Debt is a normal part of life for most people. Recent data from StatsCan shows that only 30.2% Canadians live debt free. But how much debt is too much and how do you know when it’s time to reach out for help? These are the questions Licensed Insolvency Trustee, Mark Marshall answers in this timely podcast. Other topics covered are: Warning signs to watch out for Using credit for short term pleasure creating long term payments Asking your financial institution for a line of credit What happens wh...
Nov 29, 2023•18 min•Ep. 128
A recent Leger poll taken in September 2023 has found that nearly half of Canadians are living paycheque to paycheque as the cost of living continues to rise. Skyrocketing inflation means that there is less money available to save for emergencies or retirement. Is there a way to break this cycle? Licensed Insolvency Trustee, Mark Marshall, talks about strategies that can help find unnecessary expenses to cut to save money. Mark also covers: How to track your expenses Asking for an increase in yo...
Nov 28, 2023•16 min•Ep. 127
With rising interest rates, paying off debt can feel like it has to be your only financial priority. But should you not be saving for those unexpected expenses that keep popping up? How do you build financial resilience in these challenging times? Savings versus paying down debt, it’s a balancing act. Licensed Insolvency Trustee, Mary-Ann Marriot talks about strategies you can use to do both at the same time. He also discusses: Finding out and tracking the expenses you are using credit for Typic...
Nov 11, 2023•16 min•Ep. 126
Credit card spending in Canada has reached a historically high level. With such high demands for credit, credit card companies are finding ways to be more competitive. Some offer lower-interest or no-interest cards for a limited time when you do a balance transfer. But is it a good idea to pay one credit card down with another? Today, Licensed Insolvency Trustee, Mary-Ann Marriot, discusses low-interest credit cards and how to make them work for you. She also answers the questions: How will my c...
Nov 06, 2023•16 min•Ep. 125
Personal Bankruptcy is a legal process overseen by the federal government to help Canadians who can’t afford to repay their debts find debt relief. The number of people struggling with insolvency has increased substantially as the cost of living remains high. No-one really wants to go bankrupt but as Licensed Insolvency Trustee, Derek Chase explains, Bankruptcy can be viewed as a tool to help fix your finances. This podcast answers some of the most frequently asked questions about this debt reli...
Nov 02, 2023•18 min•Ep. 124
With the cost of living consistently increasing, many Canadians are stretched thin and trying to prioritize where their money is going. Saving for your child's education makes good financial sense and starting early means your money has more time to work for you. Canadian parents have a powerful savings tool to help. In today’s episode, Licensed Insolvency Trustee, Derek Chase, talks about how to save for your child’s education. Derek covers these topics and more: Benefits of starting a Register...
Nov 02, 2023•15 min•Ep. 123
All debts are not created equal. The kind of debt you hold may affect your options when you seek help. Most debt falls into two categories: secured and unsecured. And before you come up with a plan to pay your debt, it’s important to understand how different types of debt work. Everyone’s financial situation is unique and for that reason there is no one-size-fits-all solution. A Licensed Insolvency Trustee is the only debt professional that is required by law to explain all the debt relief optio...
Sep 29, 2023•19 min•Ep. 122
The Bankruptcy process gives you the chance to reestablish your financial security. Receiving a discharge is the final step and means you are released from all obligations to repay all debts in your Bankruptcy filing. You can then start to rebuild your credit score. A record of your Bankruptcy will remain on your credit report for 6 years after your discharge for a first time Bankruptcy. You will have the ability to begin rebuilding your credit score even before your discharge. Licensed Insolven...
Sep 26, 2023•18 min•Ep. 121
Fraudsters and scammers are getting more creative and innovative as technology evolves. They are operating increasingly elaborate schemes and are able to prey on anyone with a phone, email address or a credit card. It’s important to be aware of the different types of scams and to know how to spot them. When it comes to fraud, everyone is a potential target no matter how intelligent or tech-savvy you may be. Fraudsters will use every trick to convince you to send them money or your personal infor...
Sep 09, 2023•22 min•Ep. 118
Many of us, from all walks of life, are worried about money. There is an abundance of research that indicates that financial worry and stress can have a detrimental affect on both our mental and physical health. Whether the problems stem from a job loss, divorce, unexpected expenses or a combination of factors, stressing about money can take a toll on your overall quality of life. But no matter how hopeless your situation might seem, help is available. By tackling your money problems head on, yo...
Sep 08, 2023•20 min•Ep. 117
Household debt in Canada has risen steadily year after year. The high levels of debt make the economy vulnerable to any global economic crisis. As a result, more Canadians are having to face insolvency options as it becomes increasingly difficult to manage their debt. In today’s podcast Licensed Insolvency Trustee, Derek Chase, talks about what Canadians high levels of debt mean for you. What can you do to protect yourself? Derek also discusses: Federal debt relief programs available The ripple ...
Sep 02, 2023•18 min•Ep. 116
Filing a Consumer Proposal has become the most popular option to help Canadians manage their debt. In fact, 75% of insolvent debtors are choosing to file a Consumer Proposals as opposed to only 25% filing for Bankruptcy. There is good reason for this choice. But what happens if your circumstances change for the better and you are in a position to pay your proposal off sooner? What would be the advantages or would it be disadvantageous? Derek Chase, Licensed Insolvency Trustee, answers these ques...
Aug 31, 2023•15 min•Ep. 115
Contrary to what you may believe, life doesn’t end after Bankruptcy. You will be cleared of your unsecured debts and can start to rebuild your credit and regain financial stability. Once you receive your discharge, you have the opportunity for a fresh start. Filing Bankruptcy may be the best viable option to help you overcome insurmountable financial challenges and take back control of your financial future. Licensed Insolvency Trustee, Leigh Taylor, discusses what life will be like after Bankru...
Aug 25, 2023•20 min•Ep. 114
Do you know where to turn for financial advice? We tend to think that anyone calling themselves a Debt Advisor, Debt Consultant, or Credit Counsellor must be qualified and have a formal financial education. This is not always the case. In Canada, anyone can offer debt advice and call themselves an expert. If you are struggling with overwhelming debt, you are probably searching for a debt advisor. But how do you know who you can trust? Leigh Taylor has been a Licensed Insolvency Trustee for over ...
Aug 21, 2023•17 min•Ep. 113
When it comes to finances, you can probably come up with a list of excuses as to why you haven’t done certain things, like saving money. You can probably come up with another long list of bad financial decisions you have made. Not every financial mistake is a big deal, but some have serious repercussions that could affect you for years to come. It’s important to know how you make decisions that are not in your best financial interest so you don’t have to repeat them. Regardless of the financial ...
Jul 22, 2023•20 min•Ep. 112
Have you noticed that package sizes seem to be shrinking - that the grocery item in your cart is smaller but the price is the same or even more? This is called shrinkflation and it isn’t new. It’s the inflation that you’re not supposed to see. Manufacturers are quietly shrinking package sizes without lowering the prices. It happens more often in times of high inflation and is impacting almost every packaged product. It seems that shrinkflation is happening in a grocery store near you and is here...
Jul 19, 2023•18 min•Ep. 111
Most money problems are caused by events beyond our control. It’s a common misconception to think that people who are insolvent have spent their way into Bankruptcy. A job loss, illness, injury or marital breakdown can often be the last straw for someone in a precarious financial position. In today’s podcast, Derek Chase talks about Bankruptcy and the people who file, from a Licensed Insolvency Trustee perspective. He discusses: The demographics of who is filing The most common factors that can ...
Jun 29, 2023•16 min•Ep. 108
If you are heading deeper into debt, know you are not alone. Many Canadians are struggling to keep afloat in these precarious times. Filing for Bankruptcy may be your best option, depending on your individual circumstances. But is there a better time of the year to file? You may be surprised to find out that - yes there is. When you declare Bankruptcy will affect how many tax returns you will lose. In this podcast, Licensed Insolvency Trustee, Derek Chase talks about why Bankruptcy can be the mo...
Jun 27, 2023•17 min•Ep. 107
Many Canadians increased their debt levels during the pandemic due to low interest rates and now are finding themselves vulnerable to interest rate spikes. In challenging situations, most debtors will typically miss credit card payments, lines of credit or auto loans before mortgages. Whatever payments Canadians are struggling with - the higher interest rates will likely continue stressing household budgets. Experts are predicting a rise in insolvencies in the near future. How are you coping wit...
Jun 07, 2023•16 min•Ep. 106
It’s a common sentiment that we don’t want to burden our loved ones when we pass away. But despite all good intentions - many Canadians will die in debt. If you die with debt in Canada, does your spouse or kids inherit your debt or does it simply disappear when you do? Which of your debts have to be paid and how is your estate affected? Licensed Insolvency Trustee, Derek Chase, tackles these questions and explains what you need to know if you are in debt or an executor of a loved one's estate. D...
Jun 05, 2023•16 min•Ep. 105
Receiving money from an inheritance or some sort of random windfall is something we all dream about. But what happens when that dream becomes a reality and the money becomes payable to you when you are in Bankruptcy? And what happens if your financial situation improves while you are bankrupt? These questions and more are answered by Julie Drane, Licensed Insolvency Trustee with Allan Marshall & Associates. Julie also discusses: Surplus income - how it is calculated and when it is payable Re...
Jun 02, 2023•14 min•Ep. 104
More and more Canadians are finding it difficult to keep their head above water, financially. Debt can be debilitating no matter what province you live in. British Columbia is no different. Carrying debt comes at a high cost. The stress of managing your finances in these unpredictable times can also have an emotional toll. But you don’t have to go it alone. Licensed Insolvency Trustee, Julie Drane, talks about the debt relief options available to BC residences. How the debt cycle starts and who ...
May 29, 2023•17 min•Ep. 103
Retirement isn’t the same as it was in our parents' day. Declining workplace pension plans and the increased lifespan of Canadians are factors that need to be taken into account when planning. When you start saving and investing can make a difference in how much retirement income you will eventually have access to. But wherever you are on the scale, retirement planning can provide you with an outline of where you want to go and how you’ll get there. How prepared are you for your retirement? Are ...
May 26, 2023•16 min•Ep. 102
Debt is sometimes divided into two categories - good and bad. It’s important to understand the difference between the two so you can improve your financial situation. But as we all know, nothing is ever all good just like nothing is ever all bad. Can good debt turn into bad? And is there ever a circumstance where bad debt turns into good? In this timely podcast Licensed Insolvency Trustee, Bonnie Hooley, lifts the lid on Canadian’s finances and their debt. Topics covered include: Resisting the u...
May 23, 2023•18 min•Ep. 101
Shopping where you live has a huge impact on the local economy. Your support can be far-reaching as every dollar spent locally gets circulated 3 or 4 more times ensuring your money stays in the community. While it’s not always possible to buy everything you need locally, finding a balance between e-commerce sites and buying locally can be a step in the right direction. Today’s podcast features Leigh Taylor, Licensed Insolvency Trustee and Bruce Duggan, Associate Professor of Management at Provid...
May 13, 2023•26 min•Ep. 100
Tax debt is one of the most serious kinds of debt given the powers of the CRA to collect. The main difference between the CRA’s and other creditors' ability to collect, is that they can freeze your bank account without a court order. Since they don’t need to go to court, they are much more likely to use this method. This is a very strong power and one of the ways that the CRA pressures people into paying their debts. Can the CRA freeze your bank account without notice? What can you do when this ...
Apr 27, 2023•15 min•Ep. 99
Financial literacy is the ability to understand and effectively use skills such as budgeting, saving, taxation, and investing. When you are financially literate you have the foundation of a relationship with money. Achieving financial literacy is crucial in today’s world as we navigate through everyday facets of life, such as student loans, mortgages, credit cards, investments and at some point - retirement. But not all of us can afford the time to get a degree in finance. The old joke of how yo...
Apr 26, 2023•17 min•Ep. 98
If you are overwhelmed with credit card debt, student loans, tax debt, payday loans or any other unsecured liabilities filing a Consumer Proposal may be your best option. A Consumer Proposal is a debt settlement solution where an offer is made to your unsecured creditors to settle your debts. When the terms are agreed upon, you will then make affordable monthly payments with no interest for up to 5 years. A proposal is based on your financial circumstances at the time of filing. But what happens...
Apr 25, 2023•23 min•Ep. 97
Canadians think they need savings of $1.7 million to retire according to a recent BMO survey. WIth a large majority of people struggling to make ends meet, saving for retirement seems out of reach. Realistically, how much do you need to retire? And what happens if you don’t have enough money saved? How much longer will you have to keep working before you can retire? Licensed Insolvency Trustee, Matthew Fader talks about what Canadians are doing to prepare and how you can budget for your retireme...
Apr 24, 2023•21 min•Ep. 96
Most of us have experienced money stress to some degree, but left unchecked, it can put you in a state of fear which can prevent you from facing your situation and moving forward. Financial worries can have an adverse effect on both your psychological and physical health. Taking measurable action to improve your economic situation can help you overcome financial stress. These are unprecedented times we are living in as rising prices are putting even more pressure on fragile finances. Francyne My...
Apr 11, 2023•23 min•Ep. 95
