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/

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

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/

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/

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

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.

Related Links:

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

Why Women Face Higher Bankruptcy Risk: https://www.hoyes.com/blog/why-more-women-are-filing-bankruptcy/

Profile of Jennifer Kwon, LL.B., LIT, Mississauga: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/jennifer-kwon/

Profile of Rebecca Martyn, LIT, Windsor: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/rebecca-martyn/

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

Because there aren’t already enough lenders out there, Canada Post has now also come out with their own loan called the ‘MyMoney Loan,’ partnering with TD Bank. It’s a strategic alliance, aimed at Canadians in rural, remote, and Indigenous communities. But, this Canada Post loan is not so cheap. While it’s more affordable than a payday loan, is it really a viable option for Canadians who can’t easily access a traditional bank? Find out on today’s podcast with host Doug Hoyes and guests Rebecca Martyn, LIT, Jennifer Kwon, LIT, Maureen Parent, LIT, and with a special appearance by Tom Cooper from the Hamilton Roundtable for Poverty Reduction.

 

Related Links:

Canada Post Press Release https://www.newswire.ca/news-releases/canada-post-and-td-enter-strategic-alliance-to-expand-access-to-financial-services-for-canadians-861926361.html

Canada Post My Money Loan https://www.canadapost-postescanada.ca/cpc/en/personal/mymoney/loan.page

Canada Post 2020 Annual Report https://www.canadapost-postescanada.ca/cpc/doc/en/aboutus/financialreports/2020-annual-financial-report.pdf

Canada Post 2021 Quarterly Reports https://www.canadapost-postescanada.ca/cpc/en/our-company/about-us/financial-reports/quarterly-financial-reports.page?

DFI30 Episode 145 Poverty Reduction: What Can We Do? With Tom Cooper  https://www.youtube.com/watch?v=juYQjuP0g9w

Hamilton Roundtable for Poverty Reduction https://hamiltonpoverty.ca

The Hoyes Michalos 2021 Joe Debtor Bankruptcy Study revealed that insolvent Canadians owed the highest level of unsecured debt since 2016. In 2021, the average insolvent debtor owed $50,484 in unsecured debt, with income tax debt and student loans driving insolvency filings. On today’s podcast, Doug Hoyes and Ted Michalos explain why this is just the tip of the iceberg and that student loans and tax debt balances are likely to go even higher in the future, along with other consumer debts. Doug and Ted also discuss other key findings from our Joe Debtor 2021 study. Tune in!

Links:

Hoyes Michalos Annual Consumer Insolvency Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/

CRB Repayment: https://www.canada.ca/en/services/benefits/ei/cerb-application/transition/questions.html

CRA Interest Relief: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/covid19-taxes/interest-relief.html

Predictions for Consumer Debt Coming Out of the Pandemic: https://youtu.be/LCE6EkOwi8E

Why Credit Card Debt Fell During the Pandemic & Will It Rise Again? https://youtu.be/Fqh_DF0xUrc

We know how hard it can be to live paycheque to paycheque or not have money available when a bill payment is due. Fintech is also recognizing this issue and developers have now created what’s called ‘early wage access’ or ‘pay advance’ apps. But are these apps really a good idea? Will getting paid sooner fix a cashflow problem or will it create more budgeting issues? How should you actually deal with a lack of income? Tune in to today’s podcast as Doug Hoyes and Ted Michalos discuss these apps, their risks, and what to do instead to budget successfully.

Links:

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

Dayforce Wallet: https://www.dayforcewallet.com/ca/faq

Dayforce Prepaid Mastercard Fee Agreement https://www.dayforcewallet.com/dayforcewallet/media/wallet/documents/cha.pdf

Earnin App https://www.earnin.com/

Dave App https://dave.com/

Lenders sometimes ‘trick’ us by posting only the weekly cost of borrowing a loan (which is a much smaller number) than the monthly cost in their ads. Or they offer you an 8-year term on a car loan, which stretches the cost over more years, reducing your monthly payment, but increasing the total interest you pay. In both cases, the lender ‘wins’ by getting your sale and you end up owing a lot more than you originally planned for. So how can you avoid falling for lender tricks and approach offers more with a more critical eye? That’s the discussion on today’s podcast with guest Scott Terrio and host Doug Hoyes! Tune in.

Links:

Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA

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