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However, the total was up 2.3 per cent from the 12,114 insolvencies in April.

Consumer insolvencies in May totalled 12,004, including 2,631 bankruptcies and 9,373 proposals, compared with 12,195 insolvencies, including 2,825 bankruptcies and 9,370 proposals in May 2024.

For the 12‑month period ending May 31, the total number of consumer insolvencies in Canada rose 5 per cent compared with the 12‑month period ended May 31, 2024.

Business insolvencies in May amounted to 391, including 301 bankruptcies and 90 proposals, down from 530 insolvencies, including 416 bankruptcies and 114 proposals, a year earlier.

This report by The Canadian Press was first published July 8, 2025.