Economic
Only half of the members of his organization, which represents 97,000 small and medium-sized businesses, have seen their sales return to pre-pandemic levels, it said. A large chunk of that debt is from the Canada Emergency Business Account, interest-free and partially forgivable loans the federal government gave to nearly 900,000 small businesses and not-for-profit organizations, he said.
“Forty thousand dollars or $60,000 may not sound like a ton of money for a business, but for very small business it can make the difference if you are making decisions about your future,” he said.Those most at risk are in the accommodations and food services business, he said, which the office of the superintendent revealed had the biggest increases in insolvencies in the last year, along with the construction industry.
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Canadian business insolvencies up 37.2 per cent in 2022, consumer insolvencies up 11.2 per centThe number of insolvencies filed by Canadian businesses in 2022 was up 37.2 per cent compared with 2021. The Office of the Superintendent of Bankruptcy says there were 3,402 business insolvencies last year, up from 2,480 in 2021. 'Canadian business insolvencies up 37.2 per cent in 2022, consumer insolvencies up 11.2 per cent' Alternate headline if the political reality was different: 'Under Conservative government, Canadian business insolvencies up 37.2 per cent in 2022' Thank Trudeau and the liberal/NDP coalition! Thanks Blackface.
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