SHORT TERM

LONG TERM

• The insolvency rate – which combines bankruptcies and proposals into a combined rate – has fluctuated over the last 20 years.
• In personal bankruptcy, all non-exempt assets are given to a trustee who sells them and distributes any proceeds to creditors. In a proposal, a debtor makes arrangements with creditors to pay agreed-upon amounts or percentages of what is owed.
• There has also been a trend toward consumer proposals and away from bankruptcies, in part because the latter are often contested, thereby driving up legal costs for both parties.

Income is perhaps the most important social determinate of health. The level of income affects an individual or family’s ability to access goods and services that shape their living conditions and quality of life. Individuals and families need an income to pay for child care, housing, post-secondary education, healthy food, and out-of-pocket medical costs. Individuals and families with low incomes may face difficulty affording basic necessities and may be at higher risk of poverty and social exclusion.

It is important to consider income against the rising costs of living. When the cost of living increases at a faster rate than incomes, more low- and modest-income families are at risk of poverty.

This data has been collected from external sources and should not always be attributed to ESPC. We would be happy to provide you with a specific reference for the data that you have used. Please click on the text to the right to request sourcing information, report an error or omission, or provide your comments