More than 400 Canadians filing for bankruptcy every day as rates hit financial-crisis levels
At the current pace cited by BDO, more than 12,000 Canadians would be filing for bankruptcy every month.
More than 400 Canadians are filing for bankruptcy every day as bankruptcy rates climb to their highest level since the 2008-09 financial crisis.
Nancy Snedden, president of BDO Debt Solutions and host of Your Money on VOCM, says the current pace works out to roughly 17 Canadians filing for bankruptcy every hour.
That's approximately 408 Canadians every day.
More than 37,000 Canadians filed for bankruptcy during the second quarter of 2026, according to Snedden, representing a 6.9% increase compared with the same period last year.
The increase comes as Canadian households face growing pressure from everyday expenses and debt payments.
A recent Equifax Canada report found more Canadians are struggling to make ends meet and keep up with their monthly bills and debt obligations.
The latest figures also come amid a broader increase in insolvencies. Federal Office of the Superintendent of Bankruptcy data released earlier this month showed June recorded the second-highest number of consumer insolvencies for that month on record and marked the sixth consecutive year of increasing June insolvencies.
Canadian households have spent years dealing with elevated living costs and higher borrowing costs, putting additional pressure on people carrying mortgages, credit-card balances and other debts.
Snedden encouraged Canadians facing financial trouble to seek help and investigate available debt-relief options before their situation worsens.
At the current pace cited by BDO, more than 12,000 Canadians would be filing for bankruptcy every month.
Sheila Gunn Reid
Chief Reporter
Sheila Gunn Reid is the Editor-in-Chief, Alberta Bureau Chief, member of the board of directors, and host of The Gunn Show at Rebel News. Sheila also serves as President of the Independent Press Gallery of Canada. A mother of three and longtime conservative activist, Sheila is the author of bestselling books, including her most recent release, Independence Blueprint: What Alberta Can Learn From Quebec.
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COMMENTS
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Fran g commented 2026-08-21 14:25:50 -0400Chanada is on fire!!!!!!!!!!!!! Thank you very much, not, you bloody corrupt evil liberals. -
Bruce Atchison commented 2026-08-19 19:30:52 -0400When will Canadians revolt? The government is crushing the people and they don’t care about our suffering. How bad must things get?
