Business and Consumer Insolvencies Rise in May From Last Year

A pedestrian walks past an empty store front in Montreal, on Jan. 29, 2020. The Canadian Press/Ryan Remiorz

Canadian insolvencies rose in May from last year as elevated inflation and interest rates continue to hit businesses and consumers.

Data from the Office of the Superintendent of Bankruptcy shows total insolvencies were up 19.2 percent from May 2023 and up 3.1 percent from April.