Canadians Filing for Insolvency at Record Levels: What You Need to Know (2026)
More than 37,000 Canadians filed for insolvency proposals during the first three months of 2026—record highs since the global financial crisis in 2009. This surge reflects mounting concerns over household debt levels, which are now higher than in G7 countries. Over 8.5% of these filings rose compared to the same period in 2025, indicating systemic challenges in managing finances. In Canada, a majority of households face pay-cheque-to-paycheque situations, necessitating reliance on credit rather than savings.
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