StatsCan reports that [37,121 Canadians filed for insolvency](https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/insolvency-statistics-canada-first-quarter-2026) in the first quarter of 2026. Of these insolvencies 20% of them are bankruptcies, while consumer proposals, a scheme that allows people to pay back their debts while still owning their assets, made up the other 80%. StatsCan records the largest increases in insolvencies were in British Columbia, PEI and Ontario which saw 16.2%, 15.3% and 14.7% increases respectively.
Yet in Ontario and Alberta bankruptcies outpaced consumer proposals, which according to experts is a worrying trend. With Anna Lund, law professor at University of Alberta saying “suggests that people are in a deeper insolvency position where they can’t commit to those three to five years of debt repayments and instead are opting for the bankruptcy process.” Doug Hoyes, an insolvency trustee, also estimates that insolvencies will continue to climb in the near future as economic uncertainty plagues the Canadian economy.
!ping Can
Flat_Sail_7985 on
Speaking more broadly about Canada and America, I don’t really know how long current policies can keep trucking along without severe social upheaval. Things are just getting worse and worse economically (And politically imo) for people with no real resolution in sight.
2 Comments
StatsCan reports that [37,121 Canadians filed for insolvency](https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/insolvency-statistics-canada-first-quarter-2026) in the first quarter of 2026. Of these insolvencies 20% of them are bankruptcies, while consumer proposals, a scheme that allows people to pay back their debts while still owning their assets, made up the other 80%. StatsCan records the largest increases in insolvencies were in British Columbia, PEI and Ontario which saw 16.2%, 15.3% and 14.7% increases respectively.
Yet in Ontario and Alberta bankruptcies outpaced consumer proposals, which according to experts is a worrying trend. With Anna Lund, law professor at University of Alberta saying “suggests that people are in a deeper insolvency position where they can’t commit to those three to five years of debt repayments and instead are opting for the bankruptcy process.” Doug Hoyes, an insolvency trustee, also estimates that insolvencies will continue to climb in the near future as economic uncertainty plagues the Canadian economy.
!ping Can
Speaking more broadly about Canada and America, I don’t really know how long current policies can keep trucking along without severe social upheaval. Things are just getting worse and worse economically (And politically imo) for people with no real resolution in sight.