Rates: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/
Bank of Canada, share of mortgages with high Debt Service Ratio: https://www.bankofcanada.ca/rates/indicators/indicators-of-financial-vulnerabilities/
Average Toronto house prices: https://wowa.ca/toronto-housing-market
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
Podcast 403 - What’s Happening Now that Mortgage Rates are up? https://www.youtube.com/watch?v=Iw-HtqgOgJM
Podcast 421 - Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler https://youtu.be/kJ9vyHA5pJw
When you think you're rich, you’re more likely to spend more. And when you’re not so confident about money, you may hold back and save. This is how the wealth effect works. But are there any risks to this effect? On today’s podcast Doug Hoyes and Ted Michalos give real-life examples of how the wealth effect works and why it may cause you unwanted debt problems if you’re not careful. Tune in for a great discussion.
Links:
Are Wealth Effects Important For Canada? https://www.bankofcanada.ca/wp-content/uploads/2010/06/pichettee.pdf
Podcast 435 – Why Are Consumer Insolvencies Back Up? https://youtu.be/3i22JpmcozY
Sometimes borrowing money is a necessity. But do we always borrow because we need to? What role do banks, credit unions, and credit score providers play in influencing our decisions? On today’s podcast, Scott Terrio is back with Doug Hoyes to break down how lenders encourage borrowing and they share practical advice for how to say no. Tune in for a great discussion!
Related Links:
Loan Affordability – What To Know Before You Borrow: https://youtu.be/GgdykU5lGvw
Banks Can Take Your Money Without Warning: https://youtu.be/OgO-3JE6wGM
The Average Joe and Jane Guide to Smart Borrowing: https://www.hoyes.com/blog/average-joe-jane-guide-smart-borrowing/
When you’ve got a lot of debt to deal with, it can be tough to know where to start. Should you pay off the smallest debt first? Or the highest interest one? On today’s podcast, Doug Hoyes and Ted Michalos break down how to answer this age-old question with lots of practical advice, a discussion about the debt snowball vs. debt avalanche method, whether debt consolidation is a good idea, and when it’s time to speak to a Licensed Insolvency Trustee. Tune in for lots of great tips!
Links:
Which Debts Should You Pay First? https://www.hoyes.com/blog/which-debts-should-you-pay-first/
Debt Snowball Method vs. High Interest First https://www.hoyes.com/blog/debt-snowball-method-vs-high-interest-first/
It’s the start of a new year and a good time to plan your finances for the next few months. On today’s podcast, Maureen Parent is back to walk you through the steps. She explains how you can plan for your expenses and the importance of looking at costs on an annual basis instead of monthly. Maureen also gives practical advice on adjusting your budget for inflation as grocery costs keep rising, as well as on how to budget for longer-term goals. And, if you don’t like budgeting, there are lots of tips for you, too, so your finances are still organized! Tune in for a great discussion.
Related Links:
7 Reasons Why Budgets Fail & How You Can Succeed: https://www.hoyes.com/blog/7-reasons-why-budgets-fail-and-how-you-can-succeed/
Use a P.L.A.N. Account When Budgeting: https://youtu.be/pSQ3jvrFVHU
The Secret To Budgeting – Pay Your Bills As You Get Paid: https://www.hoyes.com/blog/the-secret-to-budgeting/
Free Budgeting Workbook: https://www.hoyes.com/free-budgeting-workbook/
Mint.com Budget App: https://mint.intuit.com/
Goodbudget App: https://goodbudget.com/
Investing Basics – Where To Start Now That You’re Debt Free: https://youtu.be/VSgb8POKcjs
Both consumer debt and insolvencies have turned sharply upward again. What’s contributing to this shift? Are record-high interest rates to blame? Inflation? Or are we just picking up where we left off pre-pandemic? Doug Hoyes and Ted Michalos are back with our year-end analysis and predictions podcast. They discuss the top statistics from 2022 that help explain what’s happened with bankruptcies this year and give their predictions for what’s the come in 2023. Tune in for a great discussion!
Sources & Related Links:
Top 10 Debt Statistics for 2022 & What’s Ahead for Consumer Insolvencies: https://www.hoyes.com/blog/top-10-debt-statistics-for-2022-and-whats-ahead-for-consumer-insolvencies/
National Rent Report, Rentals.ca: https://rentals.ca/national-rent-report
Teranet-National Bank House Price Index: https://housepriceindex.ca/2022/11/october2022/
Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/
Consumer Price Index Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401
Hourly Wages Data Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032001
Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901
Last year's show: Predictions for Consumer Debt Coming Out Of The Pandemic, Ep. 383: https://youtu.be/LCE6EkOwi8E
We spend a lot of our time in the virtual world these days – on our phones, apps, social media – and sometimes the line between virtual reality and physical reality gets blurred. Sometimes even to the point where we make real world decisions based on what we see in the virtual world. On today’s special and short podcast, Doug Hoyes helps us understand why it’s important to distinguish between physical and virtual reality so we don’t end up in serious financial trouble.
For the last 30 years, credit card debt has been going up. In November 1990, Canadian households owed $9.8 billion on their credit cards. Today, they owe nearly $90 billion. Why has credit card spending surged in the last three decades? On today’s podcast, Doug Hoyes and Ted Michalos discuss how inflation and easier access to credit products have contributed to our indebtedness and provide practical advice for how to deal with your credit card debt. Tune in for a great discussion.
Related Links:
Statistics Canada. Table 36-10-0639-01 Credit liabilities of households https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901
What to Know About Credit Cards To Use Credit Wisely: https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/
How to Pay Credit Cards – Pay More Than The Minimum: https://www.hoyes.com/blog/how-to-pay-credit-cards-minimum/
If a company goes bankrupt, should the employees lose their pension or have their benefits reduced? No, of course not. But it has happened. There is new legislation before Parliament to protect pensions, but will it have unintended consequences? What will this mean for average person? How does this affect businesses? On today’s podcast, Doug Hoyes and Ted Michalos explain the different types of pensions employers offer, what happens when a company goes out of business, and they discuss the broader implications of the incoming legislation. Tune in!
Related Links:
Should Company Pensions be Protected in Bankruptcy? https://www.hoyes.com/blog/should-pensions-be-protected-in-a-corporate-bankruptcy/
Hansard, debate on Bill C-228 https://www.ourcommons.ca/DocumentViewer/en/44-1/house/sitting-130/hansard
Sears Canada pension settlement: https://kmlaw.ca/cases/sears-canada/
Bankruptcy & Insolvency Act, section 60 (1.5) lois.justice.gc.ca/eng/acts/B-3/page-10.html#docCont"> https://laws-lois.justice.gc.ca/eng/acts/B-3/page-10.html#docCont
Bankruptcy & Insolvency Act, section 136, Scheme of Distribution, Priority of Claims lois.justice.gc.ca/eng/acts/b-3/page-24.html#h-27334"> https://laws-lois.justice.gc.ca/eng/acts/b-3/page-24.html#h-27334
Bill C-228, House of Commons: https://www.parl.ca/legisinfo/en/bill/44-1/c-228
At some point in life, you’re going to need a loan. But before you sign on the dotted line for a loan, figure out if you can afford it. How? That’s the focus on today’s podcast. Ted Michalos is back to share practical advice for how to figure out loan costs by yourself so you don’t get take on more debt than you can handle. Ted and Doug review three common loan types: debt consolidation loans, auto loans, and installment loans. Tune in for lots of great tips!
Resources Mentioned in the Show:
Debt Consolidation Loan Calculator: consolidation-calculator.html">https://www.calculator.net/debt-consolidation-calculator.html
Car Loan Calculator: https://wowa.ca/car-loan-calculator
Installment Loan Calculator: calculator.html">https://www.calculator.net/loan-calculator.html
We need good credit to get things like an apartment or a cell phone or to qualify for an affordable loan. But what if you’ve struggled with managing credit and now have bad credit? Is a credit card the solution to fixing bad credit? It can be if you know how to use it. On today’s podcast, Jennifer Kwon, LIT, returns with lots of practical advice for how to use a credit card wisely to rebuild credit, what types of credit cards exist, and the dos and don’ts of credit rebuilding. Tune in for the discussion with Jennifer Kwon and Doug Hoyes!
Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay less interest than the typical credit card rate, making repayment more affordable. The question is though – should you take a loan out on your credit card debt? How can a credit card installment plan go wrong? On today’s podcast, Ted Michalos and Doug Hoyes discuss the true cost of these installment plans, the extra fees you need to pay, and why they can put your finances at risk. Tune in for lots of practical advice.
Links Mentioned In The Show:
Should You Be Charged a Fee For Using Credit Cards? https://youtu.be/k-R_ipxjjHk
New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI
CIBC Pace It plans.html"> https://www.cibc.com/en/personal-banking/credit-cards/manage/installment-plans.html
Canadian Tire Bank equal payment plan: uat15.cantire.net/en/financing.html">https://triangle-uat15.cantire.net/en/financing.html
TD Payment Plans: https://www.td.com/ca/en/personal-banking/how-to/manage-my-credit-card/payments-plans/
RBC PayPlan for-consumers.html"> https://www.rbcroyalbank.com/personal-loans/payplan-for-consumers.html
Scotiabank SelectPay https://www.scotiabank.com/ca/en/personal/credit-cards/selectpay.html
BMO PaySmart Installment Plan: https://www.bmo.com/main/personal/credit-cards/paysmart-installment-plans/
Interest calculator: schedule-calculator.php"> https://www.calculatorsoup.com/calculators/financial/amortization-schedule-calculator.php
Some of our clients get the unhappy surprise of seeing a zero-dollar balance in their bank accounts because the bank took their money. Yes, this is legal. It’s called the right of offset. If you owe the bank money and you’re behind on payments, they can clear your bank account, without warning. How do you avoid this happening to you? Enter Scott Terrio. On today’s podcast, Scott and Doug discuss why, how, and when the bank can exercise their right of offset and how you can avoid this, even if you can’t afford to pay your debts as they come due. Tune in for lots of practical advice!
Related Links:
What is the Right of Offset and What Can You Do About It? https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/
Why Do I Need to Switch Banks? https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/
The price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to start early. On today’s podcast, Heather Cudmore, Certified Credit Counsellor at Hoyes Michalos joins Doug Hoyes to give practical advice on how to approach Christmas spending with your family to make it affordable, while keeping creativity and fun in the picture. Tune in!
Links Mentioned in the Show:
What’s The Point of Financial Literacy Today? https://youtu.be/ALp2KEV5atw
Christmas Etiquette When You’re Dealing with Debt: https://www.hoyes.com/blog/christmas-etiquette-when-youre-dealing-with-debt/
Straight Talk on Your Money book by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034
It’s that time of the year again – Financial Literacy Month (2022). Is there any point to it? Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you?
Doug Hoyes has some thoughts he’d like to share with you regarding today’s economy, how it’s impacting Canadians, and what you can do.
#financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy
Links:
Doug Hoyes on Twitter: https://twitter.com/doughoyes
Hoyes Michalos website: https://www.hoyes.com/
Mortgage rates are up, and real estate prices are down. What does this mean for you if you’re renewing your mortgage? Can your bank decline your renewal and what are your options if they do? On today’s podcast, Ted Michalos returns to give practical advice for how to approach your mortgage renewal in a rising rate environment, whether selling is a good option, and how to deal with unsecured debts if you’re overwhelmed. Tune in for lots of tips!
Related Links:
Mortgage Challenges After Record Rate Hikes with Ron Butler: https://youtu.be/kJ9vyHA5pJw
Renewing Your Mortgage as Rates Change: https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/
Can’t Pay Your Mortgage? Options To Keep Your House: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/
Bad credit can mean a lot of things. But when is bad credit good and when is it actually bad? Is it worse to have bad credit because you owe too much or because you have no debt? Is there a difference between a credit score and a credit report? Maureen Parent is back on today’s podcast to answer all these questions and offer practical advice for maintaining healthy finances. Tune in.
Resources Mentioned in the Show:
Free Credit Rebuilding Course: https://courses.hoyes.com/courses/rebuild-credit
A Clean Credit Report Does Not Equal a Good Credit Report: https://www.hoyes.com/blog/a-clean-credit-report-does-not-equal-a-good-credit-report/
Effective October 6, 2022, merchants may now add a credit card surcharge of up to 2.4% when you pay with a credit card. Will they? Or will customers revolt and boycott stores that charge the extra fee? Are we all going to switch to cash? How will this affect our budgets? And is this even fair to the consumer? Ted Michalos is back to discuss and offer lots of practical advice. Tune in.
Resources Mentioned in the Show:
What You Need to Know About the New Credit Card Surcharge: https://www.cbc.ca/news/credit-card-surcharge-faq-1.6610356
Loblaws Financial Statements: https://www.loblaw.ca/en/investors-overview
Canadian Tire Financial Statements: https://corp.canadiantire.ca/English/investors/financials-reporting/annual-disclosures/default.aspx
Did you know that bankers often refer to debt consolidation loans as a ‘never, never plan,’ meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt cheaper to service through a lower interest rate. But banks know how to keep their clients with just the right amount of debt to continue profiting from interest charges. On today’s podcast Ted Michalos and Doug Hoyes break down just how exactly banks keep their customers in a ‘never, never plan,’ and offer practical advice to help borrowers actually eliminate their debts. Tune in!
Links:
Risks of Debt Consolidation Loans – The Hidden Traps: https://www.hoyes.com/blog/debt-consolidation-loans-the-hidden-trap/
Hoyes Michalos Debt Repayment Calculator: https://www.hoyes.com/debt-repayment-calculator/
Hoyes Michalos Debt to Income Ratio Calculator: https://www.hoyes.com/debt-to-income-ratio-calculator/
Government of Canada Credit Card Payment Calculator: ioutils.fcac-acfc.gc.ca/CCPC-CPCC/CCPCCalc-CPCCCalc-eng.aspx"> https://itools-ioutils.fcac-acfc.gc.ca/CCPC-CPCC/CCPCCalc-CPCCCalc-eng.aspx
With record inflation, many people are feeling the pinch, and we’ve even been asked if it’s possible to skip a bill or two just to get to the next month. Well, on today’s podcast, we’re addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to survive these trying times. Tune in.
Links:
Maureen Parent on Twitter: https://twitter.com/MaureenParent7
Hoyes Michalos Kanata Office: https://www.hoyes.com/ontario-offices/kanata/
Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/
Ontario Government – search for a collection agency: https://www.ontario.ca/page/search-business-licence-registration-or-appointment
Government of Canada - search for a licensed insolvency trustee: https://www.ic.gc.ca/app/scr/tds/web
Credit Counselling and Getting Out of Debt https://www.hoyes.com/blog/a-different-view-of-credit-counselling/
https://www.hoyes.com/blog/are-not-for-profit-credit-counselling-agencies-now-just-debt-collectors/
Ontario Ministry of Government and Consumer Services https://www.ontario.ca/page/ministry-government-and-consumer-services
Interest rates are at 18-year highs in Canada and if you got a mortgage in the last few years, you’re probably dealing with higher mortgage payments today. If rates keep rising, what potential challenges will come up for mortgage holders? What happens when you hit a trigger rate? What do costly mortgages mean for renters? On today’s podcast, mortgage expert extraordinaire Ron Butler returns to discuss the impact five straight interest rate hikes have had on mortgages and whether now is a good time to buy. Ron also shares a special announcement at the end of the podcast – be sure to tune in for some great insights and practical advice.
Links:
Ron Butler on Twitter: https://twitter.com/ronmortgageguy
High Interest Rates and Debt: 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/
Show 293: Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA
Show 334: Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0
Show 376: Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w
Show 403: What’s Happening Now that Mortgage Rates Are Up? https://www.youtube.com/watch?v=Iw-HtqgOgJM
We’ve now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender’s discretion. On today’s podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high balances on them when rates are rising. Scott and Doug also share lots of practical advice to help you spot when your own finances may be at risk. Tune in for a great discussion!
Related Links:
Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/
Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/
Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
The Criminal Code of Canada says that it’s a criminal offence to charge an interest rate of more than 60%. The federal government is considering lowering that rate. Is this a good idea? What could go wrong? On today’s podcast, Ted Michalos returns to discuss whether this plan by the Government of Canada will make any meaningful difference, and what the unintended consequences of the proposal may be. Doug and Ted also share their four recommendations to the Government to better protect consumers when it comes to usury laws. Please note that the government will be accepting your comments until October 7, 2022, so tune in to this podcast to understand the issue and then send them an email with your thoughts at consultationconsumeraffairs.consultationconsommation@fin.gc.ca"> consultationconsumeraffairs.consultationconsommation@fin.gc.ca with ‘Predatory Lending Consultation’ as the subject line.
Resources Mentioned in the Show:
Department of Finance Canada Issues Consultation Paper on Criminal Rate of Interest: https://www.mccarthy.ca/en/insights/blogs/techlex/department-finance-canada-issues-consultation-paper-criminal-rate-interest
Garland vs. Consumers’ Gas Company: csc.lexum.com/scc-csc/scc-csc/en/item/2138/index.do">https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/2138/index.do
Criminal Code, section 347, criminal interest rate: https://qweri.lexum.com/w/calegis/rsc-1985-c-c-46-en#!fragment/sec347/BQCwhgziBcwMYgK4DsDWszIQewE4BUBTADwBdoJC4BmAFgHYBKAGmW1MIgEVFDcBPaAHIhzSmFwIefQSLGEJCAMp5SAIUEAlAKIAZbQDUAggDkAwtuakwAI2ilscRoyA
Bank of Canada posted interest rates, chartered banks: https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/
Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
It’s Season #9 of Debt Free in 30! Life is changing fast – there’s no question about it. How can you navigate this crazy economy? How do you deal with an ever-limited budget? Doug Hoyes returns in this short season premiere rant to share what you can expect from our show this season and helpful resources to get you through these tough times. Tune in.
Resources Mentioned in the Show:
How One Man Retired Debt-Free at Age 48: https://www.hoyes.com/blog/how-one-man-retired-debt-free-at-48/
Debt Free in 30 Newsletter Archive & Sign Up: https://www.hoyes.com/newsletter-archive/
Insolvency Updates Newsletter Sign Up: https://lp.constantcontactpages.com/su/wAp31r4/insolvencyupdates
How to Rebuild Credit course: https://courses.hoyes.com/
It’s our final rebroadcast episode of the summer, and today we rebroadcast 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
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/
Today we rebroadcast episode #339 (and it’s even more timely today). For many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is now creating financial problems? What are your options? Is it possible to get out of a car loan? On today’s podcast, Ted Michalos and Doug Hoyes discuss when you might want to hand your vehicle back, how to do it, and what happens with the loan shortfall. Tune in for lots of practical advice!
Related link:
Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/
For the average Canadian family, their largest monthly expense is their rent or mortgage payment, and unless they have a very expensive car, their second biggest expense is often food.
If you have a limited income, how can you manage your food budget effectively?
Is it possible eat healthy without breaking the bank?
On today’s show we welcome Heidi Pola, a Registered Dietician who gives practical advice on how to eat healthy and save money.
The summer is only half over, yet so much has happened to the economy in 2022. Gas prices have started to come down after intense surging, and interest rate hikes are at record highs and may keep going. What can we expect for the next six months of the year? Enter Doug and Ted. On today’s podcast, Doug Hoyes and Ted Michalos give us their mid-year review and share their predictions for consumer debt levels, inflation, bankruptcy filings, and whether CRA collections will intensify in the Fall. Tune in for a lively discussion and practical advice on managing your finances for the rest of the year.
Additional Resources:
Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/
Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/
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: schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/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
Links:
Does Debt Survive Death? https://www.hoyes.com/blog/does-debt-survive-death/
CPP Death Benefit: death-benefit.html"> https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-death-benefit.html
CPP Survivor’s Pension: survivor-pension.html"> https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-survivor-pension.html
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
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?
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/
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 osb.nsf/eng/br03249.html">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 eng.htm"> 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
Links:
Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
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 post-and-td-enter-strategic-alliance-to-expand-access-to-financial-services-for-canadians-861926361.html"> 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 postescanada.ca/cpc/en/personal/mymoney/loan.page"> https://www.canadapost-postescanada.ca/cpc/en/personal/mymoney/loan.page
Canada Post 2020 Annual Report postescanada.ca/cpc/doc/en/aboutus/financialreports/2020-annual-financial-report.pdf"> https://www.canadapost-postescanada.ca/cpc/doc/en/aboutus/financialreports/2020-annual-financial-report.pdf
Canada Post 2021 Quarterly Reports postescanada.ca/cpc/en/our-company/about-us/financial-reports/quarterly-financial-reports.page"> 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
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: relief.html"> 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/
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 627-m2022004-eng.pdf"> 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: osb.nsf/eng/br02402.html">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: en.html">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: 20-nhl-players-stats.html"> 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: en.html">https://www.budget.gc.ca/2021/report-rapport/anx1-en.html
Canada Emergency Wage Subsidy Statistics: statistics.html"> https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html
Canada Emergency Response Benefit Statistics: report.html">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: eng.cfm"> 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: a001-eng.htm"> 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: fcei.ca/sites/default/files/2021-08/Small-Business-Debt-The-COVID-19-Impact.pdf"> 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: us-01.kc-usercontent.com/fbd574c4-da36-0066-a0c5-849ffb2de96e/2c41223a-5f39-4dd2-b94c-c75d2fae1fbd/Math_9_strand%20chart_AODA_06-May-21.pdf"> 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:
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: canb.org/assets/files/pdf/decisions/2020/2020_11_24%20TDHA%20PPV%20RFG-1%20Decision%20E.pdf"> 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: 621-m2021004-eng.htm"> 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: periods.html"> https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/eligibility-periods.html
CERB Statistics: report.html">https://www.canada.ca/en/services/benefits/ei/claims-report.html
New T4 Reporting Requirements for Employers: employers-cra-covid-19.html"> https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html
CERB Eligibility Criteria: apply.html"> https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/who-apply.html
This episode first aired two years ago and is one of our most-watched videos on YouTube. Today Ted Michalos and Doug Hoyes return with updated information on how the COVID-19 lockdown impacted the Limitations Period, which impacts whether or not a creditor can take you to court.
We explain when they are most likely to take you to court, and what your options are if they do. Enjoy!
Unlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Trustee to file a consumer proposal. On today’s podcast, Ted Michalos and Doug Hoyes discuss how debt consultants work, how to prevent yourself from getting scammed by them, and provide their recommendations on how this unregulated industry should be eliminated. Tune in for a great discussion!
Additional Links:
Podcast 220: The Cold-Hard Truth About Unlicensed Debt Consultants: https://youtu.be/6ESHYGnwcOU
Ontario Government – search for a collection agency: https://www.ontario.ca/page/search-business-licence-registration-or-appointment
Government of Canada - search for a licensed insolvency trustee: https://www.ic.gc.ca/app/scr/tds/web
How Credit Counselling agencies really work today: https://www.hoyes.com/blog/a-different-view-of-credit-counselling/ and
https://www.hoyes.com/blog/are-not-for-profit-credit-counselling-agencies-now-just-debt-collectors/
Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/
Ontario Ministry of Government and Consumer Services https://www.ontario.ca/page/ministry-government-and-consumer-services
Ontario Collection and Debt Settlement Services Act https://www.ontario.ca/laws/statute/90c14
$23 million in fees paid to debt consultants – OSB data: osb.nsf/eng/br03754.html"> https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03754.html
Time Stamps:
3:08 What is credit counselling?
4:42 What is a consumer proposal?
5:50 How ‘debt consultants’ work
7:59 The debt consultant business model
11:22 What are debt consultant tricks?
13:50 What questions to ask when meeting with a debt professional
23:10 Advice to the Office of the Superintendent of Bankruptcy to better regulate debt consultant scams
Experts say you should have 10 times your income saved to retire, but for many people that's a difficult target. What can you do if your savings are nowhere near that amount or, more likely, you haven’t even started saving yet? How can you plan a retirement on a limited income? Enter Jason Heath, Certified Financial Planner. On today’s podcast, Jason provides practical advice on retirement income sources like CPP, OAS, GIS, and how and when to claim them. He also helps listeners understand how to be strategic and make the most of their TFSAs and RRSPs for retirement. Tune in!
Links:
Objective Financial Partners Inc. website: https://objectivefinancialpartners.com/
Jason Heath on Twitter: (@JasonHeathCFP) https://twitter.com/JasonHeathCFP
Podcast 198 – How to Find a Credible Financial Planner: https://www.youtube.com/watch?v=ORuEiYR5zpI
CPP Information Canada.ca: https://www.canada.ca/en/services/benefits/publicpensions/cpp.html
Guaranteed Income Supplement (GIS) Information: income-supplement.html"> https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/guaranteed-income-supplement.html
Old-Age Security Overview: age-security.html"> https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html
There are a lot of scenarios where borrowing makes sense: buying a home, a car, or paying for school. But if you don’t stop to think before borrowing, you can face some serious unintended consequences. Sure, that 8-year car loan seems affordable today, but what if you face reduced income or something happens to the car and you’re stuck with repayment? Would you still be able to afford it? On today’s podcast, guest Ted Michalos and Doug Hoyes go through eight borrowing scenarios and the potential problems that come with them, along with practical advice for each case. Tune in!
Links:
5 Debt Lessons Every Student Should Know https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/
How Car Loans and Car Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/
Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/
Why Does Home Ownership Cause Financial Problems? https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/
What to Know About Credit Cards So You Use Credit Wisely: https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/
8 Alternatives to Payday Loans https://www.hoyes.com/blog/8-alternatives-to-payday-loans/
Time Stamps -
Unintended Consequences of:
1:42 Car Loans
5:01 Mortgage Loans
7:15 Credit Cards
8:33 Payday Loans
10:29 Student Loans
14:15 Wedding Loans
18:55 Borrowing to Invest
24:23 Borrowing to Start a Business
Times have changed. Cost of living is higher than ever, and wages have barely kept up. Jobs are no longer as stable as they used to be, and good paying jobs don’t require 4-year degrees necessarily. Knowing this, why do we still give the same financial advice we gave decades ago? On today’s podcast guest Scott Terrio and Doug Hoyes discuss six pieces of common financial advice that we may want to rethink in 2021. Tune in for lots of practical advice!
Additional Links:
Podcast 231: Think Twice Before Getting a Home Equity Line of Credit https://youtu.be/RiKKbg_pyu8
Straight Talk On Your Money book by Doug Hoyes: https://www.hoyes.com/straight-talk/
We are now 16 months into the Coronavirus pandemic, and everything has changed. Canadians have increased their savings rate and put a dent in their unsecured debt obligations. But are these trends going to last? Will savings go back down and credit card balances surge once the economy fully reopens? And will stress levels increase when we are back together in the workplace? Join guest Ted Michalos for a lively discussion on what’s happening and what’s next.
Time Stamps:
3:50 How much are Canadians saving now?
6:54 What’s happening with credit card debt?
11:11 What’s in store for the future?
20:00 When will things return to normal?
24:48 Practical advice
Related Links:
Ep. 290 Dealing with Debt During COVID-19 https://youtu.be/lWmZDLaJ63o
Ep. 291 COVID-19 & Debt Update: Dealing with your Creditors https://youtu.be/NPUSxwQR-pg
Ep. 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession with Ben Rabidoux https://youtu.be/fek4xUoIkrc
Ep. 295 The Vultures are Circling: COVID-19 & High-Interest Loans https://youtu.be/yLK40Eq0vZw
Ep. 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact https://youtu.be/S86gnBEkeUY
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
If you have a little money, is it better to invest it or just leave it in a savings account? And if you do invest, how can you do so with very small amounts of money? Enter Robert Brown, author of Wealthing Like Rabbits. On today’s podcast, Robert shares best practices for beginner investors. Robert reviews where to store your money depending on your financial goals (RRSPs, TFSAs) and which types of investments are sound, which ones should be avoided, and the importance of looking at the ‘costs’ of investing. Tune in to this podcast for lots of valuable practical advice!
Additional Links:
Wealthing Like Rabbits – An Original Introduction to Personal Finance On Amazon: https://amzn.to/35sEmN0 (Kindle, Paperback and Audiobook)
Robert Brown's previous appearances on Debt Free in 30:
-Episode 14: https://www.hoyes.com/blog/wealthing-like-rabbits-robert-brown/
-Episode 77: Change Your Debt Perspective, https://youtu.be/u8MK9XVI5rA
-Episode 140: Banks Behaving Badly, Who to Trust, and Has Toronto Real Estate Peaked? https://www.hoyes.com/debt-free-30-podcast/page/21/
-Episode 184: Debt: Why is no-one listening https://youtu.be/nCZ6ojT9h5k
-Episode 211: Are you Having a Personal Financial Crisis? https://youtu.be/tuNN3c54kaU (first video podcast in Kitchener, before the studio was built)
-Episode 275: The Huge Business of Marketing, https://youtu.be/jbX6ZzS1Gdc
When a financial product is more affordable (or even free), banks aren’t too keen on promoting it or helping you access it. Why? Because they want to make money. Banks are also very good at manipulating consumers into thinking they’re getting a ‘deal’ when they’re really paying a hefty price. So, how can you know when it’s truly free money and when it’s a ploy? Enter Alan Whitton (aka Big Cajun Man). On today’s podcast, Alan gives real examples of false ‘free’ financial services and products to help us make more informed banking and investing decisions. Alan also explains how RDSPs and RESPs work and how to access income-based benefits in the two plans. Tune in for lots of practical advice!
Resources:
Canadian Personal Finance Blog: https://www.canajunfinances.com
RESP & University Expenses Page: https://www.canajunfinances.com/RESP/
RDSP Information: https://www.canajunfinances.com/RDSP
Alan Whitton on Twitter (@bigcajunman): https://twitter.com/bigcajunman
Alan Whitton (Canajun Finances) on Facebook: https://www.facebook.com/canajunfinances
The economic shutdown has been costly for small businesses. If you’re an owner concerned about the future health of your business, what should you do? Sell your business? What are your options if you have a lot of business debt? On today’s podcast, David Barnett, a business broker, returns to discuss how COVID-19 has impacted small businesses and why some businesses are having a harder time selling than others. He also shares strategies some companies have deployed to stay afloat during the pandemic and advice to avoid bad business funding choices. David also explains the sunk-cost fallacy and recency bias to help you understand whether it’s financially worthwhile to maintain your business. Tune in for lots of practical advice!
Related Links:
Debt Traps of Buying a Business with David Barnett: https://www.youtube.com/watch?v=-HbW9ww2BNg
David Barnett’s Website: davidcbarnett.com and https://www.investlocalbook.com/
David Barnett on Twitter: https://twitter.com/DBarnettMoncton
With the rapid rise in the real estate market, you may find yourself with significant equity in your home, yet you are also carrying high interest unsecured debt. On paper you have equity in your home, but you may still be “insolvent”, meaning you can’t pay your bills as they come due. So, what should you do? On today’s podcast, guest Ted Michalos explains how you can deal with debt as a homeowner through either a home equity line of credit, a second mortgage, or by filing a consumer proposal. Tune in for lots of practical advice!
Helpful Links:
Second Mortgage Home Equity Loan or Interest-Free Consumer Proposal? https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/
Will a Second Mortgage Clean Up All Your Debts? https://www.hoyes.com/blog/will-a-second-mortgage-clean-up-all-your-debts/
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