The number of Canadians filing for bankruptcy is now at its highest level since the 2008-2009 financial crisis.
According to the Office of the Superintendent of Bankruptcy, 37,121 Canadians declared bankruptcy during this year’s first quarter.
That’s an increase of 8.5% from the same period in 2025, and the highest level since the tail end of the global financial crisis in 2009.
The Superintendent of Bankruptcy says Canadian households are carrying too much debt and struggling to pay their bills, leading to a greater number of bankruptcies.
Currently, Canadians are carrying record levels of debt, which is also the highest among Group of Seven (G7) leading industrialized nations.
At the same time, many homeowners are being forced to remortgage their homes this year at rates that are significantly higher than they were five years ago.
Plus, inflation, notably higher food and gasoline prices, are squeezing the finances of many Canadians.
Households in Ontario recorded the most bankruptcies in this year’s first quarter at 13,913, which was up 14.7% year-over-year.
The Superintendent of Bankruptcy noted in its latest report that many Canadians are now taking out loans for longer periods, often six to seven years, which is adding to their debt burden.
