A survey by an insolvency trustee has found that compared to pre-pandemic levels, more Atlantic Canadians perceive their current debt situation to be better now than it was a year ago.
On average, after their bills and debt obligations have been paid, Atlantic Canadians report having $73 more left over at month-end than they did in early March. However, there has been an increase in households reporting that they are within $200 of financial insolvency—up three points from last year.
Greg Gosse, with MNP, says consumer filings in Newfoundland and Labrador declined 58 per cent in May alone compared to the same month last year.
However, they expect that to go back up when creditors, including Revenue Canada, resume normal practices.