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

In this episode, Doug and Ted discuss the risks of co-signing on a loan. They discuss the differences between joint loans and co-signed loans and the impact they can have on your credit. They address common scenarios such as parental co-signing and provide advice on alternative ways to assist friends or children financially without assuming the burden of co-signing. This episode is a must-listen if you've ever considered co-signing a loan. 

Related Links:

How Is Cosigned Debt Treated in a Consumer Proposal? https://www.hoyes.com/blog/how-is-cosigned-debt-treated-in-a-consumer-proposal/

A Complete Guide To Joint Debts https://www.hoyes.com/blog/a-complete-guide-to-joint-debts/

Should Married Couples Get a Joint Consolidation Loan?

https://www.hoyes.com/blog/should-married-couples-get-a-joint-consolidation-loan/

Co-Signer vs Co-Borrower | What's the difference?

https://www.youtube.com/watch?v=ee4R7mKxp1w

Joint Debt and Co-Signing. Am I Responsible For My Spouse’s Debt?

https://www.youtube.com/watch?v=M9gBlzJXnG0

Don’t Lend to Family or Co-Sign – It Can Hurt Your Finances

https://www.youtube.com/watch?v=KGpQ4CX_IB4

What Is Joint Debt?

https://www.youtube.com/watch?v=jRGcHSWl_nw

In this episode of Debt Free in 30, Ted and Doug discuss RRSP early withdrawals. They weigh the pros and cons of tapping into your savings before retirement and discuss tax implications, CPP and exceptions such as the Home Buyer's Program and the Lifelong Learning Plan. This helpful discussion will give you the knowledge to make the right decisions when it comes to withdrawing your RRSP.

Time Stamps:

00:00 - Introduction

00:39 - What is an RRSP?

01:43 - Is there a good time to cash in an RRSP?

2:41 - Withdrawing money from your RRSP

4:38 - TFSA vs RRSP

6:29 - Is there a good time to cash in an RRSP before retirement?

8:23 - If you are buying a home for the first time is it a good idea to take out your RRSP?

10:28 - The lifelong learning plan

12:51 – Should I use my RRSP for living expenses?

15:00 – When should I take my CPP

17:58  – Creditors can’t go after RRSP             

22:42 – Bankruptcy vs. Consumer Proposal

28:03 – Conclusion

Related Links:

Canadian Retirement Income Calculator https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html

RRSP New Home Buyer’s Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

RRSP Life Long Learning Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan.html

Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

RRSP, Registered Savings Accounts and Bankruptcy Laws https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/

In this episode, Maureen and Doug explore financial habits and discuss why we spend the way we do and how we can make better choices. Maureen shares how habits form and how you can be influenced to spend money. From understanding the psychology behind spending to learning strategies for breaking bad habits and building good ones, this episode will give you tools to take charge of your finances and break bad habits!

Related Links:

Maureen Parent - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/

Learn Price Matching Tips on the Flipp App to Save Big on Groceries - https://www.youtube.com/watch?v=VHu_cWGlUR8&t=1s

What’s Really Causing Grocery & Food Inflation? w/ The Food Professor https://www.youtube.com/watch?v=bZrsL4LgI2A&t=3s

How to Improve Your Financial Wellness https://www.hoyes.com/blog/how-to-improve-your-financial-wellness/

PSYCHOLOGY OF SPENDING, PROF DRAZAN PRELEC https://betterworld.mit.edu/spectrum/issues/winter-1999/the-psychology-of-spending/

PSYCHOLOGY OF MONEY: SAVING AND SPENDING HABITS- by Erin Bruehl-journalist https://current.com/blog/the-psychology-of-money-saving-and-spending-habits/

HABITS MATTER MORE… REBECCA STRONG- MEDICALLY REVIEWED BY JOSLYN JELINEK LCSW https://www.healthline.com/health/mental-health/why-are-habits-important

CONSUMER FINANCIAL PROTECTION BUREAU https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-habits-norms/

7 SIMPLE WAYS TO BUILD GOOD MONEY HABITS- RENE BENNETT https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-habits-norms/

In this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca.

Related Links:

Hoyes Michalos Joe Debtor Bankruptcy Study: www.joedebtor.ca

Office of the Superintendent of Bankruptcy – Canadian Consumer Debtor Profile – 2021: https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/canadian-consumer-debtor-profile-2021

Credit Card Debt is a Problem For A Lot of Canadians: https://www.hoyes.com/debt-relief/credit-card-debt/

2023 Debt Statistics and What It Means for Consumer Insolvencies: https://www.hoyes.com/blog/2023-debt-statistics-and-what-it-means-for-consumer-insolvencies/

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

Student Loans and the 7 Year Rule: https://www.hoyes.com/blog/are-your-student-loans-past-the-7-year-rule-a-vaughan-bankruptcy-story/

Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter shopping.  Additionally, Janette also explains the rebate app Checkout 51.  Enjoy!

Related Links: 

Flipp: https://flipp.com/ 

Checkout 51: https://www.checkout51.com/ 

Jannette Martin: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/janette-martin/ 

In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed.  They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with insights from the Canadian Lenders Association. Ted also discusses alternative lenders' and how they are assisting Canadians in rebuilding credit.  Enjoy!

Related Links: 

Canada Gazette, Regulations

https://www.gazette.gc.ca/rp-pr/p1/2023/2023-12-23/html/reg3-eng.html 

Criminal Code 

https://laws-lois.justice.gc.ca/eng/acts/c-46/page-51.html#h-122004 

In this eye-opening episode of Debt Free in 30 host Doug Hoyes is joined by guest Richard Dunwoody to unravel the often-overlooked connection between human trafficking and coerced debt. With Ontario facing the second-highest rate of police-reported human trafficking in Canada, the conversation sheds light on how traffickers exploit victims financially. The focus turns to Bill 41, the "Protection from Coerced Debts Incurred in relation to Human Trafficking Act, 2023," exploring its role in safeguarding victims from crushing debts. From explaining what coerced debt means to tackling potential challenges, the episode breaks down the proposed legislation's impact on creditors, unlicensed debt consultants, and, most importantly, the victims. Join us for a discussion on how this legislation could be a crucial shield for those affected by human trafficking and coerced debts.

Related Links:  

Human Trafficking and Financial Fraud: A Survivor’s Story  

https://www.youtube.com/watch?v=9z8kNmVuFpY 

A Different View of Credit Counselling & Getting Out of Debt 

https://www.youtube.com/watch?v=qLWWNREu4x4 

Concord Adex Survivors Fund
https://www.survivorsfund.ca/

In this episode of Debt Free in 30, Doug and Ted discuss the ongoing battle against unregulated debt consultants. They dive into the recent developments, including the conversation with Superintendent of Bankruptcy Elisabeth Lang and the release of a comprehensive position paper. The paper exposes the deceptive practices of these consultants, who have cost consumers a staggering $21 million in fees over the last two years! Doug questions the effectiveness of government actions while providing practical tips to avoid falling prey to debt relief scams.  

Related Links: 

Position Paper on the Adverse Effects of the Debt Advisory Marketplace on the Insolvency System.  

https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system 

The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System  

https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system 

OSB Statutory Complaint Portal 

https://www.ic.gc.ca/eic/site/bsf-osb.nsf/frm-eng/LSMH-BB2MMW 

Competition Bureau’s Complaint Form 

https://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/frm-eng/GH%C3%89T-7TDNA5 

Debt Consultants: Why You Should Avoid the Extra Cost

https://www.hoyes.com/blog/debt-consultants-why-you-should-avoid-the-extra-cost/

The Problem with Debt Consultants

https://www.hoyes.com/blog/the-problem-with-debt-consultants/

Debt Counsellors and Debt Coaches - Real or Scam?

https://www.hoyes.com/blog/debt-counsellors-and-debt-coaches-real-or-scam/

Use of Debt Consultants Questioned by OSB

https://www.hoyes.com/blog/use-of-debt-consultants-questioned-by-office-of-the-superintendent-of-bankruptcy/

Debt Consultants or Licensed Insolvency Trustees? Who to Trust

https://www.hoyes.com/blog/debt-consultants-or-licensed-insolvency-trustees/

The Cold-Hard Truth About Unlicensed Debt Consultants

https://www.hoyes.com/blog/the-cold-hard-truth-about-unlicensed-debt-consultants/

Get ready for 2024 with our first episode of the year! Join Doug Hoyes as he gives a straightforward take on New Year's resolutions, highlighting the need for a practical plan and figuring out what really matters to you. He talks about why arbitrary resolutions may not work and gives advice on making changes that actually stick. Doug shares easy steps to cut debt, handle expenses, and boost income, offering practical tips to make your financial journey in 2024 a success. Don't wait – hit play now and make this your best financial year yet!

Related Links: 

How are habits formed: Modelling habit formation in the real world, European Journal of Social Psychology, Phillipa Lally 

https://onlinelibrary.wiley.com/doi/abs/10.1002/ejsp.674

Getting Out Of Debt Requires A System, Not Just A Goal 

https://youtu.be/ysvkV0uN7mM?si=tcUHlcE7gWVzdAK9 

https://www.hoyes.com/blog/getting-out-of-debt-requires-a-system-not-just-a-goal/ 

Debt Management Plan 

https://www.hoyes.com/debt-relief/debt-management-plan/ 

Build a Get Out of Debt Repayment Plan 

https://www.hoyes.com/debt-relief/get-out-of-debt/