Debt Free In 30

Nearly 9 million Canadians applied for CERB in 2020 to deal with the financial effects of COVID-19. To distribute the benefit quickly, the Canadian government conducted very little eligibility verification up-front. Many people believed they were eligible to get CERB but are now discovering that that was not the case. So, what happens if you received CERB but were not eligible? Will you be audited by the Canada Revenue Agency? And if you are audited, how do you prove you were eligible? Enter Jason Rosen. Jason is an experienced tax lawyer and co-founder of Rosen Kirshen (RK) Tax Law. On today’s podcast Jason shares his thoughts on how the CRA might treat ineligible receipt of CERB and CEWS for employers. 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 to the show for lots of guidance on this pressing issue. Relevant Links: Rosen Kirshen Tax Law Websi

Fintech has come up with a new way for making purchases online with Buy Now Pay Later apps. But is ‘buy now, pay later’ just another form of debt? Do these new apps actually help your budget or fast track financial problems? On today’s podcast, we have first-time guest and Hoyes Michalos LIT Jennifer Kwon who walks us through how these apps work, how they benefit from people using them, and she simplifies the terms and conditions so you know what you’re signing up for. And Doug Hoyes does the math to show much you’d really pay in interest if you fall behind on payments. Jennifer and Doug also share practical advice for how to use these apps safely to avoid financial trouble. Tune in to this episode for lots of great insight.   Resources Mentioned in the Show: Leon’s Financing: https://www.leons.ca/pages/visa-desjardins-financing Coupon Follow’s Millennial Shopping Report: https://couponfollow.com/research/millennial-shopping-report Afterpay App: https://www.afterpay.com/en-ca/index Afterpay’s Annual Report: h

Some loans feel like you’ve been paying them forever without an end in sight. In other cases, you may even be surprised to see your loan balances grow instead of shrink with regular payments. On today’s podcast, Doug Hoyes and Ted Michalos define important terms for understanding how loans work, how to spot an expensive loan, and the risks you face with longer term loans. They also teach you how to avoid borrowing more than you can afford and provide practical advice for what to ask your lender while you’re in the borrowing process. Helpful resources: Term vs Amortization Explainer: https://www.youtube.com/watch?v=gaMt1zW7ViA How Does Compound Interest Work: https://www.youtube.com/watch?v=mO5lhuXhWFk Debt Servicing Costs: https://www.youtube.com/watch?v=qoV5LD0eMk4 What is a Line of Credit: https://www.youtube.com/watch?v=yFR9Cag40OU How Car Loans and Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Why Payday Loans Won’t Go Away: https://www.hoyes.com/blog/

An unprecedented number of Canadians went from being office employees to working from home during this pandemic. Many also took on home office costs in 2020. So, what does this mean for our 2020 income tax filing? Which expenses will we be able to deduct and which ones will we not? On today’s podcast, Ian Martin, CPA and Licensed Insolvency Trustee, shares his thoughts on how the CRA may approach expenses like office supplies, masks, furniture, internet and rent next year. Ian also gives us his honest opinion on how the CRA should approach tax audits of individuals. Tune in to this meaningful discussion with lots of practical tips! Additional Resources: 10 Tips for Dealing with CRA and Tax Debts: https://www.youtube.com/watch?v=Pp7rVK02OVI T2200 Declaration of Conditions of Employment: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2200.html T777 Statement of Employment Expenses: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t777.html

Every January, we meet with clients who tell us they spent way too much during the holiday season. But given the current pandemic, income problems, and gathering restrictions, will 2020 finally be the year when Canadians spend less? On today's podcast, Diane Cunha and Doug Hoyes discuss what generally drives people to spend so much over the holidays and why this year might be different. They share practical advice for how to cope with COVID fatigue and resist the temptation to over-buy. Diane also answers spending questions from our newsletter readers. Lots of great tips in this show so be sure to tune in! Related Links: Deloitte 2020 Holiday Retail Survey: https://www2.deloitte.com/us/en/insights/industry/retail-distribution/holiday-retail-sales-consumer-survey.html Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034 Podcast 322: How to Build an Emergency Fund if You Have Debt: https://www.youtube.com/watch?v=YxyO8in9Swg​ Sign up for the Debt Free

It's the 10th annual financial literacy month sponsored by the federal government. Are we more financially literate than we were 10 years ago?  Our debt levels keep increasing, so it doesn’t appear so.  Is it possible to learn money management skills, or do you have to be born with it, like athletic ability. On today’s short podcast Doug Hoyes explains why he believes you can learn to manage your money, and he gives four lessons on how to do it.   #FLM2020   Time Stamps: 7:28 – Lesson 1 – What do you want? 9:47 – Lesson 2 – Do it the easy way 11:11 – Lesson 3 – Understand the Other Guy 14:54 – Lesson 4 – Ask Questions   Related Links: Government of Canada Financial Literacy Month website: https://www.canada.ca/en/financial-consumer-agency/campaigns/financial-literacy-month.html Government of Canada, have a plan to pay off your debt: https://www.canada.ca/en/financial-consumer-agency/campaigns/it-pays-to-know.html Government of Canada, de-emphasizing the most powerful debt relief options: https://www.canada

Every financial guru says you need an emergency fund. But if you also have debt, is it possible to balance saving and paying down high-interest credit cards or lines of credit? What are the steps to get started? On today’s podcast, Diane Cunha, Certified Credit Counsellor at Hoyes Michalos discusses the different types of emergency funds, teaches us how to set aside cash even if we have debt, and gives tips on where to store our savings so they are easily accessible. Tune in to the show for lots of practical advice! Related Links: Credit and Debt Decisions That Can Backfire Podcast 288: https://www.youtube.com/watch?v=0mHPf8CLhs0 What To Know About Credit Cards So You Use Credit Wisely Podcast 235: https://www.youtube.com/watch?v=u-bMxcdl55A Emergency Fund or Credit Card Debt? What's the Better Choice? https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/ Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/

Description: Amid economic uncertainty, side hustles have become a popular way to earn extra income. But while many side hustles are good, some are risky and can lead to serious debt problems.​ On today's podcast, guest and Hoyes Michalos LIT Julie Wildman discusses the risks of multi-level marketing ventures (or MLMs). While an MLM can seem like a great opportunity to "be your own boss" and work from home, it often comes with significant upfront costs that are rarely recovered. Julie walks us through how MLMs work, their success rates, and who is often targeted in MLM schemes. She also shares practical advice for how to ensure that if you do go into the business of selling products, you avoid taking on a massive debt burden. Tune in! Related links: AARP Study of Multilevel Marketing, 2018: https://www.aarp.org/content/dam/aarp/aarp_foundation/2018/pdf/AARP%20Foundation%20MLM%20Research%20Study%20Report%2010.8.18.pdf

As of August 31st, 778,000 Canadians with a mortgage at Canada’s big banks deferred or skipped a payment on their mortgage. The deferral periods for many mortgages and other credit loans and products have now come to an end. What does this mean for your debt? On today’s podcast, Ted Michalos and Doug Hoyes review different credit products (mortgages, credit cards, lines of credit, auto loans) and discuss what may happen to your balances and debt carrying costs now that the deferral periods are over. They also share practical advice for how to negotiate with your creditors and steps you can take if you don’t have the cash to start making your debt payments again. Tune in to this very timely and helpful episode! Helpful Links: Dealing with the Consequences of Loan Deferrals When the Deferral Period Ends: https://www.hoyes.com/blog/dealing-with-the-consequences-of-loan-deferrals-when-the-deferral-period-ends/ What To Do If You Can’t Pay Deferred Mortgage Payments: https://www.hoyes.com/blog/what-to-do-if-you-c

The Canada Emergency Response Benefit (CERB) has now come to an end and is transitioning to four different financial aid programs: EI, CRB, CRSB, and CRCB. But what do these income supports mean for Canadians’ household budgets and debt repayment? Will they be enough to help Canadians still battling the financial effects of COVID-19? And which individuals no longer qualify to receive federal help? On today’s podcast, our guest is David Macdonald, Senior Economist at the Canadian Centre for Policy Alternatives (CCPA). David explains the financial impact of switching from CERB to these new aid programs. He walks us through how these programs work, eligibility, and whether Canadians who have returned to work at reduced hours can still get help. He also shares his thoughts on the long-term implications of these supports for the Canadian economy. Tune in to this important discussion with Doug Hoyes.   We also encourage you to check the Government of Canada website for up-to-date information as these programs may e

Filing income taxes can be complicated, especially if you're a self-employed individual. And if you can't afford an accountant, you fall behind on filing your taxes and face trouble with the Canada Revenue Agency. Could we make the Canadian tax system simpler?  And what would a simpler system mean for tax deductions? Enter Neal Winokur, author of the The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System​. On today's podcast, Neal shares his radical vision for an easier income tax system and what it would look like for everyday Canadians. He and Doug Hoyes also discuss whether the government could consider other sources of revenue instead of income taxes and the impact on Canadian politics. It's a lively discussion so be sure to tune in! Related Links: Neal Winokur’s website: https://grumpyaccountant.ca/ The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System On Amazon: https://amzn.to/33Wpnd9

Today's first time guest is Jeff Rubin, who was the Chief Economist at CIBC World Markets (where he worked for over 20 years).  He has just released a new book: The Expendables: How the Middle Class Got Screwed by Globalization, where he says that the decline in permanent, well paying full time jobs is a direct result of free trade agreements that transferred jobs to lower wage countries, leaving factories in Canada idle.  On today's show Jeff Rubin argues that globalization allows the rich to get richer, and that leads to increasing inequality, and that leads to high debt levels for the average Canadian.  Is there a solution?  We discuss that and a lot more on today's show. Helpful Links: Jeff Rubin on Twitter  https://twitter.com/jeffrubin The Expendables  How the Middle Class Got Screwed By Globalization  link to book on Amazon: https://amzn.to/2FLeORE Debt Free in 30 Podcast on Modern Monetary Theory: https://youtu.be/TMGDaTGx3V4   Topics Covered: 00:47 What is globalization, and who are the expendables w

Like debt problems, food insecurity can happen to anyone. What causes individuals and families to require food assistance? On today's podcast, we have first-time guest Wendi Campbell, CEO at The Food Bank of Waterloo Region to help us get a better understanding of local food issues and what "food insecurity" really means. Wendi also addresses common misconceptions surrounding food bank visitors and discusses the importance of working together as a society to help alleviate the problem of food insecurity.  The Food Bank of Waterloo Region is accepting non-perishable food donations through contactless drop-offs at their location on 50 Alpine Court in Kitchener, ON. Financial donations can be made online at https://www.thefoodbank.ca/donate/. Of course, if you are outside of the K-W region, you can donate to your local food bank if you have the means.   Helpful links: The Food Bank of Waterloo Region Website: https://www.thefoodbank.ca/ Stats on Hunger in Waterloo Region: https://www.thefoodbank.ca/network/hunge

Last week, Doug Hoyes walked us through several key statistics, including insolvency filings, household savings rates, and loan deferrals. On today's show, he digs deeper into the 'whys' behind the numbers with guest Ted Michalos. Tune in as they give an update on why personal insolvencies are down and how much longer they expect filings will decline; They also discuss why savings rates are up and whether they will remain high; and why car sales have increased despite many people working from home. Doug and Ted also offer practical advice for managing your debt if you are still looking for work or if you have benefited financially from the lock-down. Don't miss a great discussion! Related Links: Season 7 Premiere & What's Going to Happen with Debt in the Fall: https://www.youtube.com/watch?v=odokdpoPng8​  Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

Welcome to the season 7 premiere of Debt Free in 30. It's only September but it's been an eventful year already, eh? Insolvency filings were high at the start of 2020 but fell to record lows by the month of May.  Unemployment is high, but so is the savings rate.  How is that possible? Today we discuss these stats, and look ahead to the Fall. Collection agencies are starting to make more calls, so will insolvencies go back up? The federal government has also announced that the CERB will soon end and transition to EI. Will this be enough for individuals still out of work? That and more on the first show of Season 7; enjoy! Relevant Links:   Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Coping with Consumer Debt as the Economy Reopens: https://www.hoyes.com/blog/coping-with-consumer-debt-as-the-economy-reopens/ Canadian Bankers Association - Facts on Bank Measures in Response to COVID-19: https://cba.ca/fast-facts-on-bank-measures-in-response-to-

Millions of Canadians have received CERB (and may have a tax debt next year), and many Canadians have incurred and deferred debt to survive the pandemic.  How will they repay that debt? First aired in May, today we have a new introduction and update, and then we rebroadcast our episode on an ancient concept that is getting a lot of new interest: a debt jubilee. Enjoy!  Helpful Reads:   Is A Debt Jubilee the Solution to Our Collective Debt Problem: https://www.hoyes.com/blog/is-a-debt-jubilee-the-solution-to-our-collective-debt-problem/ Insolvency Predictions Post COVID-19: https://www.hoyes.com/blog/insolvency-predictions-post-covid-19/ ...and forgive them their debts by Michael Hudson: https://michael-hudson.com/2018/08/and-forgive-them-their-debts/ Can We Avoid Another Financial Crisis by Steve Keen: https://www.dw.com/en/can-we-avoid-another-financial-crisis/a-41111841 10 Key Canadian Debt Statistics That Explain Consumer Insolvency Growth in 2019: https://www.hoyes.com/blog/10-top-debt-statistics/ 7-Year

Costco became the "go to" store during the 2020 pandemic, as long lines formed so we could all buy toilet paper.  Today we revisit our podcast on that wonderful, magical place called Costco, with some updated thoughts on the pandemic.  Is it a store?  A finance company?  Something else?  And why does it matter?  All that and more on today’s podcast (and I’ve got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube).

Is it possible to financially recover from the coronavirus pandemic of 2020?  Yes, but it starts with $20.  On today's podcast we discuss the pandemic, and then present a special rebroadcast of the fable of the 20 dollar bill, and explain how $20 can set you up for financial success. A fable, as it were. Enjoy!

Doug Hoyes explains why even with high debt and high pandemic-related unemployment bankruptcy filings continue to drop, and he gives his predictions for the next few months, and then, given the stress caused by the COVID-19 lock down, we rebroadcast our conversation with Shannon Lee Simmons, author of Living Debt-Free: The No-Shame, No-Blame Guide to Getting Rid of Your Debt about how negative feelings towards debt can create more debt and strategies that can put you in the right direction when dealing with your debt.

Doug Hoyes gives an update on how collection agents are dealing with the COVID shut down (spoiler alert: they've found a way to keep calling), and then we rebroadcast our discussion with Blair Demarco-Wettlaufer, a real-life collection agent, who explains how a collection agent gets paid, and how you can negotiate with a collection agent. Enjoy!