Debt Free in 30

Latest Episodes:

500 – Why Do We Feel Despair? (A Rant) Mar 30, 2024

Show notes

This is episode 500, and Doug does a solo rant exploring the factors contributing to the despair felt by Canadians. He reflects on how the past four years has affected our economy. He touches on the cost of real estate, the stock market, fatalistic YOLO, inflation, and strategies for achieving wealth. Enjoy!

Related Links:

Build a Get Out of Debt Repayment Plan - https://www.hoyes.com/debt-relief/get-out-of-debt/

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, Wealth Gap - https://www150.statcan.gc.ca/n1/daily-quotidien/230331/dq230331b-eng.htm

CPI Basked Weight Visualization - https://www150.statcan.gc.ca/n1/pub/71-607-x/2018016/cpi-ipc-eng.htm

National balance sheet and financial flow accounts, fourth quarter 2023 -https://www150.statcan.gc.ca/n1/daily-quotidien/240313/dq240313a-eng.htm

Wealth Gap, Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quotidien/240122/dq240122a-eng.htm

Bank of Canada, Monetary Aggregates (Money Supply) - https://www.bankofcanada.ca/?p=47527

Canadian Real Estate Association, National Statistics - https://stats.crea.ca/en-CA/

November 2023 Federal Government Fall Economic Update - https://www.budget.canada.ca/fes-eea/2023/report-rapport/anx1-en.html#a1

Episode 270, The Fable of the 20 Dollar Bill - https://youtu.be/5fYfAvSnNps?si=ziTAfuUWwbdmYHvk

499 – How To Protect Yourself from Rising Car Thefts & Financial Costs Mar 23, 2024

Show notes

Did you know a car is stolen every 5 minutes across Canada? Car thefts and VIN scams are on the rise. Michael Rothe, President and CEO of Canadian Finance & Leasing Association, joins Doug and discusses Canada's auto theft epidemic. They explore topics such as re-vinning, the impact of stolen vehicles on insurance premiums, steps to take if you unwittingly purchase a stolen vehicle, precautions against potential car theft, and government enforcement. This discussion is essential for Canadian vehicle owners looking to stay safe and understand what actions to take in case of a car theft and how to prevent yourself from falling victim.

Timestamps:

00:00 Introduction

02:10 The latest update on car thefts in Canada

04:40 How many stolen vehicles end up departing Canada?

06:14 What is a VIN number and what is re-vinning?

10:44 What happens if you purchase a stolen used vehicle?

12:25 What is the solution to prevent car thefts?

17:45 What measures can individuals take to defend themselves against car theft?

28:40 The cost of enforcement

33:31 Conclusion

Related Links:

Can You Include Your Car Loan in a Consumer Proposal? -

https://www.hoyes.com/blog/can-you-include-your-car-loan-in-a-consumer-proposal/

What Happens to a Financed or Leased Car in Bankruptcy? - https://www.hoyes.com/blog/what-happens-to-a-financed-or-leased-car-in-bankruptcy/

Should You Consolidate or Pay Bills with a Car Title Loan? -https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/

How Car Loans and Car Loan Rollovers Lead to Insolvency - https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/

Car Thefts Have Reached Crisis Levels Across Canada. How did we get here? -

https://macleans.ca/society/car-thefts-have-reached-crisis-levels-across-canada-how-did-we-get-here/

Michael Rothe LinkedIn - https://www.linkedin.com/in/michael-rothe/

Canadian Finance & Leasing Association - https://cfla-acfl.ca/

498 – Save Money with a Micro Wedding Budget | Planning Tips from The Budget Savvy Bride Mar 16, 2024

Show notes

Planning a wedding on a budget? In this episode, Jessica Bishop, founder of The Budget Savvy Bride, shares expert advice on keeping your big day affordable without sacrificing style.

Whether you are dreaming of a traditional ceremony or considering eloping, Jessica's insights will help you celebrate your love without breaking the bank. We discuss micro weddings, destination weddings, the cost of having an open bar, wedding party attire, and more! Don't miss out on these essential tips for a budget-friendly wedding!

Time Stamps:

00:00 Introduction

01:42 What does a wedding cost?

03:50 How has the wedding world changed since the pandemic?

05:58 What is a micro wedding?

06:43 How do you save money on your wedding?

10:36 Wedding resources and finances

12:31 Do you consider the potential gift contributions from your guests when planning your wedding budget?

17:09 What amount of money is appropriate to give as a wedding gift?

21:06 Strategies for reducing wedding budget expenses

25:07 Are destination weddings more affordable?

26:59 Wedding party attire

30:29 Should I have an open bar?

32:47 Where to find The Budget Savvy Bride

Related Links:

Should You Get a Wedding Loan? - https://www.hoyes.com/blog/should-you-get-a-wedding-loan/

The Budget Savvy Bride - https://thebudgetsavvybride.com/

The Budget Savvy Bride Real Wedding Budgets - https://thebudgetsavvybride.com/real-weddings/

Book: The Budget-Savvy Wedding Planner & Organizer: Checklists, Worksheets, and Essential Tools to Plan the Perfect Wedding on a Small Budget – on Amazon

https://www.amazon.ca/Budget-Savvy-Wedding-Planner-Organizer-Checklists/dp/1623159857/ref=sr_1_1_sspa?&_encoding=UTF8&tag=moneyproblems-20&linkCode=ur2&linkId=a64ef88027584470ba33c94dfd58c76e&camp=15121&creative=330641

The Budget Savvy Bride on TikTok - https://www.tiktok.com/@budgetsavvybride

The Budget Savvy Bride on YouTube - https://www.youtube.com/@TheBudgetSavvyBride

The Budget Savvy Bride Twitter - https://twitter.com/savvybride

The Budget Savvy Bride Threads - https://threads.net/@budgetsavvybride

The Budget Savvy Bride Facebook - https://facebook.com/budgetsavvybride

The Budget Savvy Bride Pinterest - https://pinterest.com/savvybride

The Budget Savvy Bride Instagram - https://instagram.com/budgetsavvybride

Jessica Bishop LinkedIn - https://linkedin.com/in/jessicalehrybishop

The Bouquet Toss: A Wedding Planning Podcast - https://thebudgetsavvybride.com/the-bouquet-toss-podcast/

Marriage or Mortgage Podcast Episode - https://thebudgetsavvybride.com/podcast/episode-66-marriage-or-mortgage/

The Wedding Report - https://wedding.report/

Honeyfund - https://www.honeyfund.com/

Something Borrowed Blooms- https://www.somethingborrowedblooms.com/

497 – How to file taxes and get your my CRA account 2024 Mar 09, 2024

Show notes

Top tips on how to file taxes. How to file taxes in Canada, setup your CRA my account, deadlines, government benefits and how to receive your refund with no additional fees. We also discuss tax discounting services, the importance of gathering all your documents, claiming all legitimate deductions such as moving expenses and tuition and notifying CRA of any changes such as your marital status, address, etc. Tune in for great practical advice and recommendations on which tools to use to file your taxes for free in 2024.

Time Stamps:

00:00 - Why should you file your taxes?

06:07 - Government benefits

08:30 - Deadlines

14:52 - Set up for CRA my account

24:20 - Do your taxes yourself and file for free

26:54 - Notify CRA of any changes

27:46 - Tax discounting services

32:24 - What if you cannot afford to pay your tax debts?

Tax Debt Relief in Canada: https://www.hoyes.com/debt-relief/tax-debt/

Tax Returns Not Filed Because You Are Afraid You Have Tax Debts?: https://www.hoyes.com/blog/tax-returns-not-filed/

Income Taxes and Bankruptcy - What You Need to Know: https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/

CRA – My Account for Individuals: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html

CRA – Due Dates and Payment Dates: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals.html

CRA - Interest and Penalties on Late Taxes: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html

CRA – Prescribed Interest Rates: https://www.canada.ca/en/revenue-agency/services/tax/prescribed-interest-rates.html

CRA – Tax Credits and Benefits for Individuals: https://www.canada.ca/en/services/taxes/child-and-family-benefits.html

CRA – Child and Family Benefits Calculator: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-family-benefits-calculator.html

CRA - Tuition Tax Credit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-32300-your-tuition-education-textbook-amounts/eligible-tuition-fees.html

CRA - Free Tax Filing Software: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/certified-software-netfile-program.html

496 – Why You Should Never Co-Sign a Loan Mar 02, 2024

Show notes

In this episode, Doug and Ted discuss the risks of co-signing on a loan. They discuss the differences between joint loans and co-signed loans and the impact they can have on your credit. They address common scenarios such as parental co-signing and provide advice on alternative ways to assist friends or children financially without assuming the burden of co-signing. This episode is a must-listen if you've ever considered co-signing a loan.

Should Married Couples Get a Joint Consolidation Loan?

https://www.hoyes.com/blog/should-married-couples-get-a-joint-consolidation-loan/

Co-Signer vs Co-Borrower | What's the difference?

https://www.youtube.com/watch?v=ee4R7mKxp1w

Joint Debt and Co-Signing. Am I Responsible For My Spouse's Debt?

https://www.youtube.com/watch?v=M9gBlzJXnG0

Don't Lend to Family or Co-Sign – It Can Hurt Your Finances

https://www.youtube.com/watch?v=KGpQ4CX_IB4

What Is Joint Debt?

https://www.youtube.com/watch?v=jRGcHSWl_nw

495 – RRSP Withdrawals Before Retirement - Is it Ever a Good Idea? Feb 24, 2024

Show notes

In this episode of Debt Free in 30, Ted and Doug discuss RRSP early withdrawals. They weigh the pros and cons of tapping into your savings before retirement and discuss tax implications, CPP and exceptions such as the Home Buyer's Program and the Lifelong Learning Plan. This helpful discussion will give you the knowledge to make the right decisions when it comes to withdrawing your RRSP.

Time Stamps:

00:00 - Introduction

00:39 - What is an RRSP?

01:43 - Is there a good time to cash in an RRSP?

2:41 - Withdrawing money from your RRSP

4:38 - TFSA vs RRSP

6:29 - Is there a good time to cash in an RRSP before retirement?

8:23 - If you are buying a home for the first time is it a good idea to take out your RRSP?

10:28 - The lifelong learning plan

12:51 – Should I use my RRSP for living expenses?

15:00 – When should I take my CPP

17:58 – Creditors can't go after RRSP

22:42 – Bankruptcy vs. Consumer Proposal

28:03 – Conclusion

RRSP New Home Buyer's Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

RRSP Life Long Learning Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan.html

Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

RRSP, Registered Savings Accounts and Bankruptcy Laws https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/

494 – Habits and Your Financial Health Feb 17, 2024

Show notes

In this episode, Maureen and Doug explore financial habits and discuss why we spend the way we do and how we can make better choices. Maureen shares how habits form and how you can be influenced to spend money. From understanding the psychology behind spending to learning strategies for breaking bad habits and building good ones, this episode will give you tools to take charge of your finances and break bad habits!

Learn Price Matching Tips on the Flipp App to Save Big on Groceries - https://www.youtube.com/watch?v=VHu_cWGlUR8&t=1s

What's Really Causing Grocery & Food Inflation? w/ The Food Professor https://www.youtube.com/watch?v=bZrsL4LgI2A&t=3s

How to Improve Your Financial Wellness https://www.hoyes.com/blog/how-to-improve-your-financial-wellness/

PSYCHOLOGY OF SPENDING, PROF DRAZAN PRELEC https://betterworld.mit.edu/spectrum/issues/winter-1999/the-psychology-of-spending/

PSYCHOLOGY OF MONEY: SAVING AND SPENDING HABITS- by Erin Bruehl-journalist https://current.com/blog/the-psychology-of-money-saving-and-spending-habits/

HABITS MATTER MORE… REBECCA STRONG- MEDICALLY REVIEWED BY JOSLYN JELINEK LCSW https://www.healthline.com/health/mental-health/why-are-habits-important

CONSUMER FINANCIAL PROTECTION BUREAU https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-habits-norms/

7 SIMPLE WAYS TO BUILD GOOD MONEY HABITS- RENE BENNETT https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-habits-norms/

493 – Credit Card Balances Lead Many to Bankruptcy: 2023 Joe Debtor Study Feb 10, 2024

Show notes

In this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca.

Related Links:

Hoyes Michalos Joe Debtor Bankruptcy Study: www.joedebtor.ca

Office of the Superintendent of Bankruptcy – Canadian Consumer Debtor Profile – 2021: https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/canadian-consumer-debtor-profile-2021

Credit Card Debt is a Problem For A Lot of Canadians: https://www.hoyes.com/debt-relief/credit-card-debt/

2023 Debt Statistics and What It Means for Consumer Insolvencies: https://www.hoyes.com/blog/2023-debt-statistics-and-what-it-means-for-consumer-insolvencies/

How Car Loans and Car Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/

Student Loans and the 7 Year Rule: https://www.hoyes.com/blog/are-your-student-loans-past-the-7-year-rule-a-vaughan-bankruptcy-story/

Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

492 – Learn Price Matching Tips on the Flipp App to Save Big on Groceries Feb 03, 2024

Show notes

In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter shopping. Additionally, Janette also explains the rebate app Checkout 51. Enjoy!

Related Links:

Flipp: https://flipp.com/

Checkout 51: https://www.checkout51.com/

Jannette Martin: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/janette-martin/

491 – Will Changes to the Criminal Code Make Borrowing More Affordable? Jan 27, 2024

Show notes

In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed. They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with insights from the Canadian Lenders Association. Ted also discusses alternative lenders' and how they are assisting Canadians in rebuilding credit. Enjoy!

Related Links:

Canada Gazette, Regulations

https://www.gazette.gc.ca/rp-pr/p1/2023/2023-12-23/html/reg3-eng.html

Criminal Code

https://laws-lois.justice.gc.ca/eng/acts/c-46/page-51.html#h-122004

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected