Debt Free in 30

Filing income taxes can be complicated, especially if you're a self-employed individual. And if you can't afford an accountant, you fall behind on filing your taxes and face trouble with the Canada Revenue Agency. Could we make the Canadian tax system simpler? And what would a simpler system mean for tax deductions? Enter Neal Winokur, author of the The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System​. On today's podcast, Neal shares his radical vision for an easier income tax system and what it would look like for everyday Canadians. He and Doug Hoyes also discuss whether the government could consider other sources of revenue instead of income taxes and the impact on Canadian politics. It's a lively discussion so be sure to tune in! Related Links: Neal Winokur's website: https://grumpyaccountant.ca/ The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System On Amazon: https://amzn.to/33Wpnd9

Today's first time guest is Jeff Rubin, who was the Chief Economist at CIBC World Markets (where he worked for over 20 years). He has just released a new book: The Expendables: How the Middle Class Got Screwed by Globalization, where he says that the decline in permanent, well paying full time jobs is a direct result of free trade agreements that transferred jobs to lower wage countries, leaving factories in Canada idle. On today's show Jeff Rubin argues that globalization allows the rich to get richer, and that leads to increasing inequality, and that leads to high debt levels for the average Canadian. Is there a solution? We discuss that and a lot more on today's show. Helpful Links: Jeff Rubin on Twitter https://twitter.com/jeffrubin The Expendables How the Middle Class Got Screwed By Globalization link to book on Amazon: https://amzn.to/2FLeORE Debt Free in 30 Podcast on Modern Monetary Theory: https://youtu.be/TMGDaTGx3V4 Topics Covered: 00:47 What is globalization, and who are the expendables who got screwed by it? 2:48 What's wrong with moving jobs to lower wage countries? Consumers pay less, and corporate profits are higher; what's the problem? 5:55 Does outsourcing lead to lower wages, lower interest rates, and lower inflation? 7:40 How are low wages tied to consumer debt? 9:50 Interest rates are very low, so does it matter that governments have high deficits? 11:18 How does globalization lead to more middle class debt? 13:43 Does globalization lead to speculative bubbles (like the stock market and the housing bubble)? 15:51 Do you agree or disagree with David Ricardo's Theory of Comparative Advantage? Are we not better off if we do what we are best at? 18:48 With globalization we have more exposure to other cultures; does that increase the chances for world peace? Is that not an upside of globalization? 20:14 What are the solutions to the problems caused by globalization? 21:27 Donald Trump and Bernie Sanders both have the same trade policy 23:39 Not being able to get N95 masks was a big problem, because we didn't produce them in Canada. Do you expect in the future to see more manufacturing returning to Canada? 27:15 Contrary to popular belief, why do you not think we have a progressive tax system? 29:10 But if we had a more progressive tax system, would that not lead to money and jobs and wealthy people leaving the country, making our economic situation even worse? 33:00 Closing comments: advice for the average Canadian hurt by globalization.

Like debt problems, food insecurity can happen to anyone. What causes individuals and families to require food assistance? On today's podcast, we have first-time guest Wendi Campbell, CEO at The Food Bank of Waterloo Region to help us get a better understanding of local food issues and what "food insecurity" really means. Wendi also addresses common misconceptions surrounding food bank visitors and discusses the importance of working together as a society to help alleviate the problem of food insecurity. The Food Bank of Waterloo Region is accepting non-perishable food donations through contactless drop-offs at their location on 50 Alpine Court in Kitchener, ON. Financial donations can be made online at https://www.thefoodbank.ca/donate/. Of course, if you are outside of the K-W region, you can donate to your local food bank if you have the means. Helpful links: The Food Bank of Waterloo Region Website: https://www.thefoodbank.ca/ Stats on Hunger in Waterloo Region: https://www.thefoodbank.ca/network/hunger/ The Food Bank 2018-19 Financial Statement: https://www.thefoodbank.ca/wp-content/uploads/2019/09/FBWR-2019-financial-statements-final.pdf

Last week, Doug Hoyes walked us through several key statistics, including insolvency filings, household savings rates, and loan deferrals. On today's show, he digs deeper into the 'whys' behind the numbers with guest Ted Michalos. Tune in as they give an update on why personal insolvencies are down and how much longer they expect filings will decline; They also discuss why savings rates are up and whether they will remain high; and why car sales have increased despite many people working from home. Doug and Ted also offer practical advice for managing your debt if you are still looking for work or if you have benefited financially from the lock-down. Don't miss a great discussion! Related Links: Season 7 Premiere & What's Going to Happen with Debt in the Fall: https://www.youtube.com/watch?v=odokdpoPng8​ Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

Welcome to the season 7 premiere of Debt Free in 30. It's only September but it's been an eventful year already, eh? Insolvency filings were high at the start of 2020 but fell to record lows by the month of May. Unemployment is high, but so is the savings rate. How is that possible? Today we discuss these stats, and look ahead to the Fall. Collection agencies are starting to make more calls, so will insolvencies go back up? The federal government has also announced that the CERB will soon end and transition to EI. Will this be enough for individuals still out of work? That and more on the first show of Season 7; enjoy! Relevant Links: Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Coping with Consumer Debt as the Economy Reopens: https://www.hoyes.com/blog/coping-with-consumer-debt-as-the-economy-reopens/ Canadian Bankers Association - Facts on Bank Measures in Response to COVID-19: https://cba.ca/fast-facts-on-bank-measures-in-response-to-the-covid-19-pandemic Retail Trade, June 2020, Statistics Canada: https://www150.statcan.gc.ca/n1/daily-quotidien/200821/dq200821a-eng.htm Savings, Debt & Modern Monetary Theory with Hilliard MacBeth: https://www.youtube.com/watch?v=Wx_7T6YWT8w Debt Free in 30 Full Podcast Archives: https://www.hoyes.com/debt-free-30-podcast/

Millions of Canadians have received CERB (and may have a tax debt next year), and many Canadians have incurred and deferred debt to survive the pandemic. How will they repay that debt? First aired in May, today we have a new introduction and update, and then we rebroadcast our episode on an ancient concept that is getting a lot of new interest: a debt jubilee. Enjoy! Helpful Reads: Is A Debt Jubilee the Solution to Our Collective Debt Problem: https://www.hoyes.com/blog/is-a-debt-jubilee-the-solution-to-our-collective-debt-problem/ Insolvency Predictions Post COVID-19: https://www.hoyes.com/blog/insolvency-predictions-post-covid-19/ ...and forgive them their debts by Michael Hudson: https://michael-hudson.com/2018/08/and-forgive-them-their-debts/ Can We Avoid Another Financial Crisis by Steve Keen: https://www.dw.com/en/can-we-avoid-another-financial-crisis/a-41111841 10 Key Canadian Debt Statistics That Explain Consumer Insolvency Growth in 2019: https://www.hoyes.com/blog/10-top-debt-statistics/ 7-Year Waiting Rule on Student Loans: https://www.hoyes.com/blog/are-your-student-loans-past-the-7-year-rule-a-vaughan-bankruptcy-story/​ ​Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Costco became the "go to" store during the 2020 pandemic, as long lines formed so we could all buy toilet paper. Today we revisit our podcast on that wonderful, magical place called Costco, with some updated thoughts on the pandemic. Is it a store? A finance company? Something else? And why does it matter? All that and more on today's podcast (and I've got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube).

Is it possible to financially recover from the coronavirus pandemic of 2020? Yes, but it starts with $20. On today's podcast we discuss the pandemic, and then present a special rebroadcast of the fable of the 20 dollar bill, and explain how $20 can set you up for financial success. A fable, as it were. Enjoy!

Doug Hoyes explains why even with high debt and high pandemic-related unemployment bankruptcy filings continue to drop, and he gives his predictions for the next few months, and then, given the stress caused by the COVID-19 lock down, we rebroadcast our conversation with Shannon Lee Simmons, author of Living Debt-Free: The No-Shame, No-Blame Guide to Getting Rid of Your Debt about how negative feelings towards debt can create more debt and strategies that can put you in the right direction when dealing with your debt.

Doug Hoyes gives an update on how collection agents are dealing with the COVID shut down (spoiler alert: they've found a way to keep calling), and then we rebroadcast our discussion with Blair Demarco-Wettlaufer, a real-life collection agent, who explains how a collection agent gets paid, and how you can negotiate with a collection agent. Enjoy!