Insolvency statistics in Canada—Fourth Quarter 2021

Glossary

Bankruptcy: The state of a consumer or a business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.

Business: Any commercial entity or organization other than an individual, or an individual who has incurred 50% or more of total liabilities as a result of operating a business.

Census Metropolitan Area (CMA): Each area consists of one or more adjacent municipalities situated around a major urban core. To form a census metropolitan area, the urban core must have a population of at least 100,000. For Statistics Canada's geographical definitions of the CMAs, go to CMA and CA: Detailed definition.

Consumer: An individual with more than 50% of total liabilities related to consumer goods and services.

Corporation: A commercial entity or organization.

Economic Region (ER): Standard geographical units created for analysis of regional economic activity. For Statistics Canada's geographical definitions of ERs, go to Economic region (ER).

Individual Business: An individual who has incurred 50% or more of total liabilities as a result of operating a business.

North American Industry Classification System (NAICS): System that classifies economic units that have similar production processes in the same industry. This is a supply-based or production-oriented economic concept.

Proposal: An offer to creditors to settle debts under conditions other than the existing terms. A proposal is a formal agreement under the Bankruptcy and Insolvency Act.

Table 1: Total Insolvencies
-Volume% Change12-Month Period Ending
Q4 2021Q3 2021Q4 2020Q3 2021 to Q4 2021Q4 2020 to Q4 202112-31-202112-31-2020% Change
Newfoundland and Labrador4063714729.4-14.01,7491,883-7.1
Bankruptcies14713315710.5-6.4653778-16.1
Proposals2592383158.8-17.81,0961,105-0.8
Prince Edward Island 109 80 103 36.3 5.8 388 428 -9.3
Bankruptcies 47 33 44 42.4 6.8 172 204 -15.7
Proposals 62 47 59 31.9 5.1 216 224 -3.6
Nova Scotia697705807-1.1-13.63,0243,517-14.0
Bankruptcies285298362-4.4-21.31,2811,615-20.7
Proposals4124074451.2-7.41,7431,902-8.4
New Brunswick 664 691 865 -3.9 -23.2 2,997 3,389 -11.6
Bankruptcies 251 282 415 -11.0 -39.5 1,251 1,502 -16.7
Proposals 413 409 450 1.0 -8.2 1,746 1,887 -7.5
Quebec6,2565,9866,6304.5-5.625,19728,282-10.9
Bankruptcies2,8072,7023,1453.9-10.711,37312,972-12.3
Proposals3,4493,2843,4855.0-1.013,82415,310-9.7
Ontario 7,864 7,225 8,409 8.8 -6.5 30,940 34,751 -11.0
Bankruptcies 2,006 1,818 2,343 10.3 -14.4 8,027 9,749 -17.7
Proposals 5,858 5,407 6,066 8.3 -3.4 22,913 25,002 -8.4
Manitoba6586145957.210.62,5382,562-0.9
Bankruptcies2062001913.07.9807815-1.0
Proposals4524144049.211.91,7311,747-0.9
Saskatchewan 718 609 697 17.9 3.0 2,772 2,689 3.1
Bankruptcies 184 172 235 7.0 -21.7 780 918 -15.0
Proposals 534 437 462 22.2 15.6 1,992 1,771 12.5
Alberta3,4573,2683,3295.83.814,09513,2496.4
Bankruptcies6515988908.9-26.92,8193,724-24.3
Proposals2,8062,6702,4395.115.011,2769,52518.4
British Columbia 2,139 2,078 2,099 2.9 1.9 8,773 8,398 4.5
Bankruptcies 481 502 593 -4.2 -18.9 2,221 2,689 -17.4
Proposals 1,658 1,576 1,506 5.2 10.1 6,552 5,709 14.8
Northwest Territories169877.8100.0534712.8
Bankruptcies400----910-10.0
Proposals129833.350.0443718.9
Yukon 11 9 12 22.2 -8.3 34 36 -5.6
Bankruptcies 2 1 4 100.0 -50.0 9 11 -18.2
Proposals 9 8 8 12.5 12.5 25 25 0.0
Nunavut4460.0-33.31213-7.7
Bankruptcies010-100.0--110.0
Proposals43633.3-33.31112-8.3
Canada22,99921,64924,0326.2-4.392,57299,244-6.7
Bankruptcies7,0716,7408,3794.9-15.629,40334,988-16.0
Proposals15,92814,90915,6536.81.863,16964,256-1.7
Table 2: Insolvencies Filed by Consumers
-Volume% Change12-Month Period Ending
Q4 2021Q3 2021Q4 2020Q3 2021 to Q4 2021Q4 2020 to Q4 202112-31-202112-31-2020% Change
Newfoundland and Labrador4033684709.5-14.31,7371,873-7.3
Bankruptcies14513015511.5-6.5642768-16.4
Proposals2582383158.4-18.11,0951,105-0.9
Prince Edward Island 107 78 103 37.2 3.9 384 426 -9.9
Bankruptcies 45 32 44 40.6 2.3 169 203 -16.7
Proposals 62 46 59 34.8 5.1 215 223 -3.6
Nova Scotia690704803-2.0-14.13,0073,498-14.0
Bankruptcies281297359-5.4-21.71,2681,599-20.7
Proposals4094074440.5-7.91,7391,899-8.4
New Brunswick 660 688 854 -4.1 -22.7 2,985 3,365 -11.3
Bankruptcies 248 279 408 -11.1 -39.2 1,241 1,486 -16.5
Proposals 412 409 446 0.7 -7.6 1,744 1,879 -7.2
Quebec5,7815,6916,2471.6-7.523,66726,683-11.3
Bankruptcies2,4192,4562,827-1.5-14.410,11311,714-13.7
Proposals3,3623,2353,4203.9-1.713,55414,969-9.5
Ontario 7,679 7,065 8,224 8.7 -6.6 30,327 33,992 -10.8
Bankruptcies 1,869 1,704 2,215 9.7 -15.6 7,580 9,213 -17.7
Proposals 5,810 5,361 6,009 8.4 -3.3 22,747 24,779 -8.2
Manitoba6536035918.310.52,5072,527-0.8
Bankruptcies2021911875.88.0782787-0.6
Proposals4514124049.511.61,7251,740-0.9
Saskatchewan 707 602 689 17.4 2.6 2,724 2,640 3.2
Bankruptcies 176 168 227 4.8 -22.5 744 878 -15.3
Proposals 531 434 462 22.4 14.9 1,980 1,762 12.4
Alberta3,4303,2343,2886.14.313,95613,0896.6
Bankruptcies6325778609.5-26.52,7313,602-24.2
Proposals2,7982,6572,4285.315.211,2259,48718.3
British Columbia 2,125 2,058 2,069 3.3 2.7 8,699 8,270 5.2
Bankruptcies 469 488 569 -3.9 -17.6 2,172 2,609 -16.7
Proposals 1,656 1,570 1,500 5.5 10.4 6,527 5,661 15.3
Northwest Territories169877.8100.0534712.8
Bankruptcies400----910-10.0
Proposals129833.350.0443718.9
Yukon 11 9 12 22.2 -8.3 34 36 -5.6
Bankruptcies 2 1 4 100.0 -50.0 9 11 -18.2
Proposals 9 8 8 12.5 12.5 25 25 0.0
Nunavut4460.0-33.312120.0
Bankruptcies010-100.0--10--
Proposals43633.3-33.31112-8.3
Canada22,26621,11323,3645.5-4.790,09296,458-6.6
Bankruptcies6,4926,3247,8552.7-17.427,46132,880-16.5
Proposals15,77414,78915,5096.71.762,63163,578-1.5
Table 3: Insolvencies Filed by Businesses
-Volume% Change12-Month Period Ending
Q4 2021Q3 2021Q4 2020Q3 2021 to Q4 2021Q4 2020 to Q4 202112-31-202112-31-2020% Change
Newfoundland and Labrador3320.050.0121020.0
Bankruptcies232-33.30.0111010.0
Proposals100----10--
Prince Edward Island 2 2 0 0.0 -- 4 2 100.0
Bankruptcies 2 1 0 100.0 -- 3 1 200.0
Proposals 0 1 0 -100.0 -- 1 1 0.0
Nova Scotia714600.075.01719-10.5
Bankruptcies413300.033.31316-18.8
Proposals301--200.04333.3
New Brunswick 4 3 11 33.3 -63.6 12 24 -50.0
Bankruptcies 3 3 7 0.0 -57.1 10 16 -37.5
Proposals 1 0 4 -- -75.0 2 8 -75.0
Quebec47529538361.024.01,5301,599-4.3
Bankruptcies38824631857.722.01,2601,2580.2
Proposals87496577.633.8270341-20.8
Ontario 185 160 185 15.6 0.0 613 759 -19.2
Bankruptcies 137 114 128 20.2 7.0 447 536 -16.6
Proposals 48 46 57 4.3 -15.8 166 223 -25.6
Manitoba5114-54.525.03135-11.4
Bankruptcies494-55.60.02528-10.7
Proposals120-50.0--67-14.3
Saskatchewan 11 7 8 57.1 37.5 48 49 -2.0
Bankruptcies 8 4 8 100.0 0.0 36 40 -10.0
Proposals 3 3 0 0.0 -- 12 9 33.3
Alberta273441-20.6-34.1139160-13.1
Bankruptcies192130-9.5-36.788122-27.9
Proposals81311-38.5-27.3513834.2
British Columbia 14 20 30 -30.0 -53.3 74 128 -42.2
Bankruptcies 12 14 24 -14.3 -50.0 49 80 -38.8
Proposals 2 6 6 -66.7 -66.7 25 48 -47.9
Northwest Territories000----00--
Bankruptcies000----00--
Proposals000----00--
Yukon 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut000----01-100.0
Bankruptcies000----01-100.0
Proposals000----00--
Canada73353666836.89.72,4802,786-11.0
Bankruptcies57941652439.210.51,9422,108-7.9
Proposals15412014428.36.9538678-20.6
Table 3a: Insolvencies Filed by Corporations
-Volume% Change12-Month Period Ending
Q4 2021Q3 2021Q4 2020Q3 2021 to Q4 2021Q4 2020 to Q4 202112-31-202112-31-2020% Change
Newfoundland and Labrador1100.0--5366.7
Bankruptcies010-100.0--4333.3
Proposals100----10--
Prince Edward Island 0 1 0 -100.0 -- 1 1 0.0
Bankruptcies 0 1 0 -100.0 -- 1 0 --
Proposals 0 0 0 -- -- 0 1 -100.0
Nova Scotia102---50.0611-45.5
Bankruptcies102---50.059-44.4
Proposals000----12-50.0
New Brunswick 4 1 5 300.0 -20.0 9 14 -35.7
Bankruptcies 3 1 4 200.0 -25.0 7 12 -41.7
Proposals 1 0 1 -- 0.0 2 2 0.0
Quebec41825632963.327.11,3381,414-5.4
Bankruptcies35722328060.127.51,1471,1380.8
Proposals61334984.824.5191276-30.8
Ontario 131 117 111 12.0 18.0 435 490 -11.2
Bankruptcies 105 95 87 10.5 20.7 349 381 -8.4
Proposals 26 22 24 18.2 8.3 86 109 -21.1
Manitoba071-100.0-100.01314-7.1
Bankruptcies051-100.0-100.010911.1
Proposals020-100.0--35-40.0
Saskatchewan 0 0 5 -- -100.0 15 13 15.4
Bankruptcies 0 0 5 -- -100.0 12 11 9.1
Proposals 0 0 0 -- -- 3 2 50.0
Alberta152029-25.0-48.38196-15.6
Bankruptcies131424-7.1-45.85776-25.0
Proposals265-66.7-60.0242020.0
British Columbia 8 8 20 0.0 -60.0 39 85 -54.1
Bankruptcies 7 8 15 -12.5 -53.3 28 54 -48.1
Proposals 1 0 5 -- -80.0 11 31 -64.5
Northwest Territories000----00--
Bankruptcies000----00--
Proposals000----00--
Yukon 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut000----01-100.0
Bankruptcies000----01-100.0
Proposals000----00--
Canada57841150240.615.11,9422,142-9.3
Bankruptcies48634841839.716.31,6201,694-4.4
Proposals92638446.09.5322448-28.1
Table 3b: Insolvencies Filed by Individual Businesses
-Volume% Change12-Month Period Ending
Q4 2021Q3 2021Q4 2020Q3 2021 to Q4 2021Q4 2020 to Q4 202112-31-202112-31-2020% Change
Newfoundland and Labrador2220.00.0770.0
Bankruptcies2220.00.0770.0
Proposals000----00--
Prince Edward Island 2 1 0 100.0 -- 3 1 200.0
Bankruptcies 2 0 0 -- -- 2 1 100.0
Proposals 0 1 0 -100.0 -- 1 0 --
Nova Scotia612500.0200.011837.5
Bankruptcies311200.0200.08714.3
Proposals301--200.031200.0
New Brunswick 0 2 6 -100.0 -100.0 3 10 -70.0
Bankruptcies 0 2 3 -100.0 -100.0 3 4 -25.0
Proposals 0 0 3 -- -100.0 0 6 -100.0
Quebec57395446.25.61921853.8
Bankruptcies31233834.8-18.4113120-5.8
Proposals26161662.562.5796521.5
Ontario 54 43 74 25.6 -27.0 178 269 -33.8
Bankruptcies 32 19 41 68.4 -22.0 98 155 -36.8
Proposals 22 24 33 -8.3 -33.3 80 114 -29.8
Manitoba54325.066.71821-14.3
Bankruptcies4430.033.31519-21.1
Proposals100----3250.0
Saskatchewan 11 7 3 57.1 266.7 33 36 -8.3
Bankruptcies 8 4 3 100.0 166.7 24 29 -17.2
Proposals 3 3 0 0.0 -- 9 7 28.6
Alberta121412-14.30.05864-9.4
Bankruptcies676-14.30.03146-32.6
Proposals676-14.30.0271850.0
British Columbia 6 12 10 -50.0 -40.0 35 43 -18.6
Bankruptcies 5 6 9 -16.7 -44.4 21 26 -19.2
Proposals 1 6 1 -83.3 0.0 14 17 -17.6
Northwest Territories000----00--
Bankruptcies000----00--
Proposals000----00--
Yukon 0 0 0 -- -- 0 0 --
Bankruptcies 0 0 0 -- -- 0 0 --
Proposals 0 0 0 -- -- 0 0 --
Nunavut000----00--
Bankruptcies000----00--
Proposals000----00--
Canada15512516624.0-6.6538644-16.5
Bankruptcies936810636.8-12.3322414-22.2
Proposals6257608.83.3216230-6.1