Debt Free In 30

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

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

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.hoye

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

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

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

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=

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-hoy

Because there aren’t already enough lenders out there, Canada Post has now also come out with their own loan called the ‘MyMoney Loan,’ partnering with TD Bank. It’s a strategic alliance, aimed at Canadians in rural, remote, and Indigenous communities. But, this Canada Post loan is not so cheap. While it’s more affordable than a payday loan, is it really a viable option for Canadians who can’t easily access a traditional bank? Find out on today’s podcast with host Doug Hoyes and guests Rebecca Martyn, LIT, Jennifer Kwon, LIT, Maureen Parent, LIT, and with a special appearance by Tom Cooper from the Hamilton Roundtable for Poverty Reduction.   Related Links: Canada Post Press Release https://www.newswire.ca/news-releases/canada-post-and-td-enter-strategic-alliance-to-expand-access-to-financial-services-for-canadians-861926361.html Canada Post My Money Loan https://www.canadapost-postescanada.ca/cpc/en/personal/mymoney/loan.page Canada Post 2020 Annual Report https://www.canadapost-postescanada.ca/cpc/doc/en

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

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

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

Although the Bank of Canada held interest rates steady in their January 26, 2022 announcement, rates are expected to increase in 2022. When that happens, will you be financially ready for higher borrowing costs? Could you afford to pay an extra, say, $50-$100 a month towards your debts? On today’s podcast, Doug Hoyes and Ted Michalos breakdown how a rate hike would impact your finances, whether it’s better to get a variable or fixed loan, and why it’s important to prioritize debt repayment in a low-rate environment. Tune in for a great discussion.   Links:   Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Bank of Canada Policy Interest Rate https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/ Understanding the Bank of Canada Policy Interest Rate: https://www.bankofcanada.ca/2021/04/understanding-policy-interest-rate/ Bank of Canada Mandate: https://www.bankofcanada.ca/publications/annual-reports-quarterly

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, Mississ

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

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

We all agree that life is getting more difficult for the average person. The cost of living is going through the roof; wages are stagnant, and no matter what you do, it seems impossible to get ahead. On today’s podcast, Doug Hoyes explains the three forces that are conspiring against you: demographics, technology, and bad money. How did we get here? And how can you compete in today’s challenging economy? Tune in to this special episode for Doug’s insights and practical advice.   Resources Mentioned in the Show:   House Prices, Canadian Real Estate Association: https://creastats.crea.ca/en-CA/ Hourly Wages, Statistics Canada: shorturl.at/gGQT1 Rembrandt sketch, The Parable of the Talents: https://www.pubhist.com/w26841 NHL Statistics: https://www.quanthockey.com/nhl/seasons/2019-20-nhl-players-stats.html Inflation, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 2020 Canadian Federal Budget: https://www.budget.gc.ca/2021/report-rapport/anx1-en.html Canada Emergency Wage Sub

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