Debt Free In 30

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 Be

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

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

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

Real estate prices are down in many parts of Ontario after record increases. Not surprising since the Bank of Canada has indicated it will raise rates again. But what has this done to mortgages? What’s happening when people renew? How has mortgage qualification changed? Enter Ron Butler, mortgage broker extraordinaire. On today’s podcast, Ron is back to give us an update on what he’s seeing on the ground with respect to mortgages. He also shares whether now is even a good time to buy. You won’t want to miss this discussion – lots of insight and great advice. Tune in! Links: Butler Mortgage website: https://www.butlermortgage.ca/ Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy Average Toronto house prices: https://wowa.ca/toronto-housing-market Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/ Podcast 293 Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA Podcast 334 Mortgages & Home Eq

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:

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

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/