Debt: Then vs. Now

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.

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2017-10-20T14:44:55+00:00 September 15th, 2017|