National Post (Latest Edition)

Insolvenci­es hit 23-Year Low on federal Supp ort

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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.

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