Debt Free in 30

Latest Episodes:

371 – Should You Ask Your Employer to Take More Tax Off Your Pay? Oct 09, 2021

Show notes

Depending on your financial situation, you may benefit from asking your employer to take more tax off your paycheque. But how can you know when that's a good idea? Enter Ian Martin. Ian is an LIT and CPA and spent 6 years working at Canada Revenue Agency, so he knows a fair bit about income taxes. On today's podcast, Ian explains when it's in your best interest to have your employer deduct higher taxes (like if you think you'll owe due to CERB/CRB, or if you'll owe because you work more than one job). He also gives tips for how to handle income taxes if you're self-employed or if you're bankrupt. Tune in for lots of practical advice!

Links:

CRA TD1 Form: https://www.canada.ca/en/revenue-agency/services/forms-publications/td1-personal-tax-credits-returns/td1-forms-pay-received-on-january-1-later/td1.html

370 – Should Car Insurance Rates Be Based on Your Credit Score? Oct 02, 2021

Show notes

What if your car insurance rate was decided by your credit score? Well, this is the case in New Brunswick and may one day become a reality in Ontario. But is it fair? Are credit scores a good determinant of our driving habits? On today's roundtable podcast, guests Scott Terrio, Maureen Parent, and host Doug Hoyes discuss the potential pitfalls to using credit scores to decide car insurance rates. They also discuss privacy issues and why this policy is particularly unfair to certain segments of the population (seniors, renters, newcomers). Tune in for a lively discussion!

Links:

Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit

Auto Insurers' Interests in N.B. Credit Scores is Bad News for Many – CBC: https://www.cbc.ca/news/canada/new-brunswick/auto-insurers-credit-scores-new-brunswick-1.6172978

New Brunswick Insurance Board November 24, 2020 Decision: http://www.nbib-canb.org/assets/files/pdf/decisions/2020/2020_11_24%20TDHA%20PPV%20RFG-1%20Decision%20E.pdf

369 – Canadian vs. US Bankruptcy: Fresh Start vs. Harsh Penalty? Sep 25, 2021

Show notes

We Canadians consume a lot of American media, so it's possible that the ideas we have about bankruptcy are actually what happens to indebted individuals in the United States, and not the Canadian reality. On today's podcast, Doug Hoyes and Ted Michalos explain how bankruptcy in Canada is a rehabilitative and supportive process, with limited barriers. They address common fears and misconceptions and give insight on why filing bankruptcy is so much simpler in Canada than it is in America. Tune in for a great discussion!

Links:

Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit

Chapter 7 Bankruptcy: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics

Chapter 13 Wage Earner's Plan: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics

Surplus income in a bankruptcy: https://www.hoyes.com/blog/new-surplus-income-limits-for-2021/

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

368 – Do You Have to Check Your Credit Score Every Day, Week, Month?! Sep 18, 2021

Show notes

How often should you check your credit score? Is it wrong to obsess over credit scores? Where is the best place to get your credit report? On today's podcast, seasoned credit counsellor Diane Cunha and LIT (& lawyer!) Jennifer Kwon join Doug Hoyes in a roundtable discussion on whether or not Canadians need to worry about their credit scores and who credit scores are really designed for. They also share practical advice for managing your credit health and where to find accurate information about your credit activity. Tune in for a lively chat!

Resources Mentioned in the Show

Straight on Personal Finance Credit Repair Course: courses.hoyes.com

Did You Know You Have a Bankruptcy Score? https://www.hoyes.com/blog/forget-credit-score-did-you-know-you-have-a-bankruptcy-score/

Podcast 327: New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI

Podcast 140: Banks Behaving Badly, Who To Trust, and Has Toronto Real Estate Peaked? https://www.youtube.com/watch?v=TNN-gAyODxg

Straight Talk On Your Money book by Doug Hoyes: https://www.hoyes.com/straight-talk/

367 – Why Credit Card Debt Fell During the Pandemic, and Will it Rise Again? Sep 11, 2021

Show notes

Canadians with the lowest credit scores paid down their credit cards the most since the pandemic started. Incredible, right? So, will this downward trend in debt continue? Or is this temporary because most of us are still at home and collections activity is slim? Today we review the latest debt statistics and discuss why Canadians are paying off so much debt, who's actually taking on more debt, and whether borrowing will rise again in the near future. We also share practical advice for managing debt and what to do if you owe the CRA. Tune in for a lively discussion!

Links:

Hoyes Michalos Straight Talk on Personal Finance Course on Credit Rebuilding: courses.hoyes.com

Trends in household non-mortgage loans: The evolution of Canadian household debt before and during COVID-19, Statistics Canada: https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2021004-eng.htm

Bank of Canada, Financial System Review – 2021 https://www.bankofcanada.ca/2021/05/financial-system-review-2021/

Canadians with Lowest Credit Scores Led Wave of Pandemic Credit Card Debt Repayment: https://www.reddeeradvocate.com/business/canadians-with-lowest-credit-scores-led-wave-of-pandemic-credit-card-debt-repayment/

Hoyes Michalos Bankruptcy Study www.joedebtor.ca

Time Stamps:

0:50 Bank of Canada says Canadians increased "prudence"

2:00 Household non-mortgage debt collapses

3:00 Spending dropped during the pandemic

6:00 Credit card debt collapses

9:15 HELOCS – Massive increase in Home Equity Lines of Credit

12:20 Outstanding credit card balance by credit score

13:00 Who paid down credit cards the most? Not who you would expect

13:40 How were people with low credit scores able to pay down their credit cards the most during the pandemic?

18:50 What will happen in the future?

24:30 Dubious speculation on when CRA will start aggressively collecting tax debt

28:30 Where the economy is now

28:50 Practical Advice

366 – What's Coming Up for Season 8 of Debt Free in 30? Sep 04, 2021

Show notes

Regular episodes resume next week, but for today, a quick overview of our plans for the eighth season of Debt Free in 30. You've told us - we've listened. And this year, we will focus on what you've told us you want the most: practical advice on how to manage your money and live debt free. You'll see a lot of our regular contributors, like Ted Michalos, Scott Terrio and Diane Cunha, and we will be introducing a new feature later this month: the Debt Free in 30 roundtable, where Doug Hoyes and two guests will give their opinions on important issues. All that and more this season on Debt Free in 30.

365 – REBROADCAST – To Get Out of Debt You Need a System (Not Just a Goal) Aug 28, 2021

Show notes

This episode first aired as episode number 227 in January, 2019, and even two and a half years later it continues to have a lot of downloads each week. We are taught to set a goal, and that's a good plan in some cases, but a better long-term solution is to create a system, as we discuss this week. Enjoy!

Resources Mentioned in the Show

Systems vs. Goals http://blog.dilbert.com/2013/11/18/goals-vs-systems/

This episode on YouTube: https://youtu.be/ysvkV0uN7mM

Podcast: the 80/20 Rule of Money Management https://www.hoyes.com/blog/the-80-20-rule-of-money-management/

364 – REBROADCAST: What Costco Can Teach Us About Making Financial Decisions Aug 21, 2021

Show notes

Originally broadcast as episode 254 in July, 2019, today we rebroadcast our show about a wonderful, magical place called Costco. Is it a store? A finance company? Something else? And why does it matter? All that and more on today's podcast (and we've got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube https://youtu.be/-8PlGkHjHG8 ).

363 – REBROADCAST: CRA and CERB: What can you do if you owe CRA? Aug 14, 2021

Show notes

It's August 2021, and many Canadians filed their 2020 taxes and discovered they owe taxes on the CERB they received last year, or they have to pay it all back because CRA said they weren't eligible. What can they do?

Today we rebroadcast our chat with Jason Rosen, a tax lawer and co-founder of Rosen Kirshen (RK) Tax Law. He provides practical advice for how Canadians can prepare themselves in the event of a tax audit and explains what may happen to those who applied to CERB knowing they were not entitled to receive it. Tune in!

Relevant Links:

Rosen Kirshen Tax Law Website: https://www.rktaxlaw.com/

CRA Collection Letters for CERB Ineligibility & Repayment: https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment

CERB Eligibility: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/eligibility-periods.html

CERB Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html

New T4 Reporting Requirements for Employers: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html

CERB Eligibility Criteria: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/who-apply.html

362 – REBROADCAST - Can a Collection Agency Take Me to Court? Aug 07, 2021

Show notes

This episode first aired two years ago and is one of our most-watched videos on YouTube. Today Ted Michalos and Doug Hoyes return with updated information on how the COVID-19 lockdown impacted the Limitations Period, which impacts whether or not a creditor can take you to court.

We explain when they are most likely to take you to court, and what your options are if they do. Enjoy!

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