Manitoba
Debt Tips & Management for Canadians
If you're struggling with debt in Manitoba, you’re not alone. Whether it's overdue bills or creditor calls, Debt Insiders is here to help you uncover debt relief strategies specific to Manitoba that you may not know about.
Financial Challenges
Manitoba faces some distinct economic challenges, particularly related to its agricultural sector and energy production. Being a prairie province, agriculture is a backbone of Manitoba’s economy. However, residents are impacted by fluctuating commodity prices and unpredictable weather patterns, which create financial instability for local farmers. For example, a sudden drop in canola prices can significantly affect farm incomes, leading to difficulties in covering production costs. Furthermore, extreme weather events such as floods or droughts can damage crops, leading to losses that affect not just farm owners but also the regional economy relying on agriculture’s success.
Energy costs are another financial hurdle, due in part to the province’s reliance on hydroelectric power. While hydro offers a renewable solution, the initial infrastructure costs and the environmental factors affecting water supply can lead to fluctuating rates and energy shortages. This unpredictability impacts households and industries alike, making budgeting a challenge. Additionally, Manitoba’s geographical location means transportation and goods distribution can be costly, particularly affecting northern and rural communities. These unique challenges highlight the importance of careful financial planning and the need for policies that address both immediate concerns and long-term sustainability.
Annual Debt Comparison
This table provides comparison of annual debt data in Manitoba, Canada to help understand how debt and debt solutions are changing in the province.
| Debt or Debt Solution Item | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 1,423,596 | 1,465,440 | 3% |
| Number of bankruptcies | 734 | 896 | 22% |
| Number of consumer proposals | 2,039 | 2,727 | 34% |
| Total number of insolvencies | 2,773 | 3,623 | 31% |
| Average bankruptcy asset amount | $41,278 | $42,302 | 2% |
| Average bankruptcy debt amount | $116,177 | $119,128 | 3% |
| Average consumer proposal asset amount | $92,217 | $116,046 | 26% |
| Average consumer proposal debt amount | $108,175 | $116,950 | 8% |
| Median after-tax income | $68,200 | $68,700 | 1% |
| Average debt amount | $16,805 | $16,805 | 0% |
Data sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca. areas.
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