Insolvency statistics in Canada—Fourth quarter of 2020

Glossary

Bankruptcy:

The state of a consumer or a business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.

Business:

Any commercial entity or organization other than an individual, or an individual who has incurred 50% or more of total liabilities as a result of operating a business.

Census Metropolitan Area (CMA):

Each area consists of one or more adjacent municipalities situated around a major urban core. To form a census metropolitan area, the urban core must have a population of at least 100,000. For Statistics Canada's geographical definitions of the CMAs, go to CMA and CA: Detailed definition.

Consumer:

An individual with more than 50% of total liabilities related to consumer goods and services.

Corporation:

A commercial entity or organization.

Economic Region (ER):

Standard geographical units created for analysis of regional economic activity. For Statistics Canada's geographical definitions of ERs, go to Economic region (ER).

Individual Business:

An individual who has incurred 50% or more of total liabilities as a result of operating a business.

North American Industry Classification System (NAICS):

System that classifies economic units that have similar production processes in the same industry. This is a supply-based or production-oriented economic concept.

Proposal:

An offer to creditors to settle debts under conditions other than the existing terms. A proposal is a formal agreement under the Bankruptcy and Insolvency Act.