Canada had 25,286 personal insolvencies in the second quarter of 2022, up 10.5% from this time last year, according to the Office of the Superintendent of Bankruptcy Canada data published on August 4. .The data said personal bankruptcies were down 11.1% and proposals were up 20.6% in the second quarter of 2022. Bankruptcies have increased from 9.2% since the first quarter. .The area with the largest increase in individual bankruptcies in the last year was Yukon, increasing 157.1%. .According to the data, the area with the second largest increase in personal insolvencies in this time period was Prince Edward Island (22.1%). This was followed by Nova Scotia (17.3%), Saskatchewan (16.6%), and Ontario (16.5%). .New Brunswick had the largest decrease, dropping 5%. Newfoundland and Labrador saw fewer people declaring bankruptcy with a 4.9% decrease. .The area with the largest amount of personal insolvencies was Ontario, with 8,817 applications. Ontario had 1,969 bankruptcies and 6,848 proposals. .The Office of the Superintendent of Bankruptcy Canada said the area with the second highest total was Quebec (6,193). This was followed by Alberta (3,929), British Columbia (2,477), and Nova Scotia (938). .Yukon (18) and Northwest Territories (17) had a small number of individual bankruptcies. Nunavut (2) had close to none. .This data comes after a survey done by Ipsos for Meyer Norris Penny said one-third of Canadians are not bringing in enough money to cover monthly expenses. .READ MORE: Nearly a third of Canadians’ finances in critical state.About 31% of respondents said they do not earn enough to cover their bills and keep up with debt payments..There were 49% of respondents who said they are within $200 of insolvency.
