Business, Consumer Insolvencies Rise in December as Higher Rates Bite

A sign on a shop window indicates the store is closed in Ottawa, on March 23, 2020. The Canadian Press/Adrian Wyld

Business insolvencies rose 57.2 percent in December compared with a year earlier, according to the Office of the Superintendent of Bankruptcy.

For the entire year, business insolvencies were up 41.4 percent compared with 2022, led by businesses in the accommodation and food services, retail trade, and construction sectors.