Read the report Insolvency Statistics in Canada — March 2023.
The total number of insolvencies (bankruptcies and proposals) in Canada increased by 28.1% in March 2023 compared to the previous month. Bankruptcies increased by 25.0% and proposals increased by 29.0%.
The total number of insolvencies in March 2023 was 28.3% higher than the total number of insolvencies in March 2022. Consumer insolvencies increased by 28.0%, while business insolvencies increased by 36.8%.
For the 12‑month period ending March 31, 2023, the total number of insolvencies increased by 19.9% in comparison to the 12‑month period ending March 31, 2022.
Consumer insolvencies for the 12‑month period ending March 31, 2023, increased by 19.4% in comparison to the 12‑month period ending March 31, 2022. Consumer bankruptcies decreased by 4.7%, while consumer proposals increased by 29.3%. The proportion of proposals in consumer insolvencies increased to 76.7% during the 12‑month period ending March 31, 2023, up from 70.8% during the 12‑month period ending March 31, 2022. For the 12‑month period ending March 31, 2023, consumer insolvency filings accounted for 96.7% of total insolvency filings.
Business insolvencies for the 12‑month period ending March 31, 2023, increased by 36.5% compared with the 12‑month period ending March 31, 2022. The sectors that registered the biggest decreases in the number of insolvencies were Mining and Oil and Gas Extraction; and Administrative and Support, Waste Management and Remediation Services. Accommodation and Food Services; Construction; and Retail Trade registered the biggest increases in the number of insolvencies.