Insolvencies in Canada surged by a third in January compared with a year ago as consumers struggled with rising prices and higher interest rates, the Office of the Superintendent of Bankruptcy said Wednesday.
filed in the first month of the year, up 33.7 per cent from 6,779 in January 2022.
"The impacts of high inflation and numerous interest rate hikes are taking their toll on Canadians," said Andre Bolduc, a licensed insolvency trustee and vice-chairman of the Canadian Association of Insolvency and Restructuring Professionals. Meanwhile, business insolvency filings for January were up 55.4 per cent compared with a year ago as they totalled 331, up from 213 in January 2022.
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Insolvency filings in Canada in January up 33.7% compared with a year earlier - BNN BloombergThe Office of the Superintendent of Bankruptcy says the total number of insolvencies in Canada in January was up by roughly a third compared with a year earlier.
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Insolvency filings in Canada in January up 33.7% compared with a year earlierOTTAWA — Insolvencies in Canada surged by a third in January compared with a year ago as consumers struggled with rising prices and higher interest rates, the Office of the Superintendent of Bankruptcy said Wednesday. The federal regulators said there were 9,066 total insolvencies filed in the first month of the year, up 33.7 per cent from 6,779 in January 2022. The increase came as rising interest rates drove up borrowing costs while inflation pushed up the cost of living and stretched househol
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Insolvency filings surged in January amid higher interest rates, inflation - National | Globalnews.caThe federal regulator says there were 9,066 insolvencies for the first month of the year, up 33.7 per cent from 6,779 in January 2022.
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More Canadians unable to pay off debts amid high inflation and ever-increasing interest rates, new report findsConsumer insolvencies jumped by 33 per cent year-over-year in January 2023, according to a new report, as Canadians find themselves more financially vulnerable than before.
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