Doug is joined by Amanda Clayman, a financial therapist specializing in helping clients understand how their thoughts, feelings, and past experiences shape their financial choices through Cognitive Behavioral Therapy. Her expertise has been highlighted in various media outlets including CNBC, Forbes, The Wall Street Journal, The New York Times, and The Oprah Magazine. In this episode, we look at the emotional aspects of financial challenges and address the impact it can have on our mental health...
May 04, 2024•30 min•Season 10Ep. 505
Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians. Timestamps: 00:00 Documentary announcement 02:37 Why should y...
Apr 27, 2024•32 min•Season 10Ep. 504
How much does it cost to own a pet? Join Doug and special guest Maureen Parent as they break down the expenses, from breeder fees to food, vet bills, travel, dental, training, and more! Maureen offers valuable tips for managing your pet's expenses while avoiding debt. Time Stamps: 00:00 Introduction 02:05 What are the upfront costs of owning a pet? 06:11 The regular costs of owning a pet 16:55 The unexpected costs of owning a pet 20:33 How much does it cost to board your pet? 21:55 Practical adv...
Apr 20, 2024•32 min•Season 10Ep. 503
Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home. From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out. Time Stamps: 00:00 Introduction 01:00 Reasons you shoul...
Apr 13, 2024•31 min•Season 10Ep. 502
Blair DeMarco-Wettlaufer, the Chief of Operations Officer of Kingston Data & Credit joins Doug to discuss the consequences of unpaid debts and their impact on your credit score. They look at real-life scenarios and provide practical advice to manage your credit report. They also discuss what collection agents can and cannot do when it comes to reporting your debts to the credit bureau and how to dispute old debts, so they don’t affect your credit. Timestamps: 00:00 Introduction 01:45 If you ...
Apr 06, 2024•36 min•Season 10Ep. 501
This is episode 500, and Doug does a solo rant exploring the factors contributing to the despair felt by Canadians. He reflects on how the past four years has affected our economy. He touches on the cost of real estate, the stock market, fatalistic YOLO, inflation, and strategies for achieving wealth. Enjoy! Related Links: Build a Get Out of Debt Repayment Plan - https://www.hoyes.com/debt-relief/get-out-of-debt/ Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonall...
Mar 30, 2024•35 min•Season 10Ep. 500
Did you know a car is stolen every 5 minutes across Canada? Car thefts and VIN scams are on the rise. Michael Rothe, President and CEO of Canadian Finance & Leasing Association, joins Doug and discusses Canada’s auto theft epidemic. They explore topics such as re-vinning, the impact of stolen vehicles on insurance premiums, steps to take if you unwittingly purchase a stolen vehicle, precautions against potential car theft, and government enforcement. This discussion is essential for Canadian...
Mar 23, 2024•37 min•Season 10Ep. 499
Planning a wedding on a budget? In this episode, Jessica Bishop, founder of The Budget Savvy Bride, shares expert advice on keeping your big day affordable without sacrificing style. Whether you are dreaming of a traditional ceremony or considering eloping, Jessica's insights will help you celebrate your love without breaking the bank. We discuss micro weddings, destination weddings, the cost of having an open bar, wedding party attire, and more! Don't miss out on these essential tips for a budg...
Mar 16, 2024•36 min•Season 10Ep. 498
Top tips on how to file taxes. How to file taxes in Canada, setup your CRA my account, deadlines, government benefits and how to receive your refund with no additional fees. We also discuss tax discounting services, the importance of gathering all your documents, claiming all legitimate deductions such as moving expenses and tuition and notifying CRA of any changes such as your marital status, address, etc. Tune in for great practical advice and recommendations on which tools to use to file your...
Mar 09, 2024•35 min•Season 10Ep. 497
In this episode, Doug and Ted discuss the risks of co-signing on a loan. They discuss the differences between joint loans and co-signed loans and the impact they can have on your credit. They address common scenarios such as parental co-signing and provide advice on alternative ways to assist friends or children financially without assuming the burden of co-signing. This episode is a must-listen if you've ever considered co-signing a loan. Related Links: How Is Cosigned Debt Treated in a Consume...
Mar 02, 2024•30 min•Season 10Ep. 496
In this episode of Debt Free in 30, Ted and Doug discuss RRSP early withdrawals. They weigh the pros and cons of tapping into your savings before retirement and discuss tax implications, CPP and exceptions such as the Home Buyer's Program and the Lifelong Learning Plan. This helpful discussion will give you the knowledge to make the right decisions when it comes to withdrawing your RRSP. Time Stamps: 00:00 - Introduction 00:39 - What is an RRSP? 01:43 - Is there a good time to cash in an RRSP? 2...
Feb 24, 2024•31 min•Season 10Ep. 495
In this episode, Maureen and Doug explore financial habits and discuss why we spend the way we do and how we can make better choices. Maureen shares how habits form and how you can be influenced to spend money. From understanding the psychology behind spending to learning strategies for breaking bad habits and building good ones, this episode will give you tools to take charge of your finances and break bad habits! Related Links: Maureen Parent - https://www.hoyes.com/about-hoyes-michalos/bankru...
Feb 17, 2024•33 min•Season 10Ep. 494
In this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca. Related Links: Hoyes Michalos Joe Debtor Bankruptcy Study: www.joedebtor.ca Office of the Superintendent of Bankruptcy – Ca...
Feb 10, 2024•30 min•Season 10Ep. 493
In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter shopping. Additionally, Janette also explains the rebate app Checkout 51. Enjoy! Related Links: Flipp: ...
Feb 03, 2024•35 min•Season 10Ep. 492
In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed. They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with insights from the Canadian Lenders Association. Ted also discusses alternative lenders' and how they ...
Jan 27, 2024•32 min•Season 10Ep. 491
In this eye-opening episode of Debt Free in 30 host Doug Hoyes is joined by guest Richard Dunwoody to unravel the often-overlooked connection between human trafficking and coerced debt. With Ontario facing the second-highest rate of police-reported human trafficking in Canada, the conversation sheds light on how traffickers exploit victims financially. The focus turns to Bill 41, the "Protection from Coerced Debts Incurred in relation to Human Trafficking Act, 2023," exploring its role in safegu...
Jan 20, 2024•37 min•Season 10Ep. 490
In this episode of Debt Free in 30, Doug and Ted discuss the ongoing battle against unregulated debt consultants. They dive into the recent developments, including the conversation with Superintendent of Bankruptcy Elisabeth Lang and the release of a comprehensive position paper. The paper exposes the deceptive practices of these consultants, who have cost consumers a staggering $21 million in fees over the last two years! Doug questions the effectiveness of government actions while providing pr...
Jan 13, 2024•31 min•Season 10Ep. 489
Get ready for 2024 with our first episode of the year! Join Doug Hoyes as he gives a straightforward take on New Year's resolutions, highlighting the need for a practical plan and figuring out what really matters to you. He talks about why arbitrary resolutions may not work and gives advice on making changes that actually stick. Doug shares easy steps to cut debt, handle expenses, and boost income, offering practical tips to make your financial journey in 2024 a success. Don't wait – hit play no...
Jan 06, 2024•12 min•Season 10Ep. 488
In this year-end podcast, Doug and Ted review their 2023 predictions and share insights on what to expect in 2024. They discuss the accuracy of last year's forecasts on inflation, interest rates, and insolvency rates. Doug predicts a decline in inflation due to an anticipated recession, and Ted adds insights on borrowing for essential living costs and the potential rise in insolvencies. They acknowledge wildcard factors like the real estate market and unemployment rates. Tune in for predictions ...
Dec 30, 2023•35 min•Season 10Ep. 487
Join Doug and Ted as they break down simple strategies for financial success in 2024. Whether you're dreaming of starting a business, planning for retirement, or making big purchases, their advice can make a real impact. They discuss the importance of having a personal plan and explore the significance of setting long-term goals. Don't miss out on valuable insights. Take charge of your financial future in 2024! Related Links: Have a question or comment for a future show? Leave us a voice message...
Dec 23, 2023•31 min•Season 10Ep. 486
Does the cost-of-living soar when you're flying solo? Join Doug in this episode as he's joined by Heather Cudmore, a Certified Credit Counsellor, and Client Service Specialist at Hoyes Michalos. Together, they delve into the concept of the 'single tax' and discuss the unique financial hurdles that singles often encounter. Drawing on her extensive experience assisting single clients, Heather shares valuable insights and practical advice. She discusses the importance of building an emergency fund ...
Dec 16, 2023•32 min•Season 10Ep. 485
In this episode, Doug sits down with Joel Sandwith, a Licensed Insolvency Trustee based at the Hoyes Michalos London office. Together, they explore effective debt management strategies and delve into optimal approaches for debt repayment. The episode provides a comprehensive comparison of the snowball and avalanche methods. If you're trying to figure out the best way to pay off your debts, this episode is a helpful guide. It's here to support you on your journey to financial freedom, giving you ...
Dec 09, 2023•31 min•Season 10Ep. 484
In this week’s episode of Debt Free in 30, credit expert Richard Moxley returns to tackle the burning question: Why are credit reports always wrong? From the importance of credit ratings to practical tips on finding and fixing errors, we cover it all. Discover how to navigate post-insolvency challenges, handle account changes, and conquer stubborn collection accounts. Don't miss this deep dive into credit report complexities with actionable solutions! Timestamps: 00:00 Introduction 01:21 Why is ...
Dec 02, 2023•40 min•Season 10Ep. 483
In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup. Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt. Now is the time to review your finances and make a plan for the new year so you can set yourself up for success! Time Stamps 00:00 Introduction 01:20 Self Assessment 02:03 Review and Update Your Will 02:57 ...
Nov 25, 2023•31 min•Season 10Ep. 482
In this episode, Doug Hoyes discusses retirement planning with special guest Rona Birenbaum, a Certified Financial Planner at Caring for Clients. The episode covers various retirement-related topics, including the importance of financial planning, the role of financial advisors, and the complexities of decisions such as when to retire and when to start receiving government benefits like CPP. The discussion emphasizes the need for careful consideration of lifestyle preferences, budgeting, and fin...
Nov 18, 2023•34 min•Season 10Ep. 481
Doug Hoyes and Ted discuss a pressing issue that many Canadians face: the challenge of closing on a house when real estate prices have taken a hit. They discuss the complexities of the real estate market, particularly the implications for those who bought pre-construction homes or condos. They also explain the risks associated with pre-construction purchases, such as the potential loss of deposits and the financial difficulties of closing on a property with a lower appraised value. This episode ...
Nov 11, 2023•32 min•Season 10Ep. 480
Doug Hoyes and Ted Michalos discuss the state of the economy and explore the possibility of a silent depression. Their discussion includes topics such as unemployment rates, the challenges confronted by the Millennial and Gen-Z generations, the recent increase in credit card debt, and the state of the real estate market. They also offer guidance on how to regain hope and devise a path towards achieving success amidst these challenging circumstances. Related Links: Have a question or comment for ...
Nov 04, 2023•31 min•Season 10Ep. 479
Doug Hoyes and special guest Ron Butler from The Angry Mortgage Podcast came together for a live episode on Monday, October 23rd. During this special event, they talked about current mortgage trends, real estate, Bank of Canada interest rates, inflation, and addressed questions from their audience. Whether you own a home or are planning to buy one in the near future, this conversation is definitely one you should listen to. Related Links Ron’s Links Ron Butler on Twitter: @ronmortgageguy - https...
Oct 24, 2023•48 min•Season 10Ep. 478
Doug Hoyes is joined by special guest, Blair Demarco-Wettlaufer, a collection agent, who serves as the Chief Operations Officer at collection agency Kingston Data & Credit. This marks Blair's seventh appearance on the show! In this episode, Doug and Blair discuss the messy world of debt collection, statute-barred claims, and credit reporting. They answer questions such as, how long does it take for a credit card company to send your debt to collections? Does a statute-barred debt affect your...
Oct 21, 2023•41 min•Season 10Ep. 477
What happens to debt when someone passes away? Host Doug Hoyes is joined by Ted Michalos to discuss a topic that might sound eerie but is incredibly important. They chat about the different types of debt: credit card balances, car loans, and mortgages. Ted provides clear and valuable advice on important topics such as life insurance, wills, and power of attorney. Doug also highlights the significance of his "Death Checklist" and the importance of informing your spouse to guarantee seamless acces...
Oct 14, 2023•30 min•Season 10Ep. 476
