Debt Free in 30

It's our final rebroadcast episode of the summer, and today we rebroadcast episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it's that no job is secure. So, what can you do to avoid getting financially burned if you're out of work? If you're unhappy with your job, should you switch? What's the smartest way to go about making a change? On today's podcast Doug discusses three basic work truths and lots of practical advice you should understand to help you navigate the employment world. Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Follow Doug Hoyes on Twitter: https://twitter.com/doughoyes

When the pandemic first started, the Canada Revenue Agency slowed their collection efforts on income tax debt owing. But with the economy reopened, we are starting to see notices filed by the CRA to individuals owing on income tax, including CERB and CRB debts. Is this a sign that the CRA is ramping up efforts again? What are your options if your employer is served with a Requirement to Pay notice from the government? What if you get a notice that you were overpaid for CERB/CRB or ineligible? Tune in to this panel discussion with Ian Martin, CPA, LIT and Scott Schaefer, CPA, LIT (our in-house tax experts) and host Doug Hoyes for lots of practical advice! Additional Resources: CRA Collection Letters for CERB Ineligibility or Overpayment. Can You File Bankruptcy? https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment/ 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/ Should I Borrow to Pay Taxes to CRA? https://www.hoyes.com/blog/should-i-borrow-to-pay-taxes-to-cra/

Today we rebroadcast episode #339 (and it's even more timely today). For many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is now creating financial problems? What are your options? Is it possible to get out of a car loan? On today's podcast, Ted Michalos and Doug Hoyes discuss when you might want to hand your vehicle back, how to do it, and what happens with the loan shortfall. Tune in for lots of practical advice! Related link: Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/

For the average Canadian family, their largest monthly expense is their rent or mortgage payment, and unless they have a very expensive car, their second biggest expense is often food. If you have a limited income, how can you manage your food budget effectively? Is it possible eat healthy without breaking the bank? On today's show we welcome Heidi Pola, a Registered Dietician who gives practical advice on how to eat healthy and save money.

The summer is only half over, yet so much has happened to the economy in 2022. Gas prices have started to come down after intense surging, and interest rate hikes are at record highs and may keep going. What can we expect for the next six months of the year? Enter Doug and Ted. On today's podcast, Doug Hoyes and Ted Michalos give us their mid-year review and share their predictions for consumer debt levels, inflation, bankruptcy filings, and whether CRA collections will intensify in the Fall. Tune in for a lively discussion and practical advice on managing your finances for the rest of the year. Additional Resources: Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

So far in 2022 the Bank of Canada has raised its overnight lending rate four times. Its most recent hike in July was the biggest one since 1998. If you're trying to buy a home now, what can you do to make the purchase affordable? Is it a good time to even get a mortgage? Would it be better to rent and wait? On today's podcast, Doug Hoyes and Ted Michalos walk you through the basics of mortgage borrowing, costs that comes with it, explain common mortgage terms, and discuss the factors to consider before buying a home in the first place. Tune in for lots of practical advice & explainers! Links: CMHC Mortgage Loan Insurance Cost: https://www.cmhc-schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost What's Happening to Mortgages Now That Rates Are Up? With Ron Butler: https://youtu.be/Iw-HtqgOgJM

What options do homeowners have when they've got a lot of home equity and a lot of unsecured debt, but the bank won't let them refinance by borrowing against their home? On today's podcast, Ted Michalos and Doug Hoyes explain why homeowners often carry so much more debt than non-homeowners, how to deal with your unsecured debts whether refinancing is an option or not, and how an insolvency filing can affect your home. Given today's economic situation, this may sadly be a reality for many homeowners in the months and years to come. Tune in for lots of practical strategies and advice! Helpful Links: Second Mortgage or Interest-Free Consumer Proposal: https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/ Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

We often meet with clients who have struggled with their debt for a lot longer than they needed to. This is often because they feel embarrassed or ashamed to ask for help. But why do we struggle so much to talk about our financial situation? On today's podcast, Maureen Parent, LIT in our Kanata office returns to give insight as to why we are so afraid to talk about debt. Maureen and Doug draw from their years of experience helping clients and share lots of practical advice to help you overcome the fear of talking debt. Tune in! Additional Links: Is the 50-30-20 Budget Rule Even Do-Able Today? https://youtu.be/hANI5zadF2I Maureen Parent on Twitter: https://twitter.com/MaureenParent7 Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos Kanata office: https://www.hoyes.com/ontario-offices/kanata/

One of the most common borrow-to-invest strategies is to take money from your home equity to purchase an investment property. But is this always a good idea? What if you borrow to invest in the stock market instead? Is that riskier? Is it ever OK to take on debt to invest or is it something you should never do? On today's podcast, Ted Michalos and Doug Hoyes walk you through how to decide when you are ready to invest, the three ways to invest in stocks, what risks are, and the general dos and don'ts of using your hard-earned money to potentially get a return on it. Tune in for lots of practical advice! Resources Mentioned in the Show: Straight Talk on Your Money book by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034/ Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Residential House Prices, Historical Chart: https://fred.stlouisfed.org/series/QCAR628BIS

2022 has so far brought rapidly declining real estate prices, record high gas and food prices, and rising interest rates. It's looking to be a perfect financial storm. So how are all these variables impacting indebted Canadians? On today's podcast, Scott Terrio, Manager, Consumer Insolvency at Hoyes Michalos, returns to discuss what he's seeing from individuals struggling with debt, borrowing trends, and the role inflation is playing in household budgets. Scott and Doug also share their thoughts on why homeowner-driven insolvencies may rise soon and give practical advice for what to do if you're dealing with problem debt in this economic climate. Tune in for a lively discussion! Links: Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Podcast 399 – Is the Housing Market Finally Slowing Down? with Nasma Ali https://youtu.be/4XjDd4JOvVc