Signs are mounting that households and businesses are struggling to manage the rising cost of debt in Canada. Read more.
has pushed up the cost of everything from raw materials to fuel, putting significant financial strain on businesses. At the same time, consumers are grappling with the cost of living and reducing their spending,” said Jean-Daniel Breton, chair of CAIRP. “As business owners struggle to manage these impacts in addition to debt carrying costs becoming increasingly expensive, we anticipate the number of businesses seeking restructuring or debt relief options will continue to grow in 2023.
Approximately 3,400 Canadian businesses filed for insolvency in 2022, said CAIRP, citing the latest statistics from the Office of the Superintendent of Bankruptcy, an increase from 2,480 insolvencies in 2021. The majority of insolvencies were bankruptcies and the remainder were proposals to renegotiate the terms of loans .
The increase was due to a 23.9 per cent year-over-year increase in proposals, which more than offset a nine per cent decline in bankruptcies. Across Canada, insolvencies were up in almost every province: Newfoundland, 48.5 per cent year over year; Nova Scotia, 39.9 per cent; P.E.I., 29 per cent; Manitoba, 26 per cent; Quebec, one per cent; New Brunswick, six per cent; Saskatchewan, 12.7 per cent; and Alberta, 14 per cent.
“As a result, they are now above their pre-pandemic level in all Western provinces: B.C., Alberta, Saskatchewan, and Manitoba. This situation suggests a rise in households struggling with their debt load,” said St-Arnaud.This advertisement has not loaded yet, but your article continues below.
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Canada women's soccer players resume training after legal threat from Canada SoccerFacing the threat of legal action from Canada Soccer, the Canadian women\u0027s team has reluctantly agreed to return to training.
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Canada women's soccer players resume training after legal threat from Canada SoccerFacing the threat of legal action from Canada Soccer, the Canadian women\u0027s team has reluctantly agreed to return to training.
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Canada women's soccer players resume training after legal threat from Canada SoccerFacing the threat of legal action from Canada Soccer, the Canadian women\u0027s team has reluctantly agreed to return to training.
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Bankruptcies, proposals to renegotiate loan terms expected to rise in Q1Signs are mounting that households and businesses are struggling to manage the rising cost of debt in Canada. Read more.
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Signs are mounting that households and businesses are struggling to manage the rising cost of debtSigns are mounting that households and businesses are struggling to manage the rising cost of debt in Canada. Read more.
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