Canada recorded 145,297 insolvency filings under the Bankruptcy and Insolvency Act (BIA) in 2025, according to the Office of the Superintendent of Bankruptcy (OSB), a 1.3% increase from 2024 and the highest annual total in the dataset, surpassing even the pre-pandemic level seen in 2019. The year also saw 70 proceedings filed under the Companies’ Creditors Arrangement Act and 846 receiverships.
The overall filing rate, however, held roughly steady compared to the previous two years, at 4.1 per 1,000 consumers and 1.0 per 1,000 businesses in 2025.
Consumers Up, Businesses Down
Consumer insolvencies climbed from 137,295 in 2024 to 140,457 in 2025. Within that total, the share of consumer filings structured as proposals edged down slightly, from 78.8% in 2024 to 78.4% in 2025. The OSB also noted that the number of consumers reporting they had received professional advice from debt advisors fell by more than 37% compared with 2024, and is down 49.1% since 2023.
Business insolvencies moved in the opposite direction, falling from 6,188 in 2024 to 4,840 in 2025.
The OSB’s report placed the insolvency figures alongside broader economic indicators. Canada’s real Gross Domestic Product grew 1.7% in 2025, while the unemployment rate rose from 6.4% in 2024 to 6.8% in 2025 and the participation rate dipped slightly from 65.5% to 65.3%. The Consumer Price Index rose 2.1% in 2025, down from a 2.4% increase the year before. Over the course of 2025, the Bank of Canada lowered its overnight interest rate from 3.00% in January to 2.25% in December, while the household debt service ratio eased slightly from 14.7% to 14.6%.
Regional and Demographic Patterns
Consumers aged 35 to 49 accounted for the largest share of insolvency filings in 2025, at 38.3%, up from 37.8% in 2024. The 18-to-34 age group’s share slipped slightly from 26.2% to 26.1%, the 50-to-64 group fell from 25.0% to 24.6%, and the 65-and-over share held steady at 11.0%.
Most provinces and territories saw consumer insolvencies rise between 2024 and 2025. British Columbia posted the largest volume increase, with 1,466 more filings (10.6%), followed by Ontario with 1,201 more filings (2.3%) and Quebec with 656 more filings (1.9%). Saskatchewan and the Northwest Territories saw the sharpest percentage declines in consumer filings, down 9.7% and 13.4% respectively, while Nunavut and Yukon posted the largest percentage increases, at 36.4% and 31.9%.
On the business side, nearly all provinces and territories recorded fewer BIA insolvencies in 2025, the exception being Alberta, where business insolvencies rose 18.6% (57 filings). Nunavut and the Northwest Territories recorded zero business insolvencies in both years. Prince Edward Island, Yukon and Manitoba saw the steepest percentage drops in business filings, at 58.3%, 50.0% and 49.1% respectively.
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