Trudeau Economy: More And More Canadians Are Filing For Bankruptcy

Bankruptcies and consumer proposals are rising as Canadians struggle.

The increasing cost of living and rising interest rates are taking a toll on the finances of a growing number of Canadians.

According to recent reports, the number of bankruptcy filings and consumer proposals in October and November reached 22,961. That’s the most in a two month span since 2011.

The damage is worst in Alberta, where insolvencies rose 16%. Insolvencies were up in all provinces, except for Prince Edward Island – where they remained at the same level.

As noted by BNN Bloomberg, things are likely to get worse:

“About 66 per cent of Ontario insolvencies in November were consumer proposals, which is the highest share on record, and may indicate trouble to come, according to Ted Michalos, a licensed insolvency trustee and co-founder of the firm. In a proposal, the debtor agrees with creditors to pay a proportion of what’s owed and is allowed to keep their assets, versus bankruptcies, where debts are written off but assets are usually forfeited, with the exception of certain provincial exemptions. “Increased proposal filings may represent the tip of the wave,” Michalos said by email. “The people that want to be pro-active file first, the rest of the folks that are in trouble are still to follow.”

Amazingly, despite all of this evidence of Canada’s economic problems, the establishment media and political elites are still trying to convince us that the economy is ‘strong.’

The Trudeau Liberals and their media helpers are desperate to spread a false narrative on the economy, because they fear losing power if people realize how badly Trudeau’s policies are damaging Canada’s economic prospects and the finances of the Canadian People.

The economy is slowing, investment is collapsing, and the carbon tax is making life more expensive as interest rates rise. That all adds up to a big problem for our country.

Spencer Fernando

Photo – YouTube

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peter black
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Keep hammering away at this problem as it escalates. Environmental Communism is on its way. Soup lines, higher crime, suicides and drug addiction will soar as people lose their jobs.

Timothy Hickey
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Timothy Hickey

To blame our economic challenges entirely on Trudeau is mistaken, though Trudeau has done some serious damage too!Every government since Lester Pearson has contributed to our economic realities today! (both Conservative, Liberal and NDP at federal and provincial and even at Municipal levels) You cannot tax and spend our way into prosperity, and you cannot borrow your way out of debt! Every Government since Pierre Elliot Trudeau has sold out to the Private Banking Cartel of the World Bank/IMF and our debt levels have increased steadily under every government! It is not surprising that Canadians are filing for bankruptcy or… Read more »

shawn harris
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shawn harris

Trudeau, who like the rat catcher, the “Pied Piper ” of Hamelin Germany, who used his magical flute to lead the rats out of town, believes that he too can use his magical economic powers of very high taxes and regulations to produce a strong economy. But as in both cases, it is a myth that you can magically get rid of rats or tax and spend Canada into prosperity. As Trudeau is now finding out, that his economic policies are his failure and his alone. Trudeau instead of dogmatically following his far left socialist /communist ideology, should for once… Read more »

Cris
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I agree, don’t vote for a socialist government. I am afraid that Trudeau will get in again, because he is a corrupt, and with Max Bernier helping him by starting a new Conservative party that will spilt the vote. Canada is doomed!

Del
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Del

Horgan’s Carbon Tax just went up again Jan. 1 . Tomatoes = $3.99 , gas $1.35.99. I am looking forward with baited breath to see how the prices will explode with the Justine / barbie Carbon Tax takes full effect. We are retired and budgeted about as low as we can go. We can’t avoid taxes unless we dump Trudeau, so for now charities have to take a big hit. Sorry Heart Fund, sorry food bank, sorry Hospital Fund, call Trudeau or Horgan, they have all my discretionary cash. Small business owners in our area have been forced to lay… Read more »

Brian Dougan
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The lying MSM are going to continue deceiving ill informed Canadians. Don’t these jokers (MSM) realize the damage they’re causing? They keep playing pat-a-cake with this cancerous government. Can’t they get it through their thick heads–This dangerous game they’re playing is bringing ruin down on their heads as well as ours. If they only reported ten percent of this evil Trudeau’s damage…there would be Hell to pay for this angry; hateful; sarcastic boob of a “prime minister.”

arctic_front
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arctic_front

Look at the Federal electoral riding map.. The entire East Coast voted Liberal, large chunks of Quebec voted Liberal, and way too many Ontario ridings did as well.. That is what you get when you bribe STUPID people with their own money. Not a one of them had common sense enough to SEE Justin Trudeau for what he really was, An empty-headed socialist/communist ideologue. The saddest part is that he will use the same bribe in the next election… and it will still work. Canadians are STUPID.

Cris
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I agree, and thanks to Max Bernier starting a new Conservative party it will spilt the vote and Trudeau will get in again but you can’t fix stupid.

Don Taylor
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Don Taylor

Turdeau should step down Now !!

LaVerne Keller
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LaVerne Keller

It’s really bad here in Alberta where we’re getting the double hit of dealing with a loony lefty premier and her caucus of idiots, along with the village idiots hatred of the province and it’s economic power(like father like son). Things are at present not quite as bad as they were during the eighties and early nineties when we were dealing with TurdDough Srs NEP which saw many just walk away from their businesses and homes that had lost all value, just mailing the keys to the banks. While we’re not quite at that level of desperation yet it’s not… Read more »

eric thompson
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eric thompson

He should be gone in OCT and I think canada will be able to recover