Saskatchewan
Canadian Insolvency Experts - Debt Relief Now
Dealing with debt in Saskatchewan? The stress and uncertainty can feel overwhelming, but help is available. At Debt Insiders, we guide Saskatchewan residents through debt relief solutions that are both effective and trustworthy.
Financial Challenges
Residents face several unique financial challenges that distinguish their situation from other parts of Canada. One of the primary issues is the cyclical nature of the province’s economy, which is heavily reliant on natural resources like agriculture, mining, and energy. When global commodity prices fluctuate, it directly impacts the local economy, causing employment instability and income unpredictability. This dependency makes it difficult for families and individuals to plan long-term financial goals or investments confidently. For example, a drop in potash prices, a key export, can lead to economic downturns that ripple through related industries, affecting job security and local businesses.
Another notable challenge is the significant variation in the cost of living between urban and rural areas. While urban centers like Regina and Saskatoon experience rising housing costs and living expenses, rural areas often face limited access to essential services such as healthcare and education, which can be financially burdensome. Additionally, the harsh winters contribute to high heating bills, a substantial expense that must be anticipated and managed each year. These regional disparities necessitate a more tailored approach to budgeting and financial planning, considering both the immediate costs of daily living and the less predictable financial demands brought about by economic shifts and climatic conditions.
Annual Debt Comparison
This table provides comparison of annual debt data in Saskatchewan, Canada to help understand how debt and debt solutions are changing in the province.
| Debt or Debt Solution Item | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 1,187,607 | 1,218,976 | 3% |
| Number of bankruptcies | 642 | 668 | 4% |
| Number of consumer proposals | 2,474 | 3,024 | 22% |
| Total number of insolvencies | 3,116 | 3,692 | 18% |
| Average bankruptcy asset amount | $104,101 | $103,398 | -1% |
| Average bankruptcy debt amount | $173,184 | $160,021 | -8% |
| Average consumer proposal asset amount | $138,516 | $147,359 | 6% |
| Average consumer proposal debt amount | $132,751 | $141,045 | 6% |
| Median after-tax income | $72,400 | $72,800 | 1% |
| Average debt amount | $22,269 | $22,113 | -1% |
Data sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca. areas.
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