Insolvency Statistics in Canada — October 2023 (Highlights)

Read the report Insolvency Statistics in Canada — October 2023.

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 6.0% in October 2023 compared to the previous month. Bankruptcies increased by 5.7% and proposals increased by 6.1%.

The total number of insolvencies in October 2023 was 27.1% higher than the total number of insolvencies in October 2022. Consumer insolvencies increased by 25.8%, while business insolvencies increased by 63%.

For the 12‑month period ending October 31, 2023, the total number of insolvencies increased by 22.6% in comparison to the 12‑month period ending October 31, 2022.

Consumer insolvencies for the 12‑month period ending October 31, 2023, increased by 22.1% in comparison to the 12‑month period ending October 31, 2022. Consumer bankruptcies increased by 2.5%, while consumer proposals increased by 28.8%. The proportion of proposals in consumer insolvencies increased to 78.5% during the 12‑month period ending October 31, 2023, up from 74.4% during the 12‑month period ending October 31, 2022. For the 12‑month period ending October 31, 2023, consumer insolvency filings accounted for 96.4% of total insolvency filings.

Business insolvencies for the 12‑month period ending October 31, 2023, increased by 39.9% compared with the 12‑month period ending October 31, 2022. Retail trade, accommodation and food services and construction registered the biggest increases in the number of insolvencies. 

Read the report Insolvency Statistics in Canada—October 2023.