Canadian business insolvencies up 37.2 per cent in 2022, consumer insolvencies up 11.2 per cent
The number of insolvencies filed by Canadian businesses in 2022 was up 37.2 per cent compared with 2021.
The Office of the Superintendent of Bankruptcy says there were 3,402 business insolvencies last year, up from 2,480 in 2021.
Business bankruptcies totalled 2,621 for the year, up from 1,942, while proposals filed by businesses amounted to 781, up from 538 in 2021.
The federal regulator says the sectors that saw the biggest increase in insolvencies were accommodation and food services businesses and the construction industry. The sectors that saw the biggest drop were mining and oil and gas extraction, and finance and insurance.
Insolvency filings by consumers in 2022 totalled 100,184, up 11.2 per cent from 90,092 in 2021.
The consumer figures included 24,586 bankruptcies, down from 27,461 in the previous year, while proposals rose to 75,598 compared with 62,631 in 2021.
MORE Business News
opinion | What happens if you mistakenly get a larger tax refund?
Was your 2022 tax refund larger than you expected it to be? For many, this likely comes as a pleasant surprise. However, overpayments are likely the result of a mistake on your part or the Canada Revenue Agency. If you don’t amend your returns and the overpayment isn’t returned, you could end up in hot water.
How to claim Ontario's staycation tax credit on your tax return
People in Ontario who vacationed in the province last year can claim the trip on their upcoming tax returns, and here’s how to do it.
Thinking of an alternative lender? What it could mean for your mortgage
As economic conditions make it harder to qualify for a mortgage, Canadians are increasingly looking to alternative lenders, particularly amid interest rates. CTVNews.ca looks at why Canadians are seeking private lenders and the potential benefits and risks attached to them.
opinion | Tips on how to get the most out of your TFSA
The federal government's latest TFSA contribution limit increase took effect this year. On CTVNews.ca, personal finance contributor Christopher Liew outlines eight tips on how Canadians can get the most out of this popular savings account.
opinion | These are the new tax brackets for 2023
There are going to be some changes to Canada's tax brackets as we move into 2023. These changes could impact how you’re taxed when you file your 2023 income tax returns next year.
Canadian food bloggers share tips, tricks to make filling budget-friendly meals
Food bloggers and cookbook authors say meal-planning and simple recipes can help home cooks put together filling and tasty dishes on a budget -- an increasingly stressful challenge amid rising food prices.
Canadians fell for more home improvement scams in 2022, new report finds
The Better Business Bureau says Canadians fell for home improvement scams the most in 2022, in a report highlighting the riskiest scams and how much money they cost Canadians.
'Not every sale is a bargain': How to avoid common money mistakes
In light of new poll results that found Canadians are spending a lot of time worrying about money, one personal finance expert shares some simple tips to help Canadians avoid making some common, costly mistakes with their cash.