Debt Free in 30

Latest Episodes:

401 – Should You Start Your Own Business? May 07, 2022

Show notes

Since the pandemic lockdowns, a large number of people became self-employed or started their own businesses. Why? Because of job loss or a desire for more flexibility. Makes perfect sense. But while there are many benefits to being your own boss – you get a lot of independence – is it always the right decision for you? What are the pitfalls and when is it just better to get a new job rather than start your own business? Tune in to today's discussion with Doug Hoyes and Ted Michalos as they share the ups and downs of being self-employed (including the potential for debt problems), practical advice and personal experience to help guide your decision.

Related Links:

One Group website: https://onegroupre.com/

Nasma Ali on Twitter: https://twitter.com/nasmadotali

Nasma Ali on Instagram: https://www.instagram.com/nasmadotali/

Average Toronto house prices: https://wowa.ca/toronto-housing-market

Butler Mortgage rates: https://www.butlermortgage.ca/rates/

Time Stamps:

1:13 What is going on with real estate?

6:41 When did the slowdown start?

9:58 What is a bully offer?

13:29 Is now a good time to buy or should you wait?

20:30 Will housing ever be affordable? Will GTA prices drop 50%?

25:35 Sale price + transparency

30:55 Is there a real benefit to working with an agent? Can you DYI real estate sales?

398 – Can You Divide Debt in a Divorce? Apr 16, 2022

Show notes

More than 1 in 5 of our clients, people who file a bankruptcy or consumer proposal with Hoyes Michalos, are separated or divorced at the time they file with us. So, what happens when you have debt and are facing divorce? Can you divide debt in a separation agreement? What if it's joint debt? On today's podcast, Doug Hoyes and Ted Michalos explain how debt is managed when couples are facing separation and financial issues. They explain when it may be necessary for both parties to file insolvency if they have joint debt. They also discuss alimony, child support payments, and how joint assets are treated in an insolvency, among other issues. Tune in for lots of practical advice!

Links:

Should You File Bankruptcy Before or After Divorce? https://www.hoyes.com/blog/should-you-file-bankruptcy-before-or-after-divorce/

What Happens to Joint Property in a Bankruptcy? https://www.hoyes.com/blog/what-happens-to-joint-property-in-a-bankruptcy/

Divorce and Bankruptcy Law in Canada https://www.hoyes.com/blog/divorce-and-bankruptcy-law-in-canada/

397 – When is CRA Going to Ramp Up Tax Debt Collections? [Panel Discussion] Apr 09, 2022

Show notes

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/

396 – Are Bankruptcy Rules in Canada Unfair? Apr 02, 2022

Show notes

When you go bankrupt in Canada, you have to make a payment into your estate, for your creditors. This is called a surplus income payment. But are surplus income limits out of touch with today's cost of living realities? How can it be fair that someone living in a major city like Toronto or Vancouver must pay the same amount into a bankruptcy as someone living in a small town, with lower living costs? On today's podcast Doug Hoyes and Ted Michalos discuss the issues of surplus income payments, how debtors can make informed financial decisions before filing an insolvency, and when it may be better to file a consumer proposal instead of a bankruptcy. Tune in!

Resources Mentioned in the Show:

Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/

Superintendent of Bankruptcy Directive No. 11R2-2022 Surplus Income https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03249.html

Hoyes Michalos What is Surplus Income? https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/

Hoyes Michalos Surplus Income Calculator: https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/

Inflation Statistics, Statistics Canada https://www150.statcan.gc.ca/n1/daily-quotidien/220316/dq220316a-eng.htm

Average rents in Toronto: https://www.torontorentals.com/blog/toronto-gta-december-rent-report-2021

395 – Back to Work in the Office – What's the Cost? Mar 26, 2022

Show notes

After two years of working from home, many people are being called back to work in the office. But since 2020, costs, like gas, have soared. How much more expensive is it going to be to go back to the office? Is it a good idea to look for another job that offers remote work instead? What are the risks to that? On today's podcast, Doug Hoyes and Ted Michalos discuss which costs are now higher, who is more likely to be adversely affected, the potential risks of changing jobs, and give advice on how to cope financially. Tune in!

Links:

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

394 – How to Say No When Someone Asks for Financial (Debt) Help [Panel Discussion] Mar 19, 2022

Show notes

We often want to help friends and family financially when they ask for help. But sometimes that help leads to financial problems for us (like co-signing a loan and ending up having to pay it!). How do you say no without seeming harsh or unhelpful? On today's podcast, we have a panel discussion with Scott Schaefer, LIT Maureen Parent, LIT and host Doug Hoyes, with a special appearance by Ian Martin, LIT, sharing cautionary tales of financial help backfiring on their clients. They also explain why we find it so hard as human beings to say no to giving help and share practical advice for how to navigate requests for money from friends and family. Tune in!

Links:

Never Loan Money to Family and Friends: https://www.hoyes.com/blog/never-loan-money-to-family-and-friends/

Straight Talk on Your Money Book: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

Maureen Parent, LIT, Kanata: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/

Scott Schaefer, LIT, Kitchener: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/scott-schaefer/

Ian Martin, LIT, Kitchener: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/ian-martin/

393 – Investing Basics – Where to Start Now That You're Debt Free Mar 12, 2022

Show notes

You've paid off your debts. Now you have some cash to invest. How do you get started? On today's podcast, Doug Hoyes and Ted Michalos walk you through what you need to consider before you invest. They explain how TFSAs, RRSPs, RESPs, and RDSPs work and when you should put your money in each. They also discuss the risks that come with stock trading and the true costs of mutual funds. Doug and Ted also explain the different investor personality types so you can better understand yourself. Tune in for great practical advice!

Resources Mentioned in the Show:

RDSP & RESP expert – Big Cajun Man's website: https://www.canajunfinances.com/about/

Jason Heath, Certified Financial Planner: https://objectivefinancialpartners.com/

Sandi Martin, Certified Financial Planner: https://springplans.ca/

Investment Selling is Not Financial Planning: https://www.hoyes.com/blog/investment-selling-is-not-financial-planning/

Podcast 360 – Planning Retirement with Limited Savings & Income: https://www.youtube.com/watch?v=nth1wjv5s8M

Podcast 215 – What is a Robo-Planner? Automated Financial Planning: https://www.youtube.com/watch?v=rXW7a7EdCKA

392 – What Issues Do Women in Debt Face? [Panel Discussion] Mar 05, 2022

Show notes

Our latest bankruptcy study revealed that the average female debtor's unsecured debt increased 6.5%, while her male counterpart only had a 0.7% increase in his unsecured debt load in 2021. Why is this? What are specific issues that women in debt face? On today's podcast, we have an all-female panel of Trustees, who share their insights from client interactions, as well as personal experiences. They discuss why women have less take-home pay compared to men; share advice on how women can advocate for themselves in the workplace; discuss the pink tax and its effect on spending, and much more! Tune in for a great roundtable.

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