A Comparison of Bankruptcy & Proposal from 20 years ago.
Canada has seen a significant increase in personal debt load over the past 20 years. Driven by profit that financial institutions earn, it has become significantly easier to obtain credit through a variety of sources: banks, finance companies, payday loan companies, auto financing companies, etc.
Unfortunately, with changes in the economy, the workforce, or personal hardship due to illness or injury, the number of personal proposals and personal bankruptcies will continue to increase as a result of rising debt loads.
For the twelve month period ending June 30, 2017, statistics show that an excess of 123,000 bankruptcies and proposals were filed in Canada (more than 10,000 every month and more than 300 every single day of the year).
The trend of increasing debt loads is increasing stress levels for many people. Learning to manage your money has become increasingly important over the past twenty years. If you are concerned about your personal situation, you should contact one of our Licensed Insolvency Trustee (LIT) to discuss legislated options.
The following table shows the total number of insolvencies in Canada from June 30, 2016, to June 30, 2017.
| Province/Territory | Bankruptcies | Proposals | Total |
|---|---|---|---|
| All of Canada | 63,235 | 63,616 | 126,851 |
| Quebec | 24,941 | 19,155 | 44,096 |
| Ontario | 16,668 | 22,854 | 39,522 |
| Alberta | 5,346 | 8,015 | 13,361 |
| British Columbia | 4,525 | 5,807 | 10,332 |
| Nova Scotia | 4,128 | 1,875 | 6,003 |
| New Brunswick | 2,742 | 1,722 | 4,464 |
| Saskatchewan | 1,504 | 1,682 | 3,186 |
| Manitoba | 1,392 | 1,203 | 2,595 |
| Newfoundland and Labrador | 1,468 | 968 | 2,436 |
| Prince Edward Island | 466 | 286 | 752 |
| Northwest Territories | 34 | 29 | 63 |
| Yukon | 20 | 18 | 38 |
| Nunavut | 1 | 2 | 3 |
You can find more information on the Government of Canada’s website: here.