For the 12-month period ended February 28, 2022, the total number of bankruptcies increased by 0.8% compared to the 12-month period ended February 28, 2021.
In February 2022, there were 7,392 bankruptcy filings by consumers and 276 by businesses.
Ontario posted the largest number of consumer bankruptcy (2,526), while Alberta saw the largest percentage increase (up 20% month-on-month). For businesses, Quebec had the highest (148) and although Nova Scotia saw a 300% increase (up 4), Ontario led the volume growth (up 45 to 80).
A recent report by Hoyes, Michaelos & Associates showed that bankrupt Canadians had their highest debt burden in 5 years.
Proposal or bankruptcy?
Consumers continue to use bankruptcy resolutions as the main option, accounting for more than 70% of all filings in the 12 months to February 28, 2022. Businesses still file for bankruptcy.