Debt Free in 30 Doug Hoyes

Most money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go back to school to increase your earning potential. Finally, they review the dos and don’ts of increasing income if you have a lot of debt. Tune for great tips!
Links:
Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
Bank of Canada Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/
Avoid the Surplus Income Penalty With a Consumer Proposal: https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/
Surplus Income Calculator 2022: https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/

The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today’s podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion!
 
Links:
 
What Happens If You Can’t Pay Your CEBA Loan? https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/
Hoyes Michalos Bankruptcy Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/
CERB and EI Statistics: https://web.archive.org/web/20220606110225/https:/www.canada.ca/en/services/benefits/ei/claims-report.html
CRB Statistics: https://web.archive.org/web/20220604110136/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit/crb-statistics.html
CRCB Statistics: https://web.archive.org/web/20220604103941/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-caregiving-benefit/crcb-statistics.html

The Canadian government just announced a new Tax-Free First Home Savings Account (FHSA), which will launch on April 1, 2023. This new account gives first-time home buyers the ability to save $40,000 tax-free to put towards their first home. But don’t we already have this program through RRSPs First Time Home Buyers Plan? And what about Tax-Free Savings Accounts (TFSA)? How do these savings vehicles differ? That’s the discussion on today’s podcast, with guest Ted Michalos. Doug and Ted also discuss what happens to money in these accounts when you file a consumer proposal or bankruptcy and whether you should first pay down debt or invest. Tune in for lots of practical advice!
Helpful Links:
Design of the First Home Savings Account: https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html
Ottawa’s New Tax-Free Home Savings Account is Coming – What To Know: https://www.jamiegolombek.com/articledetail.php?article_id=1998
Should You Pay Down Debt or Invest in RRSP: https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/
Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

Fraudsters and scammers look for every available opportunity to prey on you. How can you protect yourself? Enter Rachel Jolicoeur. Rachel is the Director of Cyber Market Intelligence & Financial Crimes at Interac, and she is back on the podcast with Doug Hoyes to share the top scams she’s seeing in 2023, from renter scams to investment cons. Rachel shares lots of practical tips and helpful information to help you stay vigilant. You won’t want to miss this show. Tune in & share to spread awareness.
1:40 Renter Scams
5:55 Loan Scams
9:51 Employment/Job Scams
15:59 Investment Scams
21:06 Canada Revenue Agency (CRA) Scam
25:04 How Interac Auto-Deposit Prevents Fraud
Links:
How to Avoid E-Transfer Email Scams: https://youtu.be/971-DQWk4CI
Interac Digital Self-Care Checkup: https://www.interac.ca/en/content/life/digital-self-care-stay-safe-online-with-the-ultimate-cyber-security-checkup/
Online Investment Cyber Crime: https://ottawa.ctvnews.ca/it-s-heartbreaking-ottawa-woman-says-she-lost-100-000-in-an-online-investment-cyber-crime-1.6296899

A debt service ratio basically the amount of your monthly income that’s used to service your monthly debt payments. But why does this ratio matter and what’s a good debt service ratio to have? On today’s podcast, Doug Hoyes and Ted Michalos break down how a debt service ratio is calculated, what it means for your financial health and practical advice for how to avoid a high ratio and debt problems. Tune in to this episode, which also serves as a great introduction to financial literacy.
Links:
What’s the Wealth Effect (And Why It Matters To You): https://youtu.be/jVjVS8gik2o
4 Personal Finance Ratios That Measure Debt Risk: https://www.hoyes.com/blog/4-personal-finance-ratios-that-measure-debt-risk/

When debt collectors start getting aggressive with their collection efforts, what do you do? What should you avoid saying to a collection agent? When does the Statute of Limitations on debt come into play? And what if you can repay only some of your debt? On today’s podcast, Scott Terrio returns with Doug Hoyes to give practical advice on dealing with collection agencies and spotting their tricks. They also share specific tips for approaching Canada Revenue Agency when you have unpaid tax debt. Tune in for a great show!
Related Links:
Exposing Collection Agencies’ Dirty Tricks: https://www.hoyes.com/blog/collection-agency-dirty-tricks/
Collection Agents: How Did They Find Me? https://www.hoyes.com/blog/collection-agency-dirty-tricks/
Top 10 Tips for Dealing with a Collection Agent: https://www.hoyes.com/blog/top-10-tips-for-dealing-with-a-collection-agent/
Can a Collection Agency Take Me to Court? https://youtu.be/6UHpCGqVP4k