Insolvencies Rise in Canada and are Likely to Continue Upward Trend in 2023

The total number of insolvencies (bankruptcies and proposals) in Canada was up year-over-year for the second straight month. 

Those in debt are already struggling. The highest number of Canadian insolvencies since March 2020 was reported last month. And while the total number decreased by 18 per cent from that dizzying height, the year-over-year trend is one of financial struggles – and will likely continue so for 2023.

Some key findings:

• The total number of insolvencies in December 2022 was 13.8 per cent higher than in December 2021. Consumer insolvencies increased by 13.4 per cent, while business insolvencies increased by 23.3 per cent;
• For the 12‑month period ending December 31, 2022, the total number of insolvencies increased by 11.9 per cent in comparison to the 12‑month period ending December 31, 2021;
• Consumer insolvencies for the 12‑month period ending December 31, 2022, increased by 11.2 per cent in comparison to the 12‑month period ending December 31, 2021.

Read the report Insolvency Statistics in Canada — December 2022.

Here’s a video interview with Jasmine Marra, Vice-President, Bromwich + Smith, who discusses the implications of the growing number of bankruptcies.

The Video Interview Series by Retail Insider is available on YouTube.

Connect with Mario Toneguzzi, a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and the only Canadian – to learn how you can tell your story, share your message and amplify it to a wide audience. He is Senior News Editor with Retail Insider and owner of Mario Toneguzzi Communications Inc. and can be reached at mdtoneguzzi@gmail.com.

Interviewed this episode:

• Jasmine Marra
• Bromwich & Smith

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