Personal insolvencies continue to climb as more and more Canadians struggle with the cost of living crisis.

The Office of the Superintendent of Bankruptcy reported an increase of 15.4% over the 12-month period ending Sept. 30, 2024,

when compared to last year.

“Consumer bankruptcies increased by 11.6%, while consumer proposals increased by 16.4%,” reads the latest Statistics Canada Insolvency report. “Consumer insolvency filings accounted for 95.5% of total insolvency filings.”

A total of 34,588 people across Canada filed for insolvency in the third quarter of this year.

Ontario alone saw 13,140 filings, an increase of 20.2% compared to last year.