Canadian Bankruptcies Soar to 17-Year High Amid Economic Uncertainty

A record number of Canadians filed for bankruptcy in the first quarter of this year, with over 37,121 individuals seeking protection from their debts.

This marks the highest quarterly total since 2009 and represents an 8.5% increase compared to the same period last year, according to data released by the Office of the Superintendent of Bankruptcy (OSB).

The surge in bankruptcy filings comes as Canadian households struggle to cover basic living costs amid rising inflation, a slowing economy, and economic uncertainty.