Debt Free in 30

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 off tax debt might work, and when it creates bigger financial risk. From self-employed Canadians stuck in a cycle of owing taxes every year, to homeowners refinancing and increasing long-term pressure, this conversation walks through the real consequences of using a loan to solve CRA debt.
You'll also learn:
Why CRA debt feels more serious than other debt
What steps to take before considering a loan
How CRA payment plans work
When a consumer proposal may be the better option
If your tax bill feels overwhelming, this will help you understand your options and avoid common mistakes.
👉 Need help with CRA tax debt?
01:30 Why people end up owing tax debt
03:00 How to avoid tax debt (pay-as-you-go strategies)
04:30 Why CRA debt feels more urgent than other debt
07:00 CRA's collection powers explained
09:00 3 steps before considering a loan
12:00 CRA payment plans – how they work
14:30 When borrowing might make sense
19:00 When borrowing makes things worse
21:30 Refinancing your home to pay CRA
26:00 Loan vs consumer proposal – how to decide
28:00 Final checklist before borrowing

10 Tips for Dealing with CRA and Tax Debt Problems

CRA Property Liens and Your Home – What Are Your Options?

Debt Free Digest Monthly E-Newsletter

Debt Repayment & Consumer Proposal Calculator

Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts

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.

Installment loans are often marketed as a safer alternative to payday loans because payments are predictable and structured. However, fixed payments do not always mean lower cost or less financial risk. 
Learn the warning signs of high-cost borrowing, common misconceptions about structured payments, and practical ways to evaluate whether an installment loan helps or makes debt harder to manage.

Risks of Buy Now, Pay Later

Common Factors Affecting Credit Scores

Debt Relief in Ontario Start Here

Debt Repayment Calculator

Debt Free Digest – a free monthly e-newsletter

Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts
01:30 What is an installment loan 04:00 How installment loans are structured 07:00 Why lenders promote installment loans 10:30 Common misconceptions about predictable payments 14:00 When installment loans can create long-term debt pressure 18:00 Warning signs the loan may not be affordable 22:00 Comparing installment loans to other borrowing options 26:00 Installment loans vs overall financial health 28:30 Practical advice before applying

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.

Tax issues are not just about deductions. They come down to timing, habits, and the small decisions that add up over the year. This episode focuses on the practical systems that help you stay organized and avoid costly surprises at filing time.
Learn how to manage CRA accounts, avoid common filing mistakes, and build simple routines that can help prevent tax debt in 2026.

Register for a CRA Account
Interest on Overdue Taxes

Debt Repayment Calculator

Debt Free Digest – a free monthly e-newsletter

Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts

01:20 Two Things Many People Don't Know
07:05 CRA Time Lag
09:00 Filing Early vs Filing Smart
11:00 Installments: The Quiet Problem
13:00 Multiple Jobs and Side Income
15:00 Direct Deposit is Protection
15:40 Refund Psychology
17:00 If CRA Reassesses You
18:00 If You Owe CRA
 
 
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.

Many Canadians worry that they started saving for retirement too late. The numbers can feel discouraging, especially if debt, minimum payments, or everyday expenses delay investing for years.
This conversation breaks down the math behind retirement saving and why delay matters more than age. Instead of focusing solely on hitting a "$1 million retirement goal," the discussion shifts to more practical goals: eliminating debt, understanding government benefits like CPP and OAS, and building financial stability over time.

Debt Relief For Canadian Seniors – Know Your Options Pre and Post Retirement

Debt Repayment Calculator

Debt Free Digest – a free monthly e-newsletter

Joe Debtor- Hoyes Michalos Annual Consumer Debt Study

Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts

00:00 Is it ever too late to save for retirement?
02:05 The real problem isn't age
04:40 The math behind starting at 25 vs 45 vs 55
07:20 Why most households can't outrun the numbers
09:30 What the Joe Debtor study reveals about financial delay
12:10 How minimum payments quietly destroy retirement runway
14:20 Should retirement saving happen while carrying debt?
17:00 What happens to retirement plans during a proposal or bankruptcy
20:10 When saving becomes urgent (20s vs 40s vs 50s)
23:00 When retirement saving becomes a lifestyle planning question
26:00 The reality of CPP, OAS and retirement income in Canada
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.

Financial advice is everywhere online. Some of it is mathematically correct, but that does not mean it is right for your situation.
Popular tips can sound smart, but if money is already tight, those strategies can sometimes make things worse instead of better.
Hear the full episode to learn about some of the most common financial tips circulating online and why, in the wrong situation, they can quietly push people deeper into debt.
Using Home Equity for Debt – What You Need To Know First

Credit Counselling vs Consumer Proposal

Reliable Financial Motivation – Our Monthly Newsletter

Free Budgeting Planner – For Realistic Tracking

Hoyes Michalos YouTube Channel – Free Canadian Debt Answers

00:00 – The problem with financial advice on the internet
02:20 – Why good advice can still be wrong for your situation
04:50 – Bad advice #1: "Just transfer the balance to a 0% card"
08:40 – Why moving debt doesn't actually reduce debt
11:40 – Bad advice #2: "Invest instead of paying down debt"
15:00 – Why guaranteed interest beats theoretical returns
18:00 – Bad advice #3: "Use your HELOC to fix everything"
21:10 – Turning unsecured debt into secured debt
23:40 – Bad advice #4: "Just hustle harder"
26:10 – The three tests for evaluating financial advice
28:40 – Why context matters more than internet tips
 
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.