Don't just brace for a recession, prepare to come out stronger. This conversation is about turning Canada’s economic uncertainty into an opportunity for financial growth (or, at least, stability). We'll equip you with proactive strategies for managing debt, finding new income streams, and building a mindset of resilience.

Learn how to take decisive control of your financial future, no matter what the economy throws at you.

(00:00) – Prediction: How We Knew a Recession Was Coming

(02:30) – Rising Costs & Reduced Work Hours Impacting Households

(04:00) – Forecast: Hitting Recession Thresholds by End of Summer

(05:30) – Managing Money vs. Managing Debt: Good Times vs. Bad

(07:45) – First Steps When You Feel Financial Pressure

(11:00) – Side Hustles 101: Pros & Cons of Supplemental Income

(14:00) – Leveraging Networks & Community Support

(15:45) – How to Start (and Grow) an Emergency Fund

(18:00) – Recession-Proofing Strategies for Homeowners

(19:15) – Top Tips for Canadians in Debt as Recession Hits

(27:00) – Building Mental Resilience & Setting Realistic Goals

Reducing Tax Debt in Ontario

Planning For Retirement When You Have Debt

Why You Absolutely Need An Emergency Fund

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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Is it ever “too late” to get out of debt? Whether you're mid-career, nearing retirement, or already retired, this episode will shatter the “too late” myth and walk you through clear, actionable steps to take control of your finances, no matter your age or life stage.

Visit hoyes.com to get personalized support in Ontario from a Licensed Insolvency Trustee to reduce debt before retirement, and access the FREE Hoyes Michalos credit rebuilding course.

(00:45) Age & Debt: Does Your Age Limit Your Options?
(03:00) Why It Feels “Too Late” – Common Concerns Explained
(04:45) Step 1: Identify Your Income Streams
(06:40) Step 2: Track Your Expenses and Spending Habits
(10:00) Step 3: Review All Your Debts and Available Credit
(10:45) Step 4: Build a Realistic Repayment Plan (Budget)
(14:20) Approaching Retirement? Key Actions You Need to Take
(17:00) Where to Apply Extra Payments: Tackling High-Interest Loans First
(20:00) Why Debt Consolidation Often Falls Short
(22:00) Downsizing, Selling Assets & Tapping Savings: Pros & Cons
(24:00) Can it be too late for a Bankruptcy or a Consumer Proposal?
(26:00) The One Debt That Never Disappears on Its Own: CRA
(28:00) It’s Never Too Late: Reducing Debt Legally

Planning For Retirement When You Have Debt

Debt Relief for Seniors in Canada: Your Options and Solutions

RRSP and Bankruptcy in Canada: Will I Lose My Retirement Savings?

Sign Up For The Monthly Debt Free Digest


Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

When parents ask their adult children to co-sign a loan, add their name to a mortgage, or take out a car loan “for the family,” it can feel impossible to say no. But what are the risks?

Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos break down the financial (and emotional) minefield of taking on debt for your parents. From credit utilization issues to legal responsibility and long-term credit damage, they explain how even well-meaning help can backfire, and offer solutions to support aging parents without risking your financial stability.

(00:00) Risks of Co-Signing for Your Parents' Credit
(02:30) Why Parents Ask Their Kids to Co-Sign Loans
(05:50) Supplemental vs. Joint Credit: What’s the Difference?
(07:30) Co-Signing Auto Loans: Why It’s Risky
(09:00) Credit Utilization: How It Hurts Even If Payments Are On Time
(12:30) Planning for the Worst: Protecting Yourself from Family Debt
(14:45) What to Do If You Can’t (or Don’t Want to) Help Your Parents
(16:30) Safe Ways to Support Parents Without Taking on Debt
(19:45) Helping Your Parents Manage Money as They Age
(26:30) How to Help Parents with Unmanageable Debt

How Co-Signed Debt Is Dealt with in a Consumer Proposal

Is a Secondary Credit Card Holder Responsible for Debt?

Can a Joint Bank Account be Garnished in Canada?

Best Debt Relief Options Ontario

Free Credit Rebuilding Course and learning resources

Sign Up For The Monthly Debt Free Digest

Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.