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When the stimulus stops: Economic danger points to watch for when the punchbowl is pulled away
seaforthhuronexpositor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from seaforthhuronexpositor.com Daily Mail and Mail on Sunday newspapers.
Cash crunch looms as support programs wind down
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Canadian insolvency filings hit 20-year low in 2020 as government aid cushioned impact of COVID-19
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Support from feds pushes Canadian insolvencies to 20-year low
The Canadian Press VIDEO SIGN OUT
OTTAWA Canadian insolvency filings hit a 20-year low last year as government financial support offset the shock and economic uncertainty caused by COVID-19.
The Office of the Superintendent of Bankruptcy says there were 99,244 consumer bankruptcies and proposals along with business bankruptcies in 2020, down 30 per cent from the prior year.
Total insolvencies plunged almost 40 per cent from the peak in 2009, with consumer insolvencies down 30 per cent from 2019 to an 18-year-low.
Consumer filings decreased 33.5 per cent in the fourth quarter.
All provinces registered lower consumer filings in 2020, with Prince Edward Island leading with a 43.1 per cent decrease while Manitoba had the smallest decrease at 19.7 per cent.
Government financial support pushes Canadian insolvencies to lowest level in 20 years
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