The Most Broke Provinces According To Data From Statistics Canada

A ranking of the provinces from least to most broke.

Photo 138455746 © Gabriel Vergani - Dreamstime.com

Statistics Canada periodically updates its data on insolvency rates in Canada — aka the number of people going broke. The data for 2018 and the beginning of 2019 is here, and it's not looking good. The number of Canadians filing for bankruptcy is on the rise, and experts say that this trend isn't about to reverse anytime soon.

Insolvencies can mean two things: filing for bankruptcy or filing a proposal, which is "an offer to creditors to settle debts under conditions other than the existing terms."

Data reveals that insolvency amongst consumers rose by 7.1% in January 2019 as compared to the same month last year. The data is broken down by province, so we can see which is the province has the highest rate of insolvencies in Canada.

TL;DR The number of insolvencies in Canada is on the rise. The number of insolvencies varies greatly from province to province. Read on for a list of the provinces with the highest amount of insolvency, from least to most cases of insolvency.

Note: to see the methodology sroll to the bottom of the article.

British Columbia

Rank: 10th

No. of people who filed for bankruptcy: 10,197

Percentage of population: 0.38%

Manitoba

Rank: 9th

No. of people who filed for bankruptcy: 2,863

Percentage of population: 0.41%

Ontario

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Rank: 8th

No. of people who filed for bankruptcy: 39,211

Percentage of population: 0.5%

Saskatchewan

Rank: 7th

No. of people who filed for bankruptcy: 3,417

Percentage of population: 0.56%

Alberta

Rank: 6th

No. of people who filed for bankruptcy: 14,696

Percentage of population: 0.59%

Prince Edward Island

Rank: 5th

No. of people who filed for bankruptcy: 744

Percentage of population: 0.89%

Quebec

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Rank: 4th

No. of people who filed for bankruptcy: 41,673

Percentage of population: 0.92%

Newfoundland & Labrador

Rank: 3rd

No. of people who filed for bankruptcy: 2,784

Percentage of population: 1.06%

Nova Scotia

Rank: 2nd

No. of people who filed for bankruptcy: 5,688

Percentage of population: 1.14%

New Brunswick

Rank: 1st

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No. of people who filed for bankruptcy: 4,546

Percentage of population: 1.18%

Methodology: Using the "total insolvency" tab from the 12-month period ending in 31.01.19 found here over the total labour force in 2019 found here.

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