A quarter of Canadians wouldn’t be able to come up with $500 to cover an unexpected expense, according to a new Statistics Canada survey.
, said Douglas Hoyes, a co-founder of the trustee firm, Hoyes, Michalos & Associates Inc., which published its report based on its analysis of 2,700 personal insolvency filings.
These types of small, one-time emergency costs may be forcing a growing number of Canadians to borrow. But Mr. Hoyes said that what often forces people into insolvency are sudden increases in rent. another source of financial vulnerability is student debt, Mr. Hoyes said. That’s despite federal and provincial pandemic relief measures that paused payments or the accumulation of interest on government student loans.
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