Economics
Jump in Insolvencies Heralds Pandemic Hit to Canadian Households
- Filings increased from August to highest since lockdowns began
- Numbers still held down by massive government support
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The number of insolvency filings in Canada jumped in September to the highest since the pandemic began, in what may be the first sign of long-anticipated strains in household finances from the crisis.
The Office of the Superintendent of Bankruptcy Canada reported 7,658 consumer insolvency filings, up 18.5% from August. That’s the biggest monthly increase since 2017, and the most since March when widespread lockdowns were imposed to control the spread of Covid-19.