Consumer Insolvency Filings Up 33.7% Compared To A Year Ago, Business Insolvencies Up 55.4%

There were 9,066 insolvencies in January 2023, compared to 6,779 in January 2022.

Canadians are filing for insolvency at a much higher rate than a year ago.

Last January, 6,779 people filed for insolvency.

This January, 9,066 people filed for insolvency.

1,859 of those filings were for bankruptcy, while 6,879 were consumer proposals.

Business insolvencies rose even more, going from 213 in January 2022 to 331 in January of 2023, an increase of more than 50%.

This follows an earlier report on Canadians taking on more debt – and making more late payments:

Canadians Taking On More Debt Amid Declining Economic Conditions

Spencer Fernando