Ontario’s skyrocketing insolvencies herald an economic storm, foretelling devastating job losses.

The insolvency statistics for Ontario in April 2024 reveal a significant increase. Let’s break down the key points:

• Total Insolvencies: In April 2024, there were 960 bankruptcies and 3,717 proposals in Ontario. This represents a 6.5% increase compared to the previous month and a substantial 34.3% increase compared to April 2023.
• Consumer Insolvencies: Consumer insolvencies surged by 22.6% during the 12-month period ending April 30, 2024, compared to the same period in 2023. Specifically, consumer bankruptcies increased by 9.7%, while consumer proposals rose by 22.4%.
• Business Insolvencies: Business insolvencies also saw a significant spike, increasing by 60.2% during the same 12-month period.
• Ontario’s Impact: Ontario accounted for over one-third of all insolvencies across Canada during this time.

Given these trends, it’s essential to closely monitor the economic situation, as it may signal potential job losses.

Insolvencies are absolutely soaring in Ontario.

960 bankruptcies and 3717 proposals in April alone.

That’s +6.5% in a month and +34.3% in a year.

Ontario accounts for over one third of insolvencies across the country.

This data screams imminent job losses. pic.twitter.com/3wdqsiJ81O

— red pill rick (@igetredpilled) June 14, 2024