The slumping oil market is taking a heavy toll on consumers in Canada, new federal statistics suggest, as personal insolvency filings spiked in energy-producing provinces over the past year.
Consumer insolvency filings were about five per cent higher in April 2016 than they were during the same month last year, according to a report recently released by the Office of the Superintendent of Bankruptcy.
The increase was led by huge spikes in Canada’s major oil-producing provinces: Alberta, Saskatchewan and Newfoundland and Labrador.
Alberta saw 1,172 consumer bankruptcies and debt proposals in April, compared to 767 in April 2015. That 53 per cent increase is trailed by Saskatchewan which saw a 38 per cent spike.
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