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

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

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