447 –  Why Owing Tax Debt Is So Much Worse in 2023

447 – Why Owing Tax Debt Is So Much Worse in 2023

Author: Doug Hoyes March 25, 2023 Duration: 33:15

The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today's podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion!

 

Links:

 

What Happens If You Can't Pay Your CEBA Loan? https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/

Hoyes Michalos Bankruptcy Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/

CERB and EI Statistics: https://web.archive.org/web/20220606110225/https:/www.canada.ca/en/services/benefits/ei/claims-report.html

CRB Statistics: https://web.archive.org/web/20220604110136/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit/crb-statistics.html

CRCB Statistics: https://web.archive.org/web/20220604103941/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-caregiving-benefit/crcb-statistics.html


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
Podcast Episodes
608 – Advice or Sales Pitch? Why Canadians Have Lost Trust in Banks [not-audio_url] [/not-audio_url]

Duration: 30:27
Most Canadians trust their bank to help them make smart financial decisions. But sometimes, what feels like advice is shaped by something else. We talk about how bank incentives influence recommendations, why that can le…
607 – Credit Score vs Cash Flow: What Actually Matters in a Crisis? [not-audio_url] [/not-audio_url]

Duration: 30:22
A high score does not always indicate stable finances. It is possible to keep up with most of your bills and maintain a decent credit score while still feeling like you are falling behind. When cash flow is stretched, ev…
605 – Owe CRA Tax Debt? The Biggest Loan Mistake Canadians Make [not-audio_url] [/not-audio_url]

Duration: 30:23
Owing money to the CRA can feel urgent, and taking out a loan might seem like the fastest way to fix it. But in many cases, it can make your situation worse. Doug Hoyes and Ted Michalos break down when borrowing to pay o…