Insolvencies In Canada Surge, Business Bankruptcies Rise For First Time Since 2001

Yet further evidence of Canada’s weakening economy.

It’s ‘interesting’ how a bunch of bad economic news has emerged only after the federal election.

The Liberals and establishment press kept pushing the narrative of a ‘strong economy,’ yet the evidence for a long time has been going in exactly the opposite direction.

Now, there is more:

Insolvencies in Canada have surged by a whopping 8.4% in the past year alone, on track for the largest increase in a decade.

Even worse, business bankruptcies are set to increase for the first time since 2001.

As noted by Andre Bolduc of the Canadian Association of Insolvency and Restructuring Professionals, a weak economy and rising cost of living is largely to blame:

Insolvencies have risen amid a slowing economy and the lagging effect of higher interest rates that make it more difficult for borrowers to keep up with payments.

‘”There is a strong correlation between interest rate changes and consumer filings but we see a two to three year lag between rate increases and a growth in the number of insolvencies,” stated Andre Bolduc, an association board member.

“Sustained increases in living costs and debt servicing costs have created an environment in which more people are struggling to stick to their repayment terms.”

This is clearly a devastating combination. A weakening economy, a rising cost of living, and an increasing burden of debt causing rising bankruptcies.

Does any of that sound like a good economy to you?

This should have been a key point of argument during the federal election campaign. The Liberals have been systematically lying to Canadians about the economy, trying to make it look ‘good’ when it’s really getting worse.

With Bill Morneau maintaining his post as finance minister, and with Trudeau still imposing his damaging carbon tax and restrictions on the energy industry, we can expect the bad economic news to continue.

Spencer Fernando

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Mike

6900 in Alberta alone.

NancyW

Everything is going down, while the deficits, debt and taxes are going up along with the size of this out of control ?government.

Joe

Last fall, the stores had stocked up due to tariff fears and that supply never dropped much as high prices and alternative markets have crushed the retail business.

Jane

The worse thing about this ? The paid off ‘legacy media’ has been LYING to the Canadian public about ALL of this. See what $600+ MILLION dollars will buy ? ABSOLUTE ‘Liberal compliance’ AND continued lies about what’s really going on with our economy. SHAME on them, and SHAME on the VERY destructive Trudeau Liberals for lying about EVERYTHING….

Ann

Should We be Surprised?? Look at who is Pretending to Know how to Govern Canada, our Beloved Once GREAT Country! Justin Trudeau and his Stupid Liberal Party don’t have a Clue What They are Doing. Let’s thank all the Idiots who Voted in this Stupidity!!

Ksa63

Indeed. The argument against democracy is the stupidity of voters.

Moe S.

There has been no mention by mainstream media regarding workers who are experiencing ‘temporary’ layoffs from large and small company’s across central Ontario during November. I know of four long term employee’s from different company’s who have recently received temporary layoff notices, 2-3 months, due to company financial difficulties. These employees are now worried they could be eventually terminated. This is the reality many workers are facing right now.

Del

One good thing about Scheer losing the election, at least he can’t be blamed for this. Unfortunately after the next election, the Conservatives are going to be forced to try to save the Canadian economy and will get crapped on like is being done to Ford.

Clive Edwards

WEXIT NOW! Turdo has abandoned his Canadian family for a globalist relationship where he thinks he is a player but he is the bankers’ mistress. Kenney must study Doug Christie’s legacy and start the wheels in motion. Turdo surfs while Canada freezes under his globalist warming agenda.

Marian

Maybe Canadians will open their eyes to the real FACTS. Not the fiction being told us by the paid off media.

old white guy

Liberal socialist economics on full view.

james isnor

Don t worry the New Green Energy Jobs are coming………………………………………………………………………………………………………………………………………………

Elizabeth Thorne

Why is the government bringing migrants in large numbers to eleven communities in Canada where there are large numbers of unemployment. Why not pay to train the unemployed Canadians or would that make too much sense?