REPORT: “Staggering” Number Of Canadians On ‘Brink Of Financial Disaster’

Concerns ahead of interest rate decision.

While the Trudeau government continues trying to spin people into thinking the economy is doing well, a new survey from bankruptcy firm MNP reveals the very disturbing financial reality facing millions of Canadians as an interest rate decision looms.

As noted by BNN Bloomberg, “Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will propel them toward bankruptcy, while 42 per cent say if rates rise much more they’d fear for their financial well-being. While both readings were down modestly from the previous quarterly survey, that’s not lessening the alarm.”

BNN Bloomberg even referred to many Canadians as being on the “brink of financial disaster.”

MNP was clear about the risk, with their president Grant Bazian saying “When you look at the staggering number of people who are teetering on the edge, it’s clear that we are going to start seeing a rise in delinquencies as rates rise.”

And staggering is the right word for it. When you combine the 28% worried about falling into bankruptcy, combined with the 42% who say rate hikes would cause fear for financial well-being, that’s 70% of respondents with serious financial concerns. 

As Bazian said, “Make no mistake about it, the level of household indebtedness in Canada is still very concerning. For those who are in debt and already struggling to make ends meet, slowly pumping the brakes on spending isn’t going to be enough at this point.”

While there are numerous factors that contributed to the financial worries facing many Canadians, something that can’t be overlooked is the rise in the size of government, and all the extra fees and taxes that take money out of the pockets of taxpayers.

People will do almost everything possible to at least maintain a consistent standard of living, and when the government takes more money away from the people it often becomes necessary to go into debt. Combined with wages that have been flat for a long time – due to globalist policies that favour multinational organizations over workers – and it’s no surprise that Canadians are finding life less and less affordable.

Spencer Fernando

14 comments Add yours
  1. Yet Trudeau and his minions keep pushing job and family killing carbon taxes; even McKenna who boldly predicts how carbon taxes will be such a benefit to our countries financial well-being. It is hard to understand how anyone could be stupid enough to believe any of the crap coming from this government or its illiterate “leader”. If anyone is paying attention, we , Canada, are rapidly reaching the “Brink of Financial Disaster” at the hands of another Trudeau. Unbelievable.

  2. You had me until this communist drivel ” due to globalist policies that favour multinational organizations over workers “

  3. We have a government in power that is not here for the good of Canada and its people. Money and borrowed money is putting our great Country into a debt. The next generations will have to pay because the money is being given away to other countries for no reason, illegal so-called refugees entering Canada and living better then our own people who pay taxes and the corruption, greed and power of the Liberals will continue until they are removed. Our govt. system has to change so we call avoid under a majority Dictatorship such as our corrupt PM Trudeau who treats Canada like his playground and our money his to spend as he wishes. Too bad the Liberals are brain dead here and will continue to vote them in and pity their children who will also pay the price.

  4. When is our House of Commons going to vote a non confidence motion?. Trudeau is the worst mistake in the history of Canada. He is destroying our country and putting us taxpayers in economic despair.

    1. I have been wondering that myself. I have also been wondering why trudeau hasn’t been charged with treason, after allowing terrorists to freely roam our streets.

    2. That is something i just don’t understand. What is wrong with the House of Commons to allow Trudeau to continue on giving our country to Islam, giving away our money so our children will have to suffer and all Canadians. Trudeau has Islamists in power in the Liberal Government who wants Islam to rule and take away our way of life. Why are they letting this happen?

    3. No possible. The asshole has a majority due to idiocy to so many Ontarians a Quebecois who voted his globalist/Islamist/communist party in power

  5. In the GTA where I live, salaries have not moved in the last 30 years. It is flat as you say. People have no way of curbing expenses, how? On electricity? On food? On heating? On gas to go to work? There is absolutely no room to cut expenses, except the necessities. I know many people who dont even go on vacation once a year and those who do, BORROW for the most part.

  6. I lived through the interest rates of 19% when I had a mortgage, all the while my folks were investing. What to do??? Perhaps it’s time people stopped living on credit and try to scrimp and save like I did in the old days. That means if you don’t have the money, you can’t have it — if you want to eat, you cook and eat at home, no fast food or take out. I had KD most nights when young and on my own. Yuck to think of that today, but I didn’t get myself into debt. Yes it’s hard — but it was honest living and no regrets. Seriously, the people these days need a major attitude adjustment/correction, not just about the financial state of our economy. Most are spoiled brats waiting for mom and dad to pass so they can inherit the wealth. (Kinda like little Trudeau)

  7. Wait for it Canada. Worked as a contractor for the municipal government for thirty years. Never raised my rates, never had a complaint on my work, never had a sick day, never had a holiday. This year a a company that bring in immigrant workers and who also has a contracting company took my job away. They receive a kick back from the people they bring in, they receive a government subsidy towards their wages to employ them. With all this they are able to pay pennies on the dollar for wages. This is the new reality coming to a place near you. They don’t even keep the money in canada. The workers all live in the same house who just happens to be owned by the same company that brought them to canada. A portion of their wages are paying for the living accommodations and the rest is being sent back to their home country. It is pretty depressing to know that everything you worked for is wiped out in a single moment.

  8. “We’re proposing a strong and real plan, one that invests in the middle class, so we can grow the economy, not from the top down, the way Mr. Harper wants to, but from the heart outwards.” -Justin Trudeau

    So it’s all so simple, fellow Canadians, we just don’t have enough … heart.

    Come October I suppose we’ll all ‘feel’ a bit of Trudeau’s logic when dope becomes legal. By then JT’s dopey economics will all make sense. But then half of us will be so stoned none of it will matter anyway.

  9. The high debt loads that most citizens are dealing with now , haven’t just happened overnight but have slowly been creeping up, in relation to the size and debt load of our governments, both provincial and federal.
    Simply put, the more the government’s tax, borrow and spend,the higher your taxes will be. And ultimately you will have less and less money, thus forcing you to either work more or borrow more.

    Until we can get rid of politicians and governments that say you can have it all, at no or very little cost to you personally, then this vicious cycle of tax, borrow spend and going further into debt will continue.
    Canada lacks the leadership, at all levels of government, to be blunt and honest about the state of our finances. We, personally need to just say no to what we desire and think we must have now and focus on reducing our debt before the collapsing economy does it for us.

    Ontario has been the first province to start down the road to recovery, hopefully other provinces will follow suit, and ultimately the federal government too, will decide to respect the taxpayer, reduces taxes, regulations and do everything,short of increasing our debt and taxes, to make for a more prosperous economy , than we have now.

  10. Yes, I understand that a large nuber of Canadians are on the brink of disaster, but ALL of them put themselves into that position willingly! They went inot financial slavery with both eyes wide open! I have no sympathy for gthem. That said, Trudeau and his ilk have exacerbated the problems by illegally squandering our tax dollars on foreign countries and illegal aliens, sneaking their way into Canada! Trudeau must be forced to resign NOW!!!

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