Business insolvencies surged to 6,188 in 2024 – the highest level in the past 10 years and a 150 percent increase from the 2021 low. As government support programs ended and interest rates climbed, insolvencies rebounded sharply. While data for 2025 to date suggests some stabilization, insolvencies are on pace to remain well above pre-pandemic norms – a reflection of today’s challenging business environment.
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Source: Office of the Superintendent of Bankruptcy Canada.
*2025 data point is author’s estimate for the year, reflecting the pace set by actual data for the first eight months (January-August)
