Consumer insolvencies in Canada hit highest number since COVID pandemic began
Global News
During the pandemic, consumer and business insolvency numbers dropped as emergency aid helped buoy individuals and firms alike.
Consumer insolvencies were up 16.3 per cent in November 2022 compared with the same month the year prior, and business insolvencies were up 58.3 per cent.
Meanwhile, consumer insolvencies for the 12-month period ended Nov. 30, 2022 were up 9.5 per cent compared with a year earlier.
Business insolvencies for the 12-month period were up 37.8 per cent.
Total insolvencies in November 2022 were up 7.3 per cent month over month, and up 17.5 per cent year over year.
Insolvency firm Bromwich+Smith said consumer insolvencies in November were at their highest level since March 2020.
“This is the first time we have seen numbers close to pre-pandemic levels,” said licensed insolvency trustee Michelle Statz in a news release from Bromwich+Smith.
During the pandemic, consumer and business insolvency numbers dropped as emergency aid helped buoy individuals and firms alike.
Consumer insolvencies in November 2022 were still below pre-pandemic levels, down more than 20 per cent compared with November 2019.
More than half of potential Canadian parents say they have delayed having children longer than they would like. Many blame the cost of living, but the issues are complex.
Statistics Canada said Friday that job gains were focused in full-time work and in the private sector, offset by losses in part-time roles and public employment.
The bank has pleaded guilty to U.S. criminal charges of conspiring to launder money and failing to maintain a compliant anti-money laundering program.
Re/Max Canada said in its national condo outlook released Wednesday that listings in this segment of the market have 'soared' in recent months, opening a door to first-time buyers.
Inflation and higher interest rates have eroded Canadians' purchasing power since 2022, particularly for lower-income households, according to the Parliamentary Budget Officer.
With the threat of avian influenza having subsided, turkey supply has increased this year, said Darren Ference, chair of the Turkey Farmers of Canada.
For those travelling for Thanksgiving, a boost in flight capacity is translating to more deals for air passengers. Here's what last-minute bookers should expect.
Customers will need a Costco membership to buy platinum bars. Unlike most other products available at Costco, however, you can’t buy this one in bulk.
The court decision released Friday upholds Canada’s Air Passenger Protection Regulations after a group of airlines appealed to have them declared invalid for international flights.
On Friday, eligible Canadians are set to receive goods and services tax or harmonized sales tax credit from the federal government — the last such payments of the year.
For the third time in seven days the House of Commons will vote on a confidence measure on Wednesday, but this one comes from the government itself.