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622 – What I Told Parliament About Canada's Debt Crisis

622 – What I Told Parliament About Canada's Debt Crisis

Author: Doug Hoyes August 1, 2026 Duration: 33:29
Debt Free in 30
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What happens when a Licensed Insolvency Trustee gets five minutes to tell Parliament what's really happening with debt in Canada?

Doug Hoyes shares his firsthand experience testifying before the House of Commons Standing Committee on Finance, explaining why Canadians are taking longer before reaching a financial breaking point, how affordability challenges are changing the nature of debt, and why issues like CRA repayment demands continue to push some people toward insolvency.

The conversation also explores the growing divide between homeowners and renters, debt layering, and why insolvency is often a lagging indicator of financial stress.

Get a firsthand look inside Parliament and discover what Canada's debt trends could mean for the future of household finances.

01:02 Being invited to testify before Parliament
03:18 Inside the House of Commons committee process
06:18 The three messages presented to MPs
08:50 Why financial collapse now takes years
10:32 What MPs asked during the hearing
13:30 CRA repayment demands and consumer bankruptcies
16:12 Why the same CRA issues remain after 18 years
18:10 Affordability, rising costs, and structural debt problems
22:05 Debt layering: how Canadians stay afloat until they can't
24:15 Homeowners vs. renters: a growing financial divide
26:05 Mortgage renewals and what's coming next
29:15 Doug's biggest takeaway from testifying before Parliament
31:45 Why real financial stress isn't reflected in the headlines

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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.

 


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: 50

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Debt Free in 30
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