National Post (Latest Edition)
Insolvencies hit 23-Year Low on federal Supp ort
The number of insolvency filings in Canada plunged to the lowest level since 1997 as massive cash injections from the federal government kept households afloat during the COVID-19 pandemic. There were 6,464 insolvency filings in August, down 2.4 per cent from July and 42 per cent from a year earlier, according to the latest data from the Office of the Superintendent of Bankruptcy Canada. From April to August, filings averaged 6,442 per month, the lowest for a five-month period since 1997. The pandemic created an unprecedented shock to Canada’s labour market, resulting in the loss of more than 3 million jobs at its peak. But government support measures, including more than $60 billion in emergency income support, have cushioned households from the worst effects.