A will is a legal and binding document that allows you to determine how you want to have your assets distributed after you die. Having a will in place gives you a chance to clearly communicate your intentions and to name an Executor that will manage your estate according to your wishes. Do you actually need a will if you don’t have a lot of assets? The short answer is ‘absolutely’. Licensed Insolvency Trustee, Francyne Myers, will tell you why. This podcast covers: The importance of having a wil...
Apr 10, 2023•21 min•Ep. 94
Very few Canadians are 100% debt-free. Debt is normal but over the past year consumer debt has notably increased. Even though inflation is slowly easing, it is still relatively high. Unfortunately wages haven’t grown with inflation leaving the average Canadian with less money to spend. This means many have had to increase their reliance on credit cards to purchase necessities. This timely podcast features Licensed Insolvency Trustee, Leigh Taylor, discussing the rise of consumer debt in Canada a...
Apr 09, 2023•18 min•Ep. 93
As the cost of living continues to rise, more Canadians are finding themselves in financial trouble. While it’s normal to have some level of debt, it becomes a problem when it becomes unmanageable. According to a recent report from Equifax, the average credit score of Canadians is between 600 and 650. People with scores equal or above 650 are considered to be financially stable and those above 760 are considered excellent. But what happens to your credit score if you file for Bankruptcy or a Con...
Mar 01, 2023•19 min•Ep. 92
A spending freeze is simply a commitment you make to not spend money on anything that isn’t necessary. You would still pay your bills and make sure your family is fed and taken care of, but no other spending is allowed. Taking this challenge can reset the way you think about money. Licensed Insolvency Trustee, Mary Ann Marriott speaks from personal experience, setting up her own personal spending freeze. She talks about the pros and cons and how being aware of your spending habits can help you r...
Feb 24, 2023•20 min•Ep. 91
If you earn income from a sole proprietorship or partnership, in other words self employed, you’re responsible for tracking your income and expenses and paying taxes. But as you know or will find out, self employed taxes are a bit more complicated than regular taxes. Ideally, to keep on top of your taxes, they should be paid quarterly or annually to avoid any interest charges or penalties. But many self employed people don’t live in that ideal world and struggle with bookkeeping and accounting. ...
Feb 22, 2023•17 min•Ep. 90
Money management isn’t always easy but teaching it to our kids can be just as difficult. But if they grow up without a proper understanding of their finances it can create a gap in their life skills. Although some schools do teach the basics of financial literacy, we can still have an impact on our kids' understanding of money. Talking about finances and finding teachable moments can give them the leg up that may make all the difference in their lives. Licensed Insolvency Trustee, Derek Chase, s...
Feb 20, 2023•17 min•Ep. 89
Everyday there are more signs that Canadians are struggling with inflation and the skyrocketing cost of borrowing, finding it increasingly difficult to make ends meet. Many are leaning on credit. But when is it time to acknowledge the fact that you are in over your head and need to reach out for help? Leigh Taylor has been a Licensed Insolvency Trustee for over 40 years. His experience helping people with their unmanageable debt has given him a solid understanding of the stresses and emotional t...
Feb 16, 2023•18 min•Ep. 88
Divorce is not an easy process but when there is a substantial amount of debt involved, it can be more complex. Along with the many legal consequences, filing for Bankruptcy comes with an emotional aspect that can sometimes be overwhelming. Your marital assets will be affected by the timing of your Bankruptcy. Talking to a professional before you make any decisions will allow you to determine what is best for you and your spouse. In today’s podcast, Licensed Insolvency Trustee, Leigh Taylor, tal...
Feb 15, 2023•16 min•Ep. 87
The news is full of stories about the rise of household debt. More Canadians are having to rely on their credit cards to make their paycheques stretch. Financial trouble can stem not from the amount of debt that you owe but your ability to repay that debt. Whereas some people struggle with $1,000 dollars of debt, others can handle $100,000. How do you know when you are heading for trouble? Licensed Insolvency Trustee, Amanda Sherwood discusses the warning signs you may have a debt problem. Other...
Jan 24, 2023•18 min•Ep. 86
Debt problems can cause stress in any relationship. But what happens when one partner files for Bankruptcy? How does it affect the other? To understand what happens to your spouse’s finances, first it is important to know what the difference is between personal debt and joint debt. As a Licensed Insolvency Trustee, Amanda Sherwood, helps couples navigate insolvency, as each family situation is unique. In this podcast find out: What happens to your spouse’s/partner’s credit score when you file Ba...
Jan 23, 2023•18 min•Ep. 85
Financial resolutions are merely money goals that you commit to attaining. The start of a new year is a perfect time to set the course to get back on track with your financial health. New Year money resolutions can help you get to where you want to be. Where would you like to be financially one year from now? Establishing a start date like the new year, makes it easier to commit and less likely you find excuses to procrastinate. Today’s podcast features Bonnie Hooley, Licensed Insolvency Trustee...
Jan 04, 2023•17 min•Ep. 84
For many Canadians, overspending on Christmas is just a way of life. After all, is it not the season of giving and forgiving? But after the tree comes down and the lights are put away, you may be left with a holiday hangover, dreading the mailman’s arrival in January. This debt cycle isn’t going to end unless you decide that you’ve had enough. And if this is the year you draw that line in the sand - this is the podcast for you. Licensed Insolvency Trustee, Bonnie Hooley discusses Christmas debt ...
Jan 03, 2023•16 min•Ep. 83
Despite their differences, Consumer Proposals and Bankruptcy both guarantee protection from creditors. But both debt relief options are unique in how they deal with tax refunds. In a Bankruptcy, your Trustee will prepare and file your returns and any refunds will be distributed to your creditors. In a Consumer Proposal, you are required to file your own returns and must be up to date with past filings. If you do not owe the CRA money and are entitled to a tax refund, you make keep it. Licensed I...
Dec 28, 2022•15 min•Ep. 82
The start of a new year is a great time to set goals especially around your personal finances. By setting financial resolutions, you can move forward into the coming year with added security and stability. If you have overspent or strayed from your holiday budget, now is the time to get back on track. Licensed Insolvency Trustee, Mark Marshall, shares his experiences and talks about ways to set the course to improve your finances in the coming year. Mark also discusses: Setting realistic goals T...
Dec 25, 2022•18 min•Ep. 80
A merry Christmas shouldn’t depend on how much money you spend. But if you are someone who is obsessed with picking up the perfect gift for family and friends, feeding and entertaining them - it can often mean facing tough credit card debt in the New Year. If the holiday season is something you haven’t budgeted for in the past, maybe it’s time to get ahead of the mage next year by starting early. In today’s podcast, Licensed insolvency Trustee, Derek Chase talks about avoiding Christmas credit c...
Dec 23, 2022•17 min•Ep. 81
For many Canadians, overspending at Christmas is just a way of life. But the cycle of going into debt to buy presents isn’t going to end until you change the way you ‘do’ Christmas. There are ways you can still have a holly jolly celebration without dreading the January credit card statements. A merry Christmas doesn’t have to depend on how much money you spend. Sharing time making memories with family and friends without overspending can be the new normal. Licensed Insolvency Trustee, Mark Mars...
Dec 23, 2022•18 min•Ep. 79
When you decide to start your own business, you must consider the type of business structure that best suits your needs. The most common forms are either a sole proprietorship or a corporation. Both have different tax benefits and implications. Licensed Insolvency Trustee, Glenn Steiner talks about the differences between sole proprietorship and corporations. The advantages and disadvantages of being a director of a corporation or choosing to be a sole proprietor. Topics covered in this podcast ...
Dec 02, 2022•18 min•Ep. 78
Canadians’ confidence in their personal finances and ability to repay their debt has hit a record low. As inflation continues to rise, many are pulling out their credit cards and living on borrowed cash. If your unsecured debt has also hit record highs and is becoming unmanageable, you are probably investigating your options. In today's podcast, Licensed Insolvency Trustee, Glenn Steiner explains how and when a Consumer Proposal may be the best way to tackle your debt. Here is just a few of the ...
Dec 01, 2022•19 min•Ep. 77
As Canadians businesses struggle to find their feet in a new post pandemic era, a significant number report their concern over the potential for Bankruptcy. Add to the mix staff shortages, skyrocketing inflation and rising interest rates - it is a critical time for many small businesses. How does Bankruptcy work for the self employed vs an incorporated or limited company? Derek Chase, Licensed Insolvency Trustee, discusses business Bankruptcy and how it affects individuals within the business. H...
Nov 29, 2022•17 min•Ep. 76
The Canada Revenue Agency (CRA) has special powers for collections of unpaid taxes. These may include wage garnishments, freezing bank accounts, seizure of investments or putting a lien on your home. But when it comes to the Bankruptcy & Insolvency Act, the CRA is treated like any other creditor in a Consumer Proposal or a personal Bankruptcy. Licensed Insolvency Trustee, Derek Chase, shed some light on the subject of taxes - unpaid taxes, unfiled taxes and ways to deal with tax debt. Other ...
Nov 28, 2022•18 min•Ep. 75
If you’ve ever borrowed money to buy a car or applied for a credit card, you have a credit report. Your credit score is considered a measure of your financial health and financial trustworthiness. It is a key consideration for your future financial plans.vAre you familiar with how the credit reporting system works? Most of us know we should have a good score but don’t understand why or how we can improve it. Jillian Taylor-Mancusi, Licensed Insolvency Trustee talks about this somewhat mysterious...
Nov 12, 2022•18 min•Ep. 74
No one ever sets out to go bankrupt but life happens. Dealing with unmanageable debt can spill over into other parts of your life. It can affect your personal health, your relationships, and your overall well being. Filing a Bankruptcy can be the best way forward. Is there a better time of the year to file for Bankruptcy? How will filing affect your taxes and what happens to the money if you are entitled to a refund? Licensed Insolvency Trustee, Jillian Taylor-Mancusi answers these questions and...
Nov 10, 2022•16 min•Ep. 73
High inflation can make budgeting an even bigger challenge than usual and with prices rapidly rising, it can seem almost impossible. Higher prices mean you may need to be more strategic about your spending in order to stretch your income. Learning how to budget for periods of high inflation can help you rethink how you spend your money. Living in these times of high inflation all comes down to budgeting. Francyne Myers, Licensed Insolvency Trustee, talks about how you can budget your way through...
Oct 20, 2022•23 min•Ep. 72
We all want the best for our children. That doesn’t necessarily mean you want them to have the best but you want them to make the best decisions. One of the key lessons that will have an enormous impact for the rest of their lives - is the lesson about money. The earlier they learn financial literacy, the greater the long-term impact. But how do you cultivate financial independence in your children? When is the best time to start? Licensed Insolvency Trustee, Francyne Myers (and mother of 2 teen...
Oct 19, 2022•23 min•Ep. 71
It’s a well known fact that money is one of the most common subjects that couples argue about. Research has shown that the more couples argue over money, the more likely the relationship is to break up due to financial concerns. But money doesn’t have to be a wedge in your relationship - whether you are just starting out or you are in a long term relationship. With practice, you and your partner can learn to talk about finances in a healthy way. Derek Chase, Licensed Insolvency Trustee shares hi...
Oct 11, 2022•18 min•Ep. 70
Recent studies have found that most Canadians’ pay raises haven’t matched the increase in the cost of living. As a result, personal Bankruptcies across Canada are spiking. But what happens to my job if I file for Bankruptcy? Will my employer find out and is there a possibility that I may lose my job? These are relevant questions that most people worry about when they are searching for debt relief options. Licensed Insolvency Trustee, Derek Chase answers these questions and dispels some of the my...
Oct 11, 2022•17 min•Ep. 69
Inflation remains prevalent across all aspects of our lives, not just concentrated in a few areas such as food and gas. Alongside this, wage increases are not keeping up with inflation and households are losing purchasing power. Experts say it will be a while before Canadians can breathe a sigh of relief. How are we Canadians coping with rising interest rates and inflation? What advice could help us through these precarious times? Derek Chase, Licensed Insolvency Trustee tackles these questions ...
Sep 08, 2022•15 min•Ep. 66
Exchange-Traded funds (ETFs) are an easy way to begin investing. THey are simple to understand and can generate good returns without much effort or expense. Investors are able to buy stocks or bonds that may not be easily accessed otherwise. Why would Licensed Insolvency Trustee, Derek Chase be talking about ETFs? For the most part, because that is what is discussed in one of the mandatory counselling sessions after completing a Bankruptcy or Consumer Proposal. What can you do with your extra mo...
Sep 08, 2022•17 min•Ep. 65
It’s not easy to find the right debt relief solution that will help you get out of debt. Internet searches and TV advertisements can be misleading in their promises. Where can you turn for the best advice? Today’s podcast will shed some light on the murky waters of debt counselling. Leigh Taylor, Licensed Insolvency Trustee, takes a look at the different services explaining what they can and can’t do. Here’s a few of the questions Leigh addresses: Where do you start when you want advice about ma...
Sep 05, 2022•16 min•Ep. 64
Low interest rates and the promise of riches from rising home prices could be linked to Canadians ever increasing debt load. The latest figures from StatsCan revealed that Canadians owe $1.83 in consumer debt for every dollar of income they have. So, how well are you managing your debt? How much is too much? Licensed Insolvency Trustee, Leigh Taylor, discusses household debt. He talks about debt-to-income ratios and the danger signals that you should watch for. Along with those important topics,...
Sep 05, 2022•17 min•Ep. 63
