The Office of the Superintendent of Bankruptcies releases monthly and quarterly reports on insolvencies, a term that encompasses both bankruptcies and proposals that can see consumers and businesses restructure their debts. Proposals account for a wide majority of insolvency filings.<\/p>\n
Bankruptcy filings rose 8.2 per cent year-over-year to 9,520 in the second quarter of the year, according to the office. That marks an increase of 11.8 per cent from the first quarter.<\/p>\n
Insolvency volumes plummeted at the onset of the COVID-19 pandemic but have steadily crept higher since.<\/p>\n
St-Arnaud noted that the consumer insolvency rate \u2014 filings per 1,000 people \u2014 remains below pre-pandemic levels in Canada.<\/p>\n
Insolvencies are on the rise in provinces with higher ratios of debt to disposable income, however. British Columbia, Alberta, Saskatchewan, Manitoba and Ontario have all seen total insolvencies rise above 2019 levels, according to Servus.<\/p>\n
\u201cElevated household debt, stagnating purchasing power, and high interest rates have put pressure on households\u2019 finances in recent years,\u201d St-Arnaud said in his note.<\/p>\n
\u201cHigh energy costs in recent months and their impact on inflation and household purchasing power could increase household financial stress.\u201d<\/p>\n
Conservative MP Jasraj Hallan, his party\u2019s national revenue critic, said in a statement Wednesday that the latest insolvency figures show Canadians are \u201crunning out of options to pay off their debt.\u201d<\/p>\n
Hallan blamed Prime Minister Mark Carney for the rising costs of fuel and groceries. Overall inflation cooled to 2.8 per cent in June as gas prices fell and food inflation eased, though regular price hikes at the grocery store in recent years have piled up on consumers.<\/p>\n
\u201cWhile Carney tries to sell the illusion that life is getting more affordable, Canadians experience the reality of higher prices at the checkout and weaker purchasing power under the Liberals,\u201d Hallan said in a media release.<\/p>\n
John Fragos, spokesperson for Finance Minister Fran\u00e7ois-Philippe Champagne, said in a statement to The Canadian Press that the Liberal government and Canadians alike are responding \u201cto an unprecedented global economic challenge that is driving up costs and creating uncertainty and stress.\u201d<\/p>\n
He pointed to government measures over the past year to temporarily boost payouts of the rebranded Canada Groceries and Essentials Benefit, cut the consumer carbon price and pause federal fuel excise taxes as proof that Ottawa\u2019s affordability agenda is reducing costs for Canadians.<\/p>\n
\u201cThe government\u2019s priority has been and remains making everyday life more affordable and steeling Canada\u2019s economy to global shocks,\u201d Fragos said.<\/p>\n
This report by The Canadian Press was first published Aug. 12, 2026.<\/p>\n
Craig Lord, The Canadian Press<\/p>\n","protected":false},"excerpt":{"rendered":"The Office of the Superintendent of Bankruptcies releases monthly and quarterly reports on insolvencies, a term that encompasses…\n","protected":false},"author":2,"featured_media":591348,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-591347","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/591347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=591347"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/591347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/591348"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=591347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=591347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=591347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}