Just The Facts: 2024 Saw The Most Canadian Insolvencies In 15 Years
February 5, 2025
FOR IMMEDIATE RELEASE
Ottawa, ON – After nine years of the NDP-Liberal Government, Canada’s economy has never been so weak. This was made clear after the Office of the Superintendent of Bankruptcy rang the alarm bell by reporting the highest annual count of Canadian insolvencies in fifteen years.
In total, insolvencies rose 12.1 percent last year compared with 2023. Canadian businesses took the biggest hit, reporting a 28.6 percent increase in 2024, while consumer insolvencies rose by 11.4 percent in the same time period.
On top of this, the Canadian Association of Insolvency and Restructuring Professionals reported that 2024 saw a 15-year high in business and consumer insolvencies, reaching as many as 375 insolvencies per day.
The NDP-Liberals have pushed Canada’s economy to the point of collapse with their punishing taxes and out-of-control spending. Last month, the Parliamentary Budget Officer warned that the “the Government failed to meet its first fiscal objective” after they recorded an eye-watering $61.9 billion deficit. This has made everything more expensive, with more taxpayer dollars going to paying off the NDP-Liberal debt than towards the federal health transfer.
This has had devastating consequences for working Canadians. Businesses are closing after the Liberals hiked their capital gains tax and increased the carbon tax. And as many as 50 percent of Canadians are now $200 or less away from not being able to pay their bills. The Royal Bank of Canada also revealed last month that 55 percent of Canadians are “feeling paralyzed.”
Canadians deserve relief. Only Common Sense Conservatives will axe the tax and fix the budget to bring home powerful paycheques for workers.
