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628 - Only 780 Trustees for 40 Million Canadians: What It Takes

628 - Only 780 Trustees for 40 Million Canadians: What It Takes

Author: Doug Hoyes September 12, 2026 Duration: 31:14
Debt Free in 30
BusinessInvesting

What does it actually take to become a Licensed Insolvency Trustee (LIT) in Canada? Hint: It's not just a quick course and a quick test. In this episode, Doug Hoyes welcomes back Charlie Kovacs to the studio for his first official appearance as a newly minted Licensed Insolvency Trustee! Together, they pull back the curtain on the multi-year journey required to earn the designation. From university requirements and the BIA Insolvency Counselors course to surviving the notorious PC3 assignments, the rigorous two-day CNE case exam, and facing the Office of the Superintendent of Bankruptcy (OSB) oral board examinations—they cover it all.

Whether you are looking to enter the industry, working at a bank looking for a career change, or just curious about the administrative and legal backbone of consumer proposals and bankruptcies, Charlie shares invaluable advice on what to expect, how to stay committed, and what a trustee actually does on a day-to-day basis. Don't forget to like, subscribe, and hit the notification bell so you never miss our weekly financial insights! Connect with Charlie Kovacs or book a consultation: hoyes.com Learn more about the Canadian Association of Insolvency and Restructuring Professionals (CAIRP): https://cairp.ca Questions answered in this episode:

1) What does it take to become a Licensed Insolvency Trustee in Canada?

2) How long does the qualification process take?

3) What counts toward the 2,400-hour experience requirement?

4) What are IP3, the CNIE and the oral board examination?

5) What is the difference between a CIRP designation and an LIT license?

6) What does a Licensed Insolvency Trustee actually do for clients?

Licensed Insolvency Trustees: Who We Are & What That Means

Time Stamps:

00:00 Meet Canada's Newest Insolvency Trustee

01:05 Do You Need A University Degree?

02:07 Becoming A BIA Insolvency Counsellor

04:40 The Introductory Course & Experience Requirement

09:26 IP3: Insolvency Processes, Practices and Principles

12:06 The CNI Exam & CIRP Designation

13:28 OSB Oral Boards Explained

21:00 New Trustee Probation Period

22:09 Total Timeline: 3-6 Years

26:33 What Trustees Do Every Day

29:39 Final Advice & Closing 


 DISCLAIMER: This video is for educational and informational purposes only and is not financial, legal, or insolvency advice. Debt options including consumer proposals and bankruptcy have serious legal consequences and affect everyone differently. For advice about your specific situation, consult a Licensed Insolvency Trustee in Canada. Content reflects Ontario / Canadian law (Bankruptcy & Insolvency Act) as of September 2026.


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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