Debt Free in 30

Originally aired at episode 450 on April 15, 2023, the Food Professor returns. Food is now more expensive than ever. But why? Is it just corporate greed? Or something greater? Enter Dr. Sylvain Charlebois, a.k.a. The Food Professor. Sylvain is a Professor and the Scientific Director at Agri-Food Analytics Lab at Dalhousie University. On today's podcast, he demystifies grocery pricing and explains why food inflation is a global phenomenon. Sylvain also discusses the part the Canadian government plays in grocery price hikes and gives lots of valuable practical advice for how to save on your food bill. You won't want to miss this episode. Tune in! Time Stamps 7:42 What is Shrinkflation? 8:31 Groceries vs. Snacks + Tax 11:55 Is the Grocery Rebate Even Helpful? 19:01 Which Days of The Week To Shop Groceries? 23:30 Shop at 3 Different Stores 27:04 Consumers Can Make a Difference Links: The Food Professor Podcast: https://the-food-professor.simplecast.com/episodes Dr. Sylvain Charlebois on Twitter: https://twitter.com/FoodProfessor CRA: GST/HST on food products: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-020/bars.html Toronto Sun article on the food rebate: https://torontosun.com/opinion/columnists/charlebois-government-handouts-are-mirage-for-needy Episode #254 – What Costco Can Teach Us About Making Financial Decisions: https://www.youtube.com/watch?v=-8PlGkHjHG8 Episode #270 – The Fable of the 20 Dollar Bill - https://www.youtube.com/watch?v=5fYfAvSnNps

In the season 9 finale episode of Debt Free in 30, Doug Hoyes and Ted Michalos discuss the current state of consumer insolvencies in Canada and why they're going back up. They also discuss the impact of inflation remaining higher than wage increases, higher credit card debt, and higher interest rates. Where are we heading in the latter part of 2023? Has the recession begun? What can homeowners expect in this climate? Tune in for a great discussion! Related Links: Episode 435, Debt Free in 30 Year End Prediction Show https://youtu.be/3i22JpmcozY Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Statistics Canada, Average Weekly Earnings https://www150.statcan.gc.ca/n1/daily-quotidien/230629/dq230629a-eng.htm?HPA=1&indid=3555-1&indgeo=0 Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Mortgage Rate History from Ratehub.ca: https://www.ratehub.ca/5-year-fixed-mortgage-rate-history Mortgage Calculator, Butler Mortgage: https://www.butlermortgage.ca/mortgage-calculator/ Bank of Canada, Monetary Aggregates (Money Supply) https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

Buying a car has never been more expensive. But what if you have no choice but to buy one? How can you avoid buying too much car these days? On today's podcast, Ted Michalos and Doug Hoyes explain what's causing high car prices in both the new and used car categories, as well as, how to buy without taking out a huge auto loan. Tune in for lots of practical tips on shopping for a car and dealing with salesmen. Resources Mentioned i the Show: Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/ Auto Trader Price Index March 2023: https://editorials.autotrader.ca/media/klxhaqq5/autotrader_priceindex_finalv3_march2023_en.pdf?_gl=1*uou0k4*_gcl_au*OTQ3ODQ3MTMzLjE2ODc0OTI1NDQ.&_ga=2.183395302.1188701862.1687492545-911279650.1687492545 Car Guru – Price Trends: https://www.cargurus.ca/Cars/price-trends/ CBC Car Market Analysis: https://www.cbc.ca/news/business/car-market-analysis-1.6873747

Maybe you're tired of working for someone. Or you're looking to be your own boss. You may consider buying a business. It's not a bad idea, but just as there are advantages, there are also pitfalls you need to be aware of. Enter David Barnett. David is a seasoned expert in buying and selling small to medium-sized businesses. On today's podcast, David demystifies the process of buying a business and provides insight on how to avoid debt problems when doing so. Tune in for a great discussion with lots of practical advice. Related Links: David Barnett's Website: https://www.investlocalbook.com/ David Barnett on Twitter: https://twitter.com/DBarnettMoncton Debt Traps of Buying a Business with David Barnett: https://www.youtube.com/watch?v=-HbW9ww2BNg Bad Funding Choices for Small Business with David Barnett: https://www.youtube.com/watch?v=UaklFv3eBvI

Your bank is a business, so they're always trying to sell to you because they want to make more money. How do you navigate their tricks? How do you avoid upsells when you just want to do a simple transaction? On today's podcast, Scott Terrio and Doug Hoyes discuss the pervasive sales culture at financial institutions, what you need to look out for, and teach you the basics to making better money decisions on the spot. Tune in for a great discussion! Related Links: Pervasive Sales Culture at Canadian Banks – Globe and Mail article: https://www.theglobeandmail.com/investing/personal-finance/article-pervasive-sales-culture-at-canadian-banks-positions-system-against-its/ Investment Selling is Not Financial Planning: https://www.hoyes.com/blog/investment-selling-is-not-financial-planning/ Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

With nine interest rate hikes since March 2022, mortgage borrowers have either already started to feel the increased payment pressures or will at renewal time. So, what if your mortgage payments become too much to manage? How do you avoid risking your home? On today's podcast, Doug Hoyes and Ted Michalos give practical advice for what to do if you're struggling with your mortgage payments, including the dos and don'ts, and ways to cut back on interest costs if you can afford it. Tune in for a great show! Related Links: Rising Interest Rates and Debt: What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Walking Away From a Mortgage in Canada: https://www.hoyes.com/blog/walking-away-from-a-mortgage-in-canada/ Can't Pay Your Mortgage? Options to Keep Your House: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Bank of Canada Financial System Review: https://www.bankofcanada.ca/2023/05/financial-system-review-2023/#Households Butler Mortgage Interest Rates: https://www.butlermortgage.ca/rates/

We know it can be daunting to start your credit repair journey. We are often asked where to begin and what is the fastest way to rebuild. On today's podcast, Maureen Parent is back to answer some of the most common credit rebuilding questions and address fears and misconceptions about repairing your credit. Tune in for lots of great practical advice and recommendations on which tools to use. Related Links: Free Credit Rebuilding Course by Hoyes Michalos: https://courses.hoyes.com/courses/rebuild-credit How to Repair and Rebuild Credit: https://www.hoyes.com/blog/how-to-rebuild-credit-5-simple-steps/ Are Credit Cards Right for Credit Repair: https://youtu.be/Hy708HhFljk Fix Bad Credit Yourself – Tips & Tricks From an Expert: https://youtu.be/BtncJCxN4So

Self-employment has many advantages like you get to be your own boss, set your own hours, and even make more money. On the other hand, self-employment comes with challenges. Over the years, we've met with a lot of clients who were self-employed but became overwhelmed by unpaid tax debt. On today's podcast, Doug Hoyes and Ted Michalos break down what it means to be a self-employed person, explaining the benefits and pitfalls you need to be aware of before you decide to become your own employer. Tune in for lots of great practical advice! Links: Should You Start Your Own Business: https://youtu.be/hhawMCZF_kw Self-Employed: Financing Wisely to Avoid Debt Trouble: https://youtu.be/F_lo_0JP46Q 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/ Keeping Your Small Business Afloat While Dealing with Debt: https://www.hoyes.com/blog/keeping-small-business-afloat-dealing-debt/

While bank failures are not a common occurrence in Canada, it may still be in your best interest to have more than one bank account. On today's podcast, Joel Sandwith, our LIT in London, joins Doug Hoyes to discuss banking best practices, including how many accounts you should have, where to store your savings, and why it's important to understand the right of offset if you owe your bank. They also explain how deposit insurance works and high-interest savings accounts. Tune in for an informative discussion and practical advice! Links: Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ Frozen Bank Account. Your Rights and What To Do Next: https://www.hoyes.com/blog/frozen-bank-account-your-rights-and-what-to-do-next/ What is the Right of Offset and What Can You Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/ Joel Sandwith, LIT in London: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/joel-sandwith/

The price at the gas pump includes a lot of hidden costs, and they are going up. How will this impact your budget? What does it mean for the future of car ownership? On today's podcast, Ted Michalos and Doug Hoyes discuss the hidden costs of gas and how the increase in some of the price components will mean you'll only be paying more to fuel your car. They also talk about the Ontario government's plans to increase ethanol in oil and how that may impact fuel efficiency, and again, your budget. Tune in for an insightful conversation! Related Links: Statistics Canada. Table 18-10-0001-01 Monthly average retail prices for gasoline and fuel oil, by geography https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000101 Government of Ontario, Fuel Price Components: https://www.ontario.ca/motor-fuel-prices/ Government of Ontario, Cleaner Transportation Fuels: https://www.ontario.ca/page/cleaner-transportation-fuels Ontario Regulation: O. Reg. 663/20: CLEANER TRANSPORTATION FUELS: RENEWABLE CONTENT REQUIREMENTS FOR GASOLINE AND DIESEL FUELS https://www.ontario.ca/laws/regulation/r20663 Government of Ontario Press Release, November 26, 2020: https://news.ontario.ca/en/release/59352/ontario-to-be-national-leader-and-require-cleaner-and-greener-gasoline Ethanol Production Using Corn, Switchgrass, and Wood; Biodiesel Production Using Soybean and Sunflower, research study: https://link.springer.com/article/10.1007/s11053-005-4679-8 The effect of bioenergy expansion: Food, energy, and environment, research study: https://www.sciencedirect.com/science/article/pii/S1364032114000677?via%3Dihub Federal government, Ethanol, https://natural-resources.canada.ca/energy-efficiency/transportation-alternative-fuels/alternative-fuels/biofuels/ethanol/3493 Environmental outcomes of the US Renewable Fuel Standard, research study: https://www.pnas.org/doi/10.1073/pnas.2101084119