Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians.

Timestamps:

00:00 Documentary announcement

02:37 Why should you care about the Federal budget?

03:00 Taxes

06:28 What is a budget?

08:07 Automatic tax filing for low-income Canadians

10:29 Single sign in portal for government services

11:35 Reduce CRA call centre wait times

12:07 NSF Fees

14:23 Free and affordable bank accounts

17:47 Cell phone fees

18:38 Credit for paying rent

24:12 Credit utilization for rent

26:10 Student housing

27:45 Credit bureaus

29:03 Payday loans

29:55 Final thoughts

Related Links:

Should Rent Be a Part of a Credit Score?: https://www.hoyes.com/blog/should-rent-be-a-part-of-a-credit-score/

Federal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html

TurboTax Personal Tax Calculator: https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp

Bretton Woods and Related Agreements Act: https://laws-lois.justice.gc.ca/eng/acts/b-7/index.html

How much does it cost to own a pet? Join Doug and special guest Maureen Parent as they break down the expenses, from breeder fees to food, vet bills, travel, dental, training, and more! Maureen offers valuable tips for managing your pet's expenses while avoiding debt.

Time Stamps:

00:00 Introduction

02:05 What are the upfront costs of owning a pet?

06:11 The regular costs of owning a pet

16:55 The unexpected costs of owning a pet

20:33 How much does it cost to board your pet?

21:55 Practical advice for owning a pet

24:04 Pet Insurance

25:42 Smaller pets vs. large pets

27:30 Can rescue pets save you money?

27:55 Toy and treat tips to save you money

29:59 Conclusion

Related Links:

The Cost of Dog Parenthood in 2024 - https://www.rover.com/ca/blog/cost-of-dog-parenthood/

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/

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