In November 2022, consumer insolvencies were up 16% when compared to November 2021.
“As Canadians grapple with incoming holiday bills on top of the ballooning costs of everyday expenses, CAIRP is urging Canadians to beware of unregulated, unlicensed debt advisors that claim to be authorized to assist with insolvency options,” the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) wrote.
Canada has not been spared from the global rampant inflation over the last two years, which experts say is in large part due to COVID-19 lockdowns and the rapid expansion of the money supply through public debt.
Canada’s public debt increased dramatically during the COVID-19 pandemic as the Trudeau government took on more debt than most industrialized countries.
The Trudeau government took advantage of the COVID-19 spending packages to push forward a set of costly, climate-oriented policies aimed at pleasing the Liberal electorate.
In direct contrast to the 2008 financial crisis, where Canada fared much better than the U.S. under the leadership of prime minister Stephen Harper, Canada’s performance in the current global turmoil shows no sign of ease.
Experts say the current spike in personal bankruptcies may be just the beginning, as the country is headed towards a recession, which could be aggravated by the country’s leftwing coalition government.
