Debt Free in 30 Doug Hoyes

For the first time ever on Debt Free in 30, we’ve gathered some of our Licensed Insolvency Trustees from across Ontario to share what they’re seeing on the ground. How has the pandemic impacted indebted individuals? Has the vaccine mandate affected jobs and income? How is Canada Revenue Agency handling consumer proposals? All these questions answered and more, with insights from our Barrie, Mississauga, Oshawa, Cambridge/Brantford, Scarborough/Markham, Windsor, Kanata/Ottawa, and London area experts. Tune in for a great discussion.
 
Related Links:
 
Hoyes Michalos Homeowner's Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/
Hoyes Michalos annual Joe Debtor Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
Our guests, in alphabetical order:
Mark Borysiak, Barrie https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/mark-borysiak/
Howard Hayes, Cambridge and Brantford: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/howard-hayes/
Jennifer Kwon, Mississauga https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/jennifer-kwon/
Rebecca Martyn, Windsor https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/rebecca-martyn/
Maureen Parent, Kanata and Ottawa https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/
Ianina Raguimov, Oshawa https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/ianina-raguimov/
Joel Sandwith, London https://www.hoyes.com/ontario-offices/london/
Nicholas To, Markham and Scarborough https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/nicholas-to/
 
Time Stamps:
 
1:26 – How is the pandemic impacting the average indebted person?
10:16 - How are vaccine mandates impacting people’s finances/jobs?
13:50 – What are creditors doing?
21:40 – How has rising real estate impacted people with high unsecured debt?
31:15 – How is the CRA handling income tax debt?

If you ignore an old debt, will it just go away? What if it’s been removed from your credit report already? What if a creditor hasn’t reached out to you about it in years? Does that mean you don’t have to pay? Not exactly. On today’s podcast, Doug Hoyes and Ted Michalos discuss how the Statute of Limitations works in Ontario, updates to the law, and which debts it does and doesn’t apply to. They also review three scenarios to help you understand what may or may not happen when it comes to owing old debts. Tune in for lots of practical advice!
Links:
Ontario Limitations Act and Old Debts: https://www.hoyes.com/blog/ontario-limitations-act-old-debts/
What is the Limitations Act: https://youtu.be/97h2u9lqCCY 
Ontario Limitations Act via Ontario.ca: https://www.ontario.ca/laws/statute/02l24
Eyton Case, In re: John Trevor Eyton, 2021 ONSC 1819 (CanLII): https://www.canlii.org/en/on/onsc/doc/2021/2021onsc1719/2021onsc1719.html
Superintendent of Bankruptcy, Directive 6R: https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02402.html

Is it always worth the expense to have an accountant file your taxes? When is it OK to file them on your own? On today’s podcast, Ian Martin, LIT and CPA, returns to provide practical advice for how to approach tax filing on your own and when it’s time to seek professional help. Ian and Doug Hoyes also discuss the high cost of instant tax refunds, why not filing your taxes can be risky even if you don’t owe anything, and they address common myths about income tax filing. Tune in for a great discussion!
Links:
Instant Cash Back on Tax Refunds. Is It Worth It? https://www.hoyes.com/blog/instant-cash-back-on-tax-refunds-is-it-worth-it/
Tax Returns Not Filed Because You Are Afraid You Have Tax Debts? https://www.hoyes.com/blog/tax-returns-not-filed/

2021 was an interesting year for Canadian consumer debt. Insolvencies remained at record lows and many people were able to pay off their credit cards. But will these trends continue? On today’s podcast, Doug Hoyes and Ted Michalos review what happened with consumer debt, insolvencies, and savings in 2021 and, provide their predictions for what’s to come in 2022. With government income supplements winding down, collections activity starting again, and limitations periods near expiry, the new year should be interesting, to say the least! Tune in for their analysis.
 
Links:
 
Debt Statistics: What Happened to Debt During the Pandemic & Recovery of 2021 - https://hoyes.news/what-happened-to-debt-2021
Episode 348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth: https://youtu.be/7Kt7KBfemh8
Statistics Canada. Table: 36-10-0639-01. Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501
Statistics Canada. Table: 36-10-0112-01. Current and Capital Accounts: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201
Statistics Canada. Table 14-10-0063-01. Employee wages by industry, monthly, unadjusted for seasonality: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301
Statistics Canada, Labour Force Participation Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701
Hoyes Michalos Homeowner's Bankruptcy Index https://www.hoyes.com/press/homeowner-bankruptcy-index/
Federal government, fiscal update: https://budget.gc.ca/efu-meb/2021/report-rapport/intro-en.html
Bank of Canada, definition of Money Supply, and data: https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/
Money supply, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/
Monetary Aggregates, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/
Statistics Canada. Table 14-10-0063-01  Employee wages by industry, monthly, unadjusted for seasonality  https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301
Statistics Canada, Labour Force Participation Rate https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701
Statistics Canada. Table 17-10-0005-01  Population estimates on July 1st, by age and sex
https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000501
Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201
Consumer Price Index, annual avg, not seasonally adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501

We all agree that life is getting more difficult for the average person. The cost of living is going through the roof; wages are stagnant, and no matter what you do, it seems impossible to get ahead. On today’s podcast, Doug Hoyes explains the three forces that are conspiring against you: demographics, technology, and bad money. How did we get here? And how can you compete in today’s challenging economy? Tune in to this special episode for Doug’s insights and practical advice.
 
Resources Mentioned in the Show:
 
House Prices, Canadian Real Estate Association: https://creastats.crea.ca/en-CA/
Hourly Wages, Statistics Canada: shorturl.at/gGQT1
Rembrandt sketch, The Parable of the Talents: https://www.pubhist.com/w26841
NHL Statistics: https://www.quanthockey.com/nhl/seasons/2019-20-nhl-players-stats.html
Inflation, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501
2020 Canadian Federal Budget: https://www.budget.gc.ca/2021/report-rapport/anx1-en.html
Canada Emergency Wage Subsidy Statistics: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html
Canada Emergency Response Benefit Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html
High-Income Tax Filers, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action
Baby Boom, Statistics Canada: https://www12.statcan.gc.ca/census-recensement/2011/as-sa/98-311-x/98-311-x2011003_2-eng.cfm
Historical Price of Oil: https://www.macrotrends.net/1369/crude-oil-price-history-chart
Historical Inflation Rate, Canada: https://www.macrotrends.net/countries/CAN/canada/inflation-rate-cpi
Historical Wages, Project Link Data from Statistics Canada & various sources: https://worthwhile.typepad.com/stephen/link/
Episode #271, TFSA, RRSP and Debt: https://youtu.be/7zn3JeAonV4

If you are new to credit or have recently completed an insolvency filing, you may be thinking about ways to improve your credit score without taking on more debt. While debt is necessary to have in order to build your credit, there are some strategies to improve your credit score without taking on more debt. On today’s podcast, Maureen Parent, LIT, returns to discuss what makes up a credit score and how you can improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, why cash savings and rent payments don’t count towards your score, and what to avoid so you don’t harm your credit. Tune in for lots of practical advice!
 
Links:
How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/
Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034
Maureen Parent, LIT on Twitter: https://twitter.com/MaureenParent7