There was an increase in the number of Canadians becoming officially insolvent in August.

Figures released this week by the Office of the Superintendent of Bankruptcy Canada show a 0.5% rise in consumer insolvencies in the 12 months to August 31, 2018, compared to the 12-months ended August 31, 2017.

Bankruptcies were down 6.4% but this was outpaced by a 7% rise in proposals.

The proportion of proposals in consumer insolvencies increased to 54.8% during the 12-month period ending August 31, 2018, up from 51.4% during the 12-month period ending August 31, 2017.

Where the increases were
The largest annual gain in insolvencies was in the Northwest Territories (60%) although that was a rise from 5 to 8 in total.

In Newfoundland and Labrador there was a 21.8% rise from 197 to 240, while Manitoba saw a 27.4% increase from 186 to 237; and Saskatchewan saw a rise from 270 to 304.

Among the provinces with larger numbers, BC decreased slightly from 836 to 824; Alberta saw a 5.6% rise from 1,168 to 1,233; and Ontario rose from 3,164 to 3,226, a 2% gain.

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