There's been no spike in personal and business bankruptcies, but surge is expected this fall
Source: CBC
Lot of consumers are living in an unreal world, where the money that they're making is not being demanded … to pay the debts they normally would have to pay," Brzezinski said. "The question is, when will it all come crashing down?"
"One of the primary causes of personal insolvency is a high level of consumer debt coupled with an unexpected life event," Bolduc said. "Canadians were already carrying near record levels of debt before COVID and COVID-related job-losses will be the tipping point for many who were already struggling."
Calgary-based MNP Ltd.'s consumer debt index released in March found that 46 per cent of Canadians say they are on the brink of insolvency and are $200 or less away from not being able to pay all their bills each month. That was a 10-percentage-point jump from the previous survey in December. The survey was done for MNP by Ipsos, which described it as accurate to within plus or minus 2.5 points, 19 times out of 20, had all Canadian adults been polled.
Read more: https://www.cbc.ca/news/business/bankruptcies-coronavirus-personal-corporate-deferral-1.5551722
People are really hurting in Canada now. They have not seen as many deaths as in the USA, but many Canadians are under severe financial stress.
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