A small business lobby group says business bankruptcies are on the rise in Canada and more small businesses are at risk of closing.
Statistics Canada data shows that small business insolvencies have been on the rise since May 2021.
But the Canadian Federation of Independent Business says its own survey data indicates that only 10% of small business owners in Canada would go bankrupt if their business was no longer solvent.
1 in 6 small businesses in Saskatchewan plan to close, says CFIB
It says 46% of business owners say they would simply go out of business rather than go through the bankruptcy process.
CFIB also says that more than one in six small business owners in Canada say they are currently considering going out of business.
The lobby group wants government support to help Canada’s small business sector get through the coming months and deal with challenges such as pandemic-related debt and supply chain issues.
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