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Business bankruptcies in Canada increased by over 41% in 2023, the highest in 36 years, due to a tough economic climate and low economic activity caused by the pandemic, according to data from the Office of the Superintendent of Bankruptcy. The insolvency rates are expected to lead to more job losses in the coming months. Consumer insolvencies also rose by 23% last year, with factors such as high cost of living, credit card debt, and rising interest rates contributing to personal bankruptcy. Wages not keeping pace with inflation and increasing employee demands for higher salaries are also impacting business insolvencies.

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