Nearly 400 Canadian consumers filed for insolvency every day during the latest 12-month reporting period, according to new federal data highlighting the financial strain facing households.

Figures from the Office of the Superintendent of Bankruptcy show 140,669 consumer insolvencies were filed during the year ending January 31, 2026. That works out to approximately 385 filings every day and represents a 2.2% increase over the previous 12 months.

Bankruptcies grew even faster, rising 4.6% from 29,068 to 30,417. Consumer proposals increased 1.5% to 110,252 and accounted for more than three-quarters of all consumer insolvency filings.

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British Columbia recorded the sharpest provincial increase, with consumer insolvencies soaring 12.2% to 15,549. Newfoundland and Labrador followed with an 8.6%, while filings rose 7.5% in Prince Edward Island, 4.4% in Manitoba and 2.2% in Ontario.

Alberta bucked the national trend with a 1.1% decline, while Saskatchewan recorded a 10.2% drop.

Separate research from insolvency firm Harris & Partners found Canadians are increasingly struggling to pay for everyday necessities.

Among 1,731 respondents, 36.95% said they had skipped essential purchases because of financial pressure, while 33.1% reported using credit to cover basic necessities. Another 58% said they felt financially burned out, and 76.3% said money problems had affected their mental health.

“Financial difficulty does not usually begin with an insolvency filing,” said Joshua Harris of Harris & Partners. “It can begin with relying on credit for groceries, delaying bills or cutting back on essentials simply to keep up with existing payments.”