Debt Free in 30 Doug Hoyes

Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home.  From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out.
Time Stamps:
00:00 Introduction
01:00 Reasons you should own a home
03:38 Is a mortgage a forced savings plan?
06:10 Reasons not to buy a home
06:21 Timing is everything in real estate
08:17 Variable rate interest only mortgage vs. amortization mortgage
12:03 Moving if you own a home vs. if you rent
15:29 Maintenance
18:50 Credit creep
24:11 Practical advice
 
Related Links:
Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/
Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/
Think Twice Before You Get a Home Equity Line of Credit: https://www.hoyes.com/blog/think-twice-before-you-get-a-home-equity-line-of-credit/
Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

Blair DeMarco-Wettlaufer, the Chief of Operations Officer of Kingston Data & Credit joins Doug to discuss the consequences of unpaid debts and their impact on your credit score. They look at real-life scenarios and provide practical advice to manage your credit report.  They also discuss what collection agents can and cannot do when it comes to reporting your debts to the credit bureau and how to dispute old debts, so they don’t affect your credit.
Timestamps:
00:00 Introduction
01:45 If you don’t pay a collection agent can it affect your credit score?
04:33 The Statute of Limitations Act.
05:30 The Credit Bureau.
09:45 How and when do collection agents report to the credit bureau?
16:20 What collection agents cannot do when reporting to the credit bureau.
18:14 Can a collection agency remove a debt from your credit report?
23:24 What happens if a collection agency keeps calling the wrong number?
26:07 How owing a collection agent can affect your credit score.
27:43 Practical advice from a collection agent.
34:05 How to reach out to Blair DeMarco-Wettlaufer.
 
Related Links:
How Old Tickets and Fines Can Destroy your Credit Score:  https://www.hoyes.com/blog/how-old-tickets-and-fines-can-destroy-your-credit-score/
'Insanely old' city ticket wreaks havoc on Ottawa man's credit score: https://www.cbc.ca/news/canada/ottawa/insanely-old-city-ticket-wreaks-havoc-on-ottawa-man-s-credit-score-1.7141166 Long-forgotten fines won't linger on credit records, city assures residents: https://www.cbc.ca/news/canada/ottawa/city-of-ottawa-parking-ticket-debt-owed-collection-credit-score-1.7152329 Blair Demarco-Wettlaufer’s Blog “Receivable/Accounts - Information for Credit and Collection Issues”:  https://receivableaccounts.blogspot.com/
 
Legislation Links Cited in the Podcast:
 
Collection and Debt Settlement Services Act of Ontario: https://www.ontario.ca/laws/statute/90c14
 
The Provincial Offenses Act, section 76: https://www.ontario.ca/laws/statute/90p33#BK105
The Limitations Act of Ontario sets a basic limitation period of two years: https://www.ontario.ca/laws/statute/02l24#BK16
The Consumer Reporting Act of Ontario: https://www.ontario.ca/laws/statute/90c33#BK11
 
Blair Demarco-Wettlaufer’s Previous Appearance Links on Debt Free in 30:
Episode 20 – January 17, 2015 - Stop The Collection Calls: Advice from Blair Demarco-Wettlaufer: https://www.youtube.com/watch?v=0tsrKacdx4U
Episode 57 – October 3, 2025 Collection Agents: How Did They Find Me?: https://www.youtube.com/watch?v=0SMU1R5N0ms
Episode 70 – January 2, 2016 – Top 10 Tips for Dealing with a Collection Agent: https://www.youtube.com/watch?v=736J-IefWrI
Episode 264 – September 21, 2019 - How to Negotiate With a Collection Agent: https://www.youtube.com/watch?v=ZgNWpKfBUwU 
Episode 296 – May 2, 2020 - Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact: https://www.youtube.com/watch?v=S86gnBEkeUY 
Episode 373 – October 23, 2021 - Your Top Collections Questions Answered by a Debt Collector!: https://www.youtube.com/watch?v=Ue8gFE2Z48w
Episode 477 – October 21,2023 The Messy World of Debt Collection and Statute-Barred Claims: https://www.youtube.com/watch?v=6uN82x3ts1k&t=115s

This is episode 500, and Doug does a solo rant exploring the factors contributing to the despair felt by Canadians. He reflects on how the past four years has affected our economy.  He touches on the cost of real estate, the stock market, fatalistic YOLO, inflation, and strategies for achieving wealth.  Enjoy! 
Related Links:
Build a Get Out of Debt Repayment Plan - https://www.hoyes.com/debt-relief/get-out-of-debt/
Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401
Statistics Canada, Wealth Gap - https://www150.statcan.gc.ca/n1/daily-quotidien/230331/dq230331b-eng.htm
CPI Basked Weight Visualization - https://www150.statcan.gc.ca/n1/pub/71-607-x/2018016/cpi-ipc-eng.htm
National balance sheet and financial flow accounts, fourth quarter 2023 -https://www150.statcan.gc.ca/n1/daily-quotidien/240313/dq240313a-eng.htm
Wealth Gap, Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quotidien/240122/dq240122a-eng.htm
Bank of Canada, Monetary Aggregates (Money Supply) - https://www.bankofcanada.ca/?p=47527
Canadian Real Estate Association, National Statistics -  https://stats.crea.ca/en-CA/
November 2023 Federal Government Fall Economic Update - https://www.budget.canada.ca/fes-eea/2023/report-rapport/anx1-en.html#a1
Episode 270, The Fable of the 20 Dollar Bill - https://youtu.be/5fYfAvSnNps?si=ziTAfuUWwbdmYHvk

Did you know a car is stolen every 5 minutes across Canada? Car thefts and VIN scams are on the rise.  Michael Rothe, President and CEO of Canadian Finance & Leasing Association, joins Doug and discusses Canada’s auto theft epidemic.  They explore topics such as re-vinning, the impact of stolen vehicles on insurance premiums, steps to take if you unwittingly purchase a stolen vehicle, precautions against potential car theft, and government enforcement. This discussion is essential for Canadian vehicle owners looking to stay safe and understand what actions to take in case of a car theft and how to prevent yourself from falling victim.
Timestamps:
00:00 Introduction
02:10 The latest update on car thefts in Canada
04:40 How many stolen vehicles end up departing Canada?
06:14 What is a VIN number and what is re-vinning?               
10:44 What happens if you purchase a stolen used vehicle?
12:25 What is the solution to prevent car thefts?
17:45 What measures can individuals take to defend themselves against car theft?
28:40 The cost of enforcement
33:31 Conclusion
 
Related Links:
Can You Include Your Car Loan in a Consumer Proposal? -
https://www.hoyes.com/blog/can-you-include-your-car-loan-in-a-consumer-proposal/
What Happens to a Financed or Leased Car in Bankruptcy? - https://www.hoyes.com/blog/what-happens-to-a-financed-or-leased-car-in-bankruptcy/
Should You Consolidate or Pay Bills with a Car Title Loan? -https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/
How Car Loans and Car Loan Rollovers Lead to Insolvency - https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/
Car Thefts Have Reached Crisis Levels Across Canada.  How did we get here? -
https://macleans.ca/society/car-thefts-have-reached-crisis-levels-across-canada-how-did-we-get-here/
Michael Rothe LinkedIn - https://www.linkedin.com/in/michael-rothe/
Canadian Finance & Leasing Association - https://cfla-acfl.ca/

Planning a wedding on a budget? In this episode, Jessica Bishop, founder of The Budget Savvy Bride, shares expert advice on keeping your big day affordable without sacrificing style.
Whether you are dreaming of a traditional ceremony or considering eloping, Jessica's insights will help you celebrate your love without breaking the bank. We discuss micro weddings, destination weddings, the cost of having an open bar, wedding party attire, and more!  Don't miss out on these essential tips for a budget-friendly wedding!
Time Stamps:
00:00 Introduction
01:42 What does a wedding cost?
03:50 How has the wedding world changed since the pandemic?
05:58 What is a micro wedding?
06:43 How do you save money on your wedding?
10:36 Wedding resources and finances
12:31 Do you consider the potential gift contributions from your guests when planning your wedding budget?
17:09 What amount of money is appropriate to give as a wedding gift?               
21:06 Strategies for reducing wedding budget expenses
25:07 Are destination weddings more affordable?
26:59 Wedding party attire
30:29 Should I have an open bar?
32:47 Where to find The Budget Savvy Bride
 
Related Links:
Should You Get a Wedding Loan? - https://www.hoyes.com/blog/should-you-get-a-wedding-loan/
The Budget Savvy Bride - https://thebudgetsavvybride.com/
The Budget Savvy Bride Real Wedding Budgets - https://thebudgetsavvybride.com/real-weddings/
Book: The Budget-Savvy Wedding Planner & Organizer: Checklists, Worksheets, and Essential Tools to Plan the Perfect Wedding on a Small Budget – on Amazon
https://www.amazon.ca/Budget-Savvy-Wedding-Planner-Organizer-Checklists/dp/1623159857/ref=sr_1_1_sspa?&_encoding=UTF8&tag=moneyproblems-20&linkCode=ur2&linkId=a64ef88027584470ba33c94dfd58c76e&camp=15121&creative=330641
The Budget Savvy Bride on TikTok - https://www.tiktok.com/@budgetsavvybride
The Budget Savvy Bride on YouTube - https://www.youtube.com/@TheBudgetSavvyBride
The Budget Savvy Bride Twitter - https://twitter.com/savvybride
The Budget Savvy Bride Threads - https://threads.net/@budgetsavvybride
The Budget Savvy Bride Facebook - https://facebook.com/budgetsavvybride
The Budget Savvy Bride Pinterest - https://pinterest.com/savvybride
The Budget Savvy Bride Instagram - https://instagram.com/budgetsavvybride
Jessica Bishop LinkedIn - https://linkedin.com/in/jessicalehrybishop
The Bouquet Toss: A Wedding Planning Podcast - https://thebudgetsavvybride.com/the-bouquet-toss-podcast/
Marriage or Mortgage Podcast Episode - https://thebudgetsavvybride.com/podcast/episode-66-marriage-or-mortgage/
The Wedding Report - https://wedding.report/
Honeyfund - https://www.honeyfund.com/
Something Borrowed Blooms- https://www.somethingborrowedblooms.com/

Top tips on how to file taxes. How to file taxes in Canada, setup your CRA my account, deadlines, government benefits and how to receive your refund with no additional fees. We also discuss tax discounting services, the importance of gathering all your documents, claiming all legitimate deductions such as moving expenses and tuition and notifying CRA of any changes such as your marital status, address, etc.  Tune in for great practical advice and recommendations on which tools to use to file your taxes for free in 2024.
Time Stamps:
00:00 - Why should you file your taxes?
06:07 - Government benefits
08:30 - Deadlines
14:52 - Set up for CRA my account
24:20 - Do your taxes yourself and file for free
26:54 - Notify CRA of any changes
27:46 - Tax discounting services
32:24 - What if you cannot afford to pay your tax debts?
Related Links:
Avoid Instant Cash Back: https://www.hoyes.com/blog/instant-cash-back-on-tax-refunds-is-it-worth-it/
Tax Debt Relief in Canada: https://www.hoyes.com/debt-relief/tax-debt/
Tax Returns Not Filed Because You Are Afraid You Have Tax Debts?: https://www.hoyes.com/blog/tax-returns-not-filed/
Income Taxes and Bankruptcy - What You Need to Know: https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/
CRA – My Account for Individuals: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html
CRA – Due Dates and Payment Dates: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals.html
CRA - Interest and Penalties on Late Taxes: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html
CRA – Prescribed Interest Rates: https://www.canada.ca/en/revenue-agency/services/tax/prescribed-interest-rates.html
CRA – Tax Credits and Benefits for Individuals: https://www.canada.ca/en/services/taxes/child-and-family-benefits.html
CRA – Child and Family Benefits Calculator: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-family-benefits-calculator.html
CRA - Tuition Tax Credit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-32300-your-tuition-education-textbook-amounts/eligible-tuition-fees.html
CRA - Free Tax Filing Software: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/certified-software-netfile-program.html