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 exp...
Jan 22, 2022•40 min•Season 8Ep. 386
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 ...
Jan 15, 2022•25 min•Season 8Ep. 385
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 disc...
Jan 08, 2022•32 min•Season 8Ep. 384
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...
Jan 01, 2022•35 min•Season 8Ep. 383
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 Mentione...
Dec 25, 2021•31 min•Season 8Ep. 382
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 u...
Dec 18, 2021•32 min•Season 8Ep. 381
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 app...
Dec 11, 2021•34 min•Season 8Ep. 380
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 ...
Dec 04, 2021•37 min•Season 8Ep. 379
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 mor...
Nov 27, 2021•35 min•Season 8Ep. 378
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 sel...
Nov 20, 2021•34 min•Season 8Ep. 377
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 i...
Nov 13, 2021•39 min•Season 8Ep. 376
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 prac...
Nov 06, 2021•33 min•Season 8Ep. 375
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...
Oct 30, 2021•32 min•Season 8Ep. 374
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: B...
Oct 23, 2021•41 min•Season 8Ep. 373
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 ...
Oct 16, 2021•38 min•Season 8Ep. 372
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...
Oct 09, 2021•35 min•Season 8Ep. 371
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 t...
Oct 02, 2021•32 min•Season 8Ep. 370
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 ...
Sep 25, 2021•30 min•Season 8Ep. 369
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 ab...
Sep 18, 2021•35 min•Season 8Ep. 368
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 ...
Sep 11, 2021•36 min•Season 8Ep. 367
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 tw...
Sep 04, 2021•9 min•Season 8Ep. 366
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 Mana...
Aug 28, 2021•20 min•Season 7Ep. 365
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 ).
Aug 21, 2021•24 min•Season 7Ep. 364
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...
Aug 14, 2021•30 min•Season 7Ep. 363
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!
Aug 07, 2021•22 min•Season 7Ep. 362
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 dis...
Jul 31, 2021•33 min•Season 7Ep. 361
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 t...
Jul 24, 2021•36 min•Season 7Ep. 360
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...
Jul 17, 2021•32 min•Season 7Ep. 359
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 Be...
Jul 10, 2021•32 min•Season 7Ep. 358
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 Canadia...
Jul 03, 2021•33 min•Season 7Ep. 357
