Mark Carney's Own Agency Contradicts His Economy Claims - Insolvencies On Pace For Record High

Canadians are getting ahead.

Canadians are getting ahead.Affordability is the best it's been in over a decade.Canadians are getting ahead.

More than 37 ,500 Canadians have filed for insolvency in the second quarter of 2026.

Ladies and gentlemen, we have breaking news.While the Liberals are trying to celebrate the menial 0 .3 % GDP growth last month, as well as the job numbers, reality has hit them square in the face.Canadians are going bankrupt at near record levels.And Mark Carney's own government data proves he has been lying about how well we are doing, whether he likes it or not.Let's take a look.

Well, new federal data shows a spike in the number of Canadians who can't pay all of their debts.The latest figures from the Office of the Superintendent of Bankruptcy shows more than 37 ,500 Canadians have filed for insolvency in the second quarter of 2026, an increase of 6 .9 % compared to the same period last year.Well, let's bring in Anis Haidari now for a closer look at what these numbers mean.Anis, this is the second straight quarter with some pretty bleak data.

What we're seeing is a little more complicated than just having a bank account at zero.Insolvencies include declaring bankruptcy.That's where you can't really pay any of your bills.But about three quarters of them are what's known as consumer proposals.That's where you typically agree to pay at least a portion of your bills, but over a longer period of time.Now, both of those are not good indicators, though.

Insolvencies going up tells us that more Canadians can't pay their bills.on time or at all.And April to June saw the most insolvencies in a three -month period than we've seen since Canadians were feeling the financial crisis back in 2009.Now, that being said, we've spoken with economists who say if you account for population growth, these higher insolvency numbers may be less stark than they seem.

Leave it to CBC.So there's bad news.So we're going to go and talk to an economist to try to frame this data so it doesn't really sound too bad, right?Well, sorry, I don't buy it.I don't buy it at all.In this case, so what they're trying to say is, oh, well, there's all of these insolvencies, and there's all of these Canadians declaring bankrupt, but, oh, that doesn't matter because of, you know, population percentage.

Actually, it does.It really, really does.Because if the economy was doing well, Canadians wouldn't be going insolvent, and they wouldn't be going bankrupt, and they wouldn't have to file for any of this stuff, right?Right.What this means is that you have Canadians that they file for insolvency and that can lead them to bankruptcy or it can lead them to some sort of credit protection and long term credit payment plan, but it still doesn't put them in a good spot.And there's a lot of data to actually back up why that is.

So let's take a look at some of the government's own data.data.So this is from the ICED website on the government of Canada.You can look at this as under the sources in our description if you want.So this is called a, you know, it's a Pareto chart.So there's three different axes, and it's a little bit confusing.

But essentially, what we're interested in is the blue bars and the left side of theokay so that's in you know volume of insolvencies so you multiply that by a thousand and that's where we are so you can see in 2013 you know just a little over 120 ,000 people were filing for insolvency went down in 2014 and then under Trudeau in 2015 -2016 it started to go up down in 2017 and then it went up really high in 2019 and then down in 2020, 2021.Why?Because the government was giving everybody printed money.So if they were just handing out money, then everybody had money to pay their bills.And then that just shot back up from 2022 to 2023.

And that's where all of the CERB ended.And then we're at 2024 and 2025.And this is where we're at in terms of crazy, crazy numbers.So what does that mean?do all of these mean?Okay, so when we're actually looking at this, I wanted to look at where insolvencies are actually happening.

And you can kind of understand why there are certain demographics of voters that don't seem to think that anything's wrong.So you look at this and it says changes in the volume of BIA insolvencies filed by consumers were fairly small across all age groups in 2025.That's because they were pretty high the year before.Consumers age 35 to 49 made up 38 .3 % of insolvency filings in 2025.That's very disturbing because everybody is in their prime earning years in that age bracket.The largest percentage share of all age groups was that demographic.

The change in the percentage share of insolvency filings from 2024 to 2025 is as follows.So you see 18 to 34.So that went from 26 .2 % to 26 .1 % so what that means is in terms ofall of the insolvencies, roughly a quarter of all of them were attributed to that age bracket.35 to 49 is where they just talked about.So that increased to 38 .3%, not good.

Age is 50 to 64.So that went down to roughly a quarter again.And you look at the demographic that primarily voted liberal in the last election.11%.Why is that only at 11 %?Well, 65 and older, people have their pensions, people have their assets, people have probably cashed in their RSPs, they've sold their property.

Most of them in that case are going to be in a decent position, or they're just hanging on.and they have pension, they have supplementary income.We hear from a lot of viewers that are struggling in that age bracket.So we're not saying that everything is easy peasy for everybody in that demographic.But for the primary demographic that voted liberal, you can see why they're sitting here saying, well, everything's fine.11 % of all the insolvencies were filed by people in that demographic.

So the majority of those people aren't feeling it.And even if you're not feeling it, You still might vote conservative.A lot of you did.But this is why we're seeing this part of the population say, I don't know what everybody's complaining about.I have money.There's no problem.

This is why.Now, let's take a look at how this is juxtaposed against the celebratory job numbers.So this is where the job chart from last month actually came out.And you can see really where the issue is.So wholesale and retail trade.So that accounted

roughly almost a third of all of the job growth, like the net job growth that we actually had.And Those are low paying positions, folks.And a lot of summer jobs and student jobs, that is where they fall into.And you also have construction, not the best paying jobs, not the worst, but again, you have seasonal jobs in there.Manufacturing, nice to actually see that up there.But you have health care and social assistance and transportation and warehousing and support services and that sort of thing.

The vast majority of the jobs were not super high paying jobs.and a lot of them were student and seasonal related.Still, how are they going to account for these when we get to the fall, right?I guess we'll see what happens when all of these students go back to school and the summer jobs are gone and, you know, let's see what happens.But we also have to take a closer look at really the reason why there's so many insolvencies.and we did.

So this is a graph we put together based on all of the data that we had from insolvencies as well as the household debt by Canadians.And this is where things really start to to get interesting.Just after Justin Trudeau took over, you see the increase in insolvencies, and they topped out at 134 ,000 in 2018.So that's consumer -based insolvencies.That's you and me, right?And you see the household debt, it was increasing at a relative steady rate, and it kind of matched that increase in the insolvencies.

Now, here's the interesting aspect.So you see it godown in 2020 and 2021 in terms of that red line for insolvencies, right?Because Canadians were still paying their bills, right?Aha!But, but debt still went up.

Why did debt still go up?Because although Canadians were paying their bills, they were taking on debt from CERB and other loans and this sort of thing in order to actually pay their bills.pay their bills.So their debt kept going up and you can see that the debt increased at a much higher rate than it had been for the last five years.This is why you get a drop in insolvency, but you get an increase in debt.So Canadians were taking on more debt, but the government was giving them this free money, quote unquote, free money that they had to pay later.

And this is where you see that.So you see where CERB actually had an impact from 2020 to 2021 to 2022.And in 2023, that's where things kind of got back to normal.But this is now where we see the insolvencies going up back to a higher rate and a much higher amount.And you see that our household debt has now exceeded $3 .2 trillion.So it has gone up.

more than $1 .1 trillion in the last 10 years.That's frightening, folks.And it's frightening because Stephen Harper told us that this was going to happen way back in the 2015 election.He warned us.I don't have to play it again.He warned us.

Everybody knows.But there's something that's fascinating.Remember when Mark Carney said Canadians are getting ahead.

Canadians are getting ahead.Affordability is the best it's been in over a decade.Canadians are getting ahead.

Remember that?And he's repeating it, ad nauseum, ad nauseum, ad nauseum.Well, here's the problem.Insolvencies for last year were at around 140 ,000, okay?So he started asking some questions.Is this the highest it's ever been?

No, it's not the highest it's ever been.Do you know the highest it's ever been?I'm going to show you.So ladies and gentlemen, the highest it's ever been is 151 ,712.And that was during the 2008 financial crisis, right?So the world was falling apart financially.

And this is where we had 151 ,712 Canadians file for insolvency that year, because Canada was a mess, the US was a mess, and the world was a mess.And Mark Carney and the Liberals have tried to say, well, Canada's doing good.We have the best economy.We're the second best economy in the G7.And any of the pain that we're feeling is being felt the world over.Well, here's the thing.

the world isn't really talking about a huge financial crisis that's occurring in every single one of these countries.Yeah, there's some pressures from the wars and there's some pressures from Donald Trump's tariffs and that sort of thing, but you're not talking a Lehman Brothers real estate financial bubble crash that we heard about in 2008 and 2009.Yet in 2025, we're at 140 ,457.But here's the other thing.Remember what CBC said.They said we had around 37 ,500 Canadians file for insolvency in the first quarter of 2020.

Well, here's the thing.You know how the Liberals love to annualize things?Like they annualize the 0 .3 % measly GDP growth and said, oh, well annualize, that's over 3 .4 % for the year.Things are great in Canada land.So they love to use this, the word annualize.So we try, you know, we ask the question, okay, let's annualize this.

What does this come out to?We have 140 ,457 Canadians filing for insolvency in 2025.The first quarter of 2026 saw 37 ,500.So if you annualize that folks, that's over 150 ,000 projected 2026 insolvencies.So at this pace, it would exceed 2025 by over 10 ,000 and it could come close or exceed the peak of the 2008 2009 financial crisis.It would be only 1 ,700 away.

So let's just put this into perspective.The world came crashing down in 2008 because of the financial crisis.151 ,000 Canadians filed for insolvency there.Mark Carney is trying to tell everybody that nothing has been better in Canada.Canadians are getting ahead.We have the fastest growing economy in the G7.

Let's celebrate all these summer jobs.I am a genius.Yet we are on pace.to get close to or exceed the same number of insolvencies that were filed in one of the most recent significant financial crashes of our time.Ladies and gentlemen, this is Mark Carney's own data.I didn't make it up.

CBC didn't make it up.Conservatives didn't make it up.This is his own data.So if his own data is showing that Canada's in a financial crisis that may be very similar to, if not worse, than the 2008 -2009 financial crisis, then I don't know what more proof you need.