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Good Morning!
Canadians’ personal finances are starting to show the strain.
New data show that consumer insolvencies filed in Canada jumped 22.8% in March, the biggest monthly increase in more than 10 years. That’s also the largest single month of new filing activity since the onset of the pandemic more than a year ago.
Debtors have mostly managed to keep their heads above water during the job loss and economic turmoil of the pandemic, artificially buoyed by government income support and lenders’ leniency.
“Filings fell significantly in April 2020 as Canadians faced COVID-related financial uncertainty. They remained low over the last 12 months with government aid programs and creditor flexibility helping many people who were already facing insolvency delay the inevitable. Now it seems we are starting to see that backlog emerge,” said Mark Rosen, chair of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).
Monthly Canadian consumer insolvencies surge 22 8 per cent in March bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
EDMONTON The number of Canadians on the brink of financial insolvency has reached a five-year high, with more than half of people $200 or less away from being unable able to meet their financial obligations each month, according to a recent survey. As pandemic-related financial support and loan deferral programs slow down and ongoing economic disruptions impact household incomes, 30 per cent of Canadians say they are already insolvent, with no money left at the end of the month to cover their payments, according to the latest MNP Consumer Debt Index. “We saw that pandemic-related financial relief measures provided some breathing room over the last year, but now we’re seeing a reversal,” Grant Bazian, president of MNP Ltd., said in a press release.
The Canadian Press
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 said Friday that there were 99,244 consumer bankruptcies and proposals along with business bankruptcies in 2020, down 30% from the prior year.
Consumer insolvencies last year were down 30% from 2019 at an 18-year-low, while business insolvencies in 2020 were down 24% from 2019 and at their lowest level since tracking began in 1987.
“These historic low insolvency filings reflect the government aid programs that have kept many individuals and businesses afloat despite the significant financial distress caused by the pandemic,” says Mark Rosen, chair of the Canadian Association of Insolvency and Restructuring Professionals.