Business insolvencies in Canada surge at fastest level in 37 years, consumer debt soars

“We are seeing signs of a significant rise in distress among Canadian businesses. Many are still shouldering the burden of the pandemic, on top of high input and labour costs, declining consumer spending, and higher debt-carrying costs,”

Based on members surveyed by the Canadian Federation of Independent Business, only 10% of their members who considered closing their business would officially file for bankruptcy.