Risks In Renting | Robbie Shifman (Community Outreach Manager, Consolidated Credit)

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About this Course

In this engaging and interactive session, hosted by Openroom in partnership with Consolidated Credit Canada, viewers will go beyond the basics to learn practical strategies for managing debt, building savings, understanding credit, and preparing for financial emergencies. It's especially helpful for tenants struggling with debt or rent arrears, and for landlords looking to support tenants with effective solutions.

About Consolidated Credit Canada

Consolidated Credit Canada is a trusted leader in financial wellness, offering Canadians practical solutions for budgeting, debt management, credit education, and savings. We empower individuals and families to take control of their finances through personalized guidance, tools, and resources. Whether you're building an emergency fund, improving your credit score, or tackling debt, Consolidated Credit Canada is here to support your journey toward financial stability and peace of mind.

Where to find Consolidated Credit Canada

505 Consumers Road, Suite 400
North York, ON M2J 4V8

Mobile: +1 (855) 809-0683
Email: [email protected]
Website: https://www.consolidatedcreditcanada.ca

What you’ll learn

• How to identify financial risks in renting from both a tenant's and landlord's perspective

• Key budgeting essentials and effective techniques for tracking spending

• Strategies to build savings and create financial resilience for unexpected costs

• How to recognize warning signs of financial emergencies and the actions to take if you face one

• The importance of regularly checking your credit report and score, and understanding their impact on financial decisions

• Available resources like credit counselling to help with debt management

Key takeaways

• Budgeting is Crucial for Financial Control: A budget shows where your money goes, helping you spot surpluses or deficits. It lets you prioritize needs (like rent and groceries) over wants (like takeout), especially when money is tight.

• Building Savings is Your First Line of Defence: An emergency fund protects you from surprise costs. Save a small amount regularly (even $5) by "paying yourself first." Use separate accounts for different goals to stay organized.

• Understand Debt and How to Manage It: Some debt (like student loans) can be helpful, but high-interest debt (like credit cards) is risky. Watch for warning signs like only making minimum payments. Consider repayment strategies or ask lenders for help.

• Credit Reports and Scores Matter: You have two credit reports in Canada (Equifax & TransUnion). Check them twice a year for free. Your score (300–900) affects loans and interest rates. Rent can count toward your score if reported.

• Documentation is Your Ally: Always save documents, photos, and notes from important financial interactions. They can help resolve issues like fraud, insurance claims, or disputes with landlords or lenders.

In this course, we cover

(00:00:00) Introduction by Weiting, Openroom CEO & Co-Founder

(00:02:30) Consolidated Credit Canada's mission: ending financial crises and debt problems through education and counselling

(00:04:22) Overview of the session's agenda: budgets, savings, emergencies, risk

(00:04:57) Importance of budgeting ("tell your money where to go")

(00:08:58) Budgeting helps achieve financial goals

(00:14:49) SMART goals framework (Specific, Measurable, Attainable, Relevant, Timely)

(00:17:15) Applying SMART goals to saving for rental property fix-ups

(00:21:34) Protecting yourself from financial problems

(00:25:20) Advice on avoiding borrowing more money when struggling and understanding loan costs

(00:26:50) Financial emergencies and common risks (job loss, scams, natural disasters)

(00:34:09) Debt warning signs

(00:41:34) Importance of documents and inventory of valuable items

(00:46:20) Managing debt: understanding budget, payments, costs, paying highest interest first

(01:12:19) How to get your free credit report (soft check links for Equifax/TransUnion)

(01:15:05) What information is typically on a credit report (6-10 years history, payment usage, utilization)

(01:18:06) Summary: Climbing the financial mountain, taking action, using resources, reflecting

View Slide Deck for Consolidated Credit Canada’s Presentation

Resources Referenced

• Virtual Rental Housing Provider Training Program: https://learn.openroom.ca/

• Consolidated Credit Counseling: https://www.consolidatedcreditcanada.ca/

• KOFE (Free Money Management Tool): https://finfit.kofetime.ca/

• Free Scores & Credit Info (Uses Equifax): https://borrowell.com/

• Free Scores & Credit Info (Uses TransUnion): http://creditkarma.ca/

• Free Credit Scores (TransUnion): https://www.transunion.ca/product/consumer-disclosure

• Free Credit Scores (Equifax): https://www.equifax.ca/en/personal/products/equifax-consumer-credit-report

About Openroom University

Free learning mini-courses are part of the vision behind Openroom of creating a transparent and connected rental ecosystem. We believe that knowledge is power and we should have more information to make informed decisions.

If you like what we do, let us know at [email protected] or consider buying us a coffee!

Disclaimer

This information is provided for general guidance only and does not constitute legal, financial, or professional advice. Always consult a qualified professional regarding your specific situation.

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