The country's ongoing cost of living crisis is pushing Canadians deeper into debt as the rate of insolvencies has reached the highest it has been in years.
The number of personal filings reached 12,195, which is the highest monthly volume seen since October 2019, before the pandemic. This breaks down to an average of 393 filings by Canadians per day. The province with the highest rate of consumer year-over-year insolvencies in May 2024 was Saskatchewan, which saw an 18.8 per cent increase to 347 daily filings.It wasn't just personal insolvencies that saw a large uptick.
This year's Canadian Emergency Business Account loan deadline also added a major burden on Canadian businesses.
Source: Loan Digest (loandigest.net)
Bankrptcy Canada
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