DebtMatters Podcast

When it comes to finances, you can probably come up with a list of excuses as to why you haven’t done certain things, like saving money. You can probably come up with another long list of bad financial decisions you have made. Not every financial mistake is a big deal, but some have serious repercussions that could affect you for years to come. It’s important to know how you make decisions that ar...

Have you noticed that package sizes seem to be shrinking - that the grocery item in your cart is smaller but the price is the same or even more? This is called shrinkflation and it isn’t new. It’s the inflation that you’re not supposed to see. Manufacturers are quietly shrinking package sizes without lowering the prices. It happens more often in times of high inflation and is impacting almost ever...

Most money problems are caused by events beyond our control. It’s a common misconception to think that people who are insolvent have spent their way into Bankruptcy. A job loss, illness, injury or marital breakdown can often be the last straw for someone in a precarious financial position. In today’s podcast, Derek Chase talks about Bankruptcy and the people who file, from a Licensed Insolvency Tr...

If you are heading deeper into debt, know you are not alone. Many Canadians are struggling to keep afloat in these precarious times. Filing for Bankruptcy may be your best option, depending on your individual circumstances. But is there a better time of the year to file? You may be surprised to find out that - yes there is. When you declare Bankruptcy will affect how many tax returns you will lose...

Many Canadians increased their debt levels during the pandemic due to low interest rates and now are finding themselves vulnerable to interest rate spikes. In challenging situations, most debtors will typically miss credit card payments, lines of credit or auto loans before mortgages. Whatever payments Canadians are struggling with - the higher interest rates will likely continue stressing househo...

It’s a common sentiment that we don’t want to burden our loved ones when we pass away. But despite all good intentions - many Canadians will die in debt. If you die with debt in Canada, does your spouse or kids inherit your debt or does it simply disappear when you do? Which of your debts have to be paid and how is your estate affected?  Licensed Insolvency Trustee, Derek Chase, tackles these ques...

Receiving money from an inheritance or some sort of random windfall is something we all dream about. But what happens when that dream becomes a reality and the money becomes payable to you when you are in Bankruptcy? And what happens if your financial situation improves while you are bankrupt? These questions and more are answered by Julie Drane, Licensed Insolvency Trustee with Allan Marshall & A...

More and more Canadians are finding it difficult to keep their head above water, financially. Debt can be debilitating no matter what province you live in. British Columbia is no different. Carrying debt comes at a high cost. The stress of managing your finances in these unpredictable times can also have an emotional toll. But you don’t have to go it alone. Licensed Insolvency Trustee, Julie Drane...

Retirement isn’t the same as it was in our parents' day. Declining workplace pension plans and the increased lifespan of Canadians are factors that need to be taken into account when planning. When you start saving and investing can make a difference in how much retirement income you will eventually have access to. But wherever you are on the scale, retirement planning can provide you with an outl...

Debt is sometimes divided into two categories - good and bad. It’s important to understand the difference between the two so you can improve your financial situation. But as we all know, nothing is ever all good just like nothing is ever all bad. Can good debt turn into bad? And is there ever a circumstance where bad debt turns into good? In this timely podcast Licensed Insolvency Trustee, Bonnie...

Shopping where you live has a huge impact on the local economy. Your support can be far-reaching as every dollar spent locally gets circulated 3 or 4 more times ensuring your money stays in the community. While it’s not always possible to buy everything you need locally, finding a balance between e-commerce sites and buying locally can be a step in the right direction. Today’s podcast features Lei...

Tax debt is one of the most serious kinds of debt given the powers of the CRA to collect. The main difference between the CRA’s and other creditors' ability to collect, is that they can freeze your bank account without a court order. Since they don’t need to go to court, they are much more likely to use this method. This is a very strong power and one of the ways that the CRA pressures people into...

Financial literacy is the ability to understand and effectively use skills such as budgeting, saving, taxation, and investing. When you are financially literate you have the foundation of a relationship with money. Achieving financial literacy is crucial in today’s world as we navigate through everyday facets of life, such as student loans, mortgages, credit cards, investments and at some point -...

If you are overwhelmed with credit card debt, student loans, tax debt, payday loans or any other unsecured liabilities filing a Consumer Proposal may be your best option. A Consumer Proposal is a debt settlement solution where an offer is made to your unsecured creditors to settle your debts. When the terms are agreed upon, you will then make affordable monthly payments with no interest for up to...

Canadians think they need savings of $1.7 million to retire according to a recent BMO survey. WIth a large majority of people struggling to make ends meet, saving for retirement seems out of reach. Realistically, how much do you need to retire? And what happens if you don’t have enough money saved? How much longer will you have to keep working before you can retire? Licensed Insolvency Trustee, Ma...

Most of us have experienced money stress to some degree, but left unchecked, it can put you in a state of fear which can prevent you from facing your situation and moving forward. Financial worries can have an adverse effect on both your psychological and physical health. Taking measurable action to improve your economic situation can help you overcome financial stress. These are unprecedented tim...

A will is a legal and binding document that allows you to determine how you want to have your assets distributed after you die. Having a will in place gives you a chance to clearly communicate your intentions and to name an Executor that will manage your estate according to your wishes. Do you actually need a will if you don’t have a lot of assets? The short answer is ‘absolutely’. Licensed Insolv...

Very few Canadians are 100% debt-free. Debt is normal but over the past year consumer debt has notably increased. Even though inflation is slowly easing, it is still relatively high. Unfortunately wages haven’t grown with inflation leaving the average Canadian with less money to spend. This means many have had to  increase their reliance on credit cards to purchase necessities. This timely podcast...

As the cost of living continues to rise, more Canadians are finding themselves in financial trouble. While it’s normal to have some level of debt, it becomes a problem when it becomes unmanageable. According to a recent report from Equifax, the average credit score of Canadians is between 600 and 650. People with scores equal or above 650 are considered to be financially stable and those above 760...

A spending freeze is simply a commitment you make to not spend money on anything that isn’t necessary. You would still pay your bills and make sure your family is fed and taken care of, but no other spending is allowed. Taking this challenge can reset the way you think about money. Licensed Insolvency Trustee, Mary Ann Marriott speaks from personal experience, setting up her own personal spending...

If you earn income from a sole proprietorship or partnership, in other words self employed, you’re responsible for tracking your income and expenses and paying taxes. But as you know or will find out, self employed taxes are a bit more complicated than regular taxes. Ideally, to keep on top of your taxes, they should be paid quarterly or annually to avoid any interest charges or penalties. But man...

Money management isn’t always easy but teaching it to our kids can be just as difficult. But if they grow up without a proper understanding of their finances it can create a gap in their life skills. Although some schools do teach the basics of financial literacy, we can still have an impact on our kids' understanding of money. Talking about finances and finding teachable moments can give them the...

Everyday there are more signs that Canadians are struggling with inflation and the skyrocketing cost of borrowing, finding it increasingly difficult to make ends meet. Many are leaning on credit. But when is it time to acknowledge the fact that you are in over your head and need to reach out for help? Leigh Taylor has been a Licensed Insolvency Trustee for over 40 years. His experience helping peo...

Divorce is not an easy process but when there is a substantial amount of debt involved, it can be more complex. Along with the many legal consequences, filing for Bankruptcy comes with an emotional aspect that can sometimes be overwhelming. Your marital assets will be affected by the timing of your Bankruptcy. Talking to a professional before you make any decisions will allow you to determine what...

The news is full of stories about the rise of household debt. More Canadians are having to rely on their credit cards to make their paycheques stretch. Financial trouble can stem not from the amount of debt that you owe but your ability to repay that debt. Whereas some people struggle with $1,000 dollars of debt, others can handle $100,000.   How do you know when you are heading for trouble? Licen...