For many newcomers to Canada, the Canadian credit system can feel like a high-stakes challenge. Although it's essential for building a financial life, aggressive lending practices, cultural mindsets around credit, and a lack of clear guidance can lead to overwhelming debt before fully understanding how the system works.
In this essential episode, Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos discuss the challenges newcomers may face, explain how banks and lenders operate, and pinpoint the critical warning signs to watch for when navigating a new financial life in Canada.
00:00 – Why do banks and lenders target new Canadians?
03:30 – How Canada’s credit culture affects immigrants
06:00 – How do credit and banks work in Canada? Can they be trusted?
09:00 – Unique financial challenges for newcomers
11:00 – What banks consider when lending to new Canadians
12:30 – Is building credit the only way to succeed? Ted’s advice
14:00 – Red flags for immigrants seeking financial help: Who can you trust?
22:00 – Credit advice everyone should know (not just newcomers)
23:30 – Real-life scenario that illustrates key credit considerations for new Canadians
26:00 – What to do if you’re an immigrant (or anyone) with unmanageable debt in Canada
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.