Insolvencies in Canada are on the rise, particularly in three provinces: Ontario, British Columbia, and Manitoba. The increase is attributed to higher interest rates and rising consumer debt. The situation is particularly dire in these provinces, with insolvencies up by 19.8%, 23.4%, and 36.7% respectively since 2019. The national household-debt-to-income ratio stands at 173.3, with B.C. at 190, Ontario at 205.9, and Manitoba at 138. The job market is a significant risk factor, and the dramatic population increase since the pandemic has also contributed to the rise in insolvencies. However, the overall insolvency rate remains well below the levels recorded during the great financial crisis. The Canadian dollar has seen a slight rebound, rising 0.6% to take it above 71 cents U.S. for the first time in a month, as the greenback slumped on cooler-than-expected inflation in the United States. The Bank of Canada's interest rate decision and various economic indicators are also on the radar. The article concludes by highlighting the misconception that the wealthiest Canadians pay little in taxes, emphasizing that they contribute a significant share of personal income taxes.
