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The total number of insolvencies in Canada in March was up 28.3% compared with the same month last year as both consumer and business insolvencies climbed higher.

The Office of the Superintendent of Bankruptcy says there were 12,203 insolvencies in March, up from 9,513 in March 2022.

The tally was also up 28.1% from 9,526 in February this year.

The increase came as Canadians have faced higher interest rates and inflation, which have driven up the cost of living and stretched household budgets.

The number of consumer insolvencies in March amounted to 11,768, up from 9,195 in March 2022 and 9,222 in February 2023.

Meanwhile, there were 435 business insolvencies in March, up from 318 in the same month last year and 304 in February this year.