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An online survey published on January 21st indicated that half of Canadians are $200 away from bankruptcy.
Les Affaires journalist Daniel Germain wanted to find out more about these disturbing findings and contacted Éric Lebel, Partner and Licensed Insolvency Trustee at Raymond Chabot Grant Thornton.
Without commenting on the survey results, Lebel noted that many Quebec households are in fact struggling with financial difficulties.
Lebel went on to say that, according to an Innovation, Science and Economic Development Canada chart on monthly disposable income, a single individual needs $2,152 per month to cover basic needs (housing, food, clothing) while a couple needs $2,679 to cover those same needs.
Lebel said, “Far from being an exaggeration, these numbers are still more than what is earned by 20% of Quebeckers with an hourly salary under $15.”
It’s easier for a couple sharing their expenses to make ends meet than it is for a single person. Many people facing financing difficulties are recent singles who have found that their expenses climb sharply after a separation.
Find out more about Daniel Germain’s blog and Éric Lebel’s comments (in French).