The latest data from the Office of the Superintendent of Bankruptcy in Canada paints a disturbing picture of the state of affairs for many consumers and businesses across the country.
Dan Kelly
In this video interview, Dan Kelly, President and CEO of the Canadian Federation of Independent Business, discusses the growing trend, why it’s happening and what we can expect in 2023.
Kelly also talks about the impact credit card processing fees are having on small businesses across the country.
PRESS RELEASE
The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 18.4% in December 2022 compared to the previous month. Bankruptcies decreased by 17.7% and proposals decreased by 18.6%.
The total number of insolvencies in December 2022 was 13.8% higher than the total number of insolvencies in December 2021. Consumer insolvencies increased by 13.4%, while business insolvencies increased by 23.3%.
For the 12‑month period ending December 31, 2022, the total number of insolvencies increased by 11.9% 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% in comparison to the 12‑month period ending December 31, 2021. Consumer bankruptcies decreased by 10.5%, while consumer proposals increased by 20.7%. The proportion of proposals in consumer insolvencies increased to 75.5% during the 12‑month period ending December 31, 2022, up from 69.5% during the 12‑month period ending December 31, 2021. For the 12‑month period ending December 31, 2022, consumer insolvency filings accounted for 96.7% of total insolvency filings.
Business insolvencies for the 12‑month period ending December 31, 2022, increased by 37.2% compared with the 12‑month period ending December 31, 2021. The sectors that registered the biggest decrease in the number of insolvencies were mining and oil and gas extraction, and finance and insurance. Accommodation and food services, and construction registered the biggest increases in the number of insolvencies.
Read the report Insolvency Statistics in Canada — December 2022.
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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