Financial Literacy: Does it Belong in Ontario's Curriculum?

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Does financial literacy belong in high schools? On today's podcast we ask this question of Prakash Amarasooriya, who, along with the Toronto Youth Cabinet, presented a petition for the inclusion of new material into the Ontario high school curriculum.

How To Minimize Debt as a Millennial

Posted in Money Tips

Starting out on your own is exciting, but it comes with the responsibility to make decisions. Making good financial choices from a young age will have an impact on your financial health for years. Lesson Plan Save more money Separate needs from wants. Pay off student loans asap Start an emergency fund. Use credit wisely. […]

Teacher Loves Teaching Just Not Her Student Debt

Posted in Success Stories
Posted by Alison Petrie, CPA, CIRP – LIT

Everyone envies teachers the amount of time off they have each year, their strong benefit and pension plan and higher than average salary. With the average secondary school teacher in Ontario making around $51,000 a year you wouldn’t think we would see many teacher’s getting into financial trouble. Surprisingly that’s not the case. Paying off […]

Must A Consumer Proposal Include All My Creditors?

Posted in Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

A consumer proposal has a lot of advantages. It offers legal protection while you make a settlement offer to your creditors. It also allows you to negotiate payments you can afford while keeping assets like a home, RESP and other investments. Moreover, it offers substantial flexibility in terms of payment terms. However, there are certain […]

Student Debt: Facts, Lessons & Solutions

Posted in Debt Help

The cost of post-secondary education has been steadily increasing in Canada, leaving many graduates with student debt that is becoming much more difficult to pay back. Today’s students face ever growing tuition fees, additional compulsory fees, and residence fees. In fact, the national average undergraduate tuition fee in 2015/2016 was $6,191 with Ontario tipping the […]

Debt Problems? It's Not Your Fault

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

What are the reasons people get into too much debt? It's not always just runaway spending. Sometimes it's not your fault. We look at 5 common situations that lead to debt problems with input from Kelley Keehn and Robert Brown.

Student Loan Debt: The Cost Of Higher Education

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Higher education is becoming increasingly more expensive, leaving graduates with student loan debt that can be difficult to repay. On this episode of Debt Free in 30 Ted Michalos describes the average student debtor and explains how student loan debt can cause delays throughout our whole economy.

Do I Need to File Bankruptcy For My Student Debt?

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

According to the Canada Student Loan Program (section 4.3), the average student in Canada is graduating with more than $12,000 in student debt. That’s a pretty significant amount of debt to start out with in your early 20’s. Payable over a period of 9.5 years (extendable to a maximum of 14.5 years under certain circumstances) […]

Repaying Student Line of Credit versus Student Loans

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

You're out of school, found a job, and now it’s time to pay off your student loans. In Canada student debt can take two possible forms: a government guaranteed student loan and a private student line of credit. If you are carrying more than one type of debt, which one should you tackle first, or are they […]

Student Debt and Bankruptcy Alarmingly A Women's Issue

Posted in In The News
Posted by Ted Michalos, BA, CPA - LIT

Every two years we issue a report that provides a detailed analysis of emerging trends in bankruptcy filings in Ontario.  We track debt loads by age, income level, marital status and gender.  We also compare types of debt, secured versus unsecured, credit cards, personal loans, income taxes and payday loans. From this information we get […]