Insolvencies in Canada Slump to 24-Year Low on Support

The number of insolvency filings in Canada plunged to the lowest level since 1996 as massive cash injections from the federal government kept households afloat during the Covid-19 pandemic.

There were 6,464 consumer insolvency filings in August, down 1.8% from July and 42.7% from a year earlier, according to the latest data from the Office of the Superintendent of Bankruptcy Canada. From April to August, filings averaged 6,442 per month, the lowest for a five-month period since 1996.