Artificial Intelligence (AI) Digital Agency

Toronto, Ontario, Canada

Let's climb to the top of your market, one automation at a time.

For Sales & E-commerce Teams

For Customer Service & Support Teams

Peak News, Updates, Guides

blog image

Rising Tide of Bankruptcies in Canada: Unpacking the 2023 Economic Turmoil

November 10, 20234 min read
"How has the recent surge in Canadian business bankruptcies affected you or your community?
Tough times for Canadian business owners.

Canadian business owners face a battle on two frontiers.

On one hand, business owners have to manage loan rates during rising inflation, labor issues internally, in addition to other stressors that come with running a business.

Mental health takes a back seat - trust me.

In addition, business owners have to come to terms with the personal finances of the most important people in their world - consumers.

Visual representation of consumer spending trends in Canada.

2023 saw an absolute rout of small businesses who might have only been slightly over extended in their finances and loan agreements.

And increasing trend since 2019.

Bar chart comparing insolvency rates from 2019 to 2023.

While consumers face higher rent costs and ballooning mortgage rates of their own, they are making stricter and stricter decisions with their finances.

To top it off, withdrawal of COVID-19 support are adding even more pressure to the cooker as loans need to be repaid before deadlines.

This upheaval in our economy is completing gutting the entrepreneurial sentiment in this country.

Canadian businesses closing at record pace.

And unfortunately, because small business is such a critical part of a healthy economy, the widespread effect of growing insolvencies will mean less opportunities for work to those who really need it.

I very much urge all Canadians to take a look at our country and ask, "Can I sustain myself here in this marketplace?"

"Can I live here while accessing other marketplaces worldwide?"

"Do I have to move to survive?"

Visual breakdown of sectors most affected by insolvencies.

I am a firm believer that we all decide our own paths, or design the fates that we live through.

Even though it is hard to do business here, it is still possible to live here and do business elsewhere.

Let us not rely solely on the Canadian dollar to pay bills.

There are U.S. dollars, Great British Pounds, and even Euros that can be earned 24/7 - online.

Earning an income online, and literally becoming recession proof because it, should be something to think about before an entire nation throws their chips down onto one real estate market and hopes for the best.

Because the time for hoping has come and gone.

That was more a 2020 way of thinking.

We know what happens when everyone invests their life savings into hope...

Illustration of a Canadian retail strip indicating economic struggle.

Taking action to secure yourself, your loved ones, and even those who work with or for you, is really all that matters.

And you should not be relying on hope for something as important as that.

Until next time.

Alex, Peak Demand

TEXT +1 (647) 691-0082 to chat with our AI assistant 'PeakBot'.


Email to chat with our AI assistant 'PeakBot'.

Entrepreneurs In Canada

A summary of the article is included below.

Original Article: Canadian business insolvencies surge almost 42 per cent from last year

Link to Yahoo Finance Article:

Summary: The article from Yahoo Finance reports a significant rise in Canadian business insolvencies in the third quarter of 2023, marking a 41.8% increase from the previous year and surpassing pre-pandemic levels. The Office of the Superintendent of Bankruptcy recorded 1,129 business filings for bankruptcy or proposal, which is higher than both the previous quarter and the third quarter of 2019. This surge is attributed to the withdrawal of COVID-19 support, higher interest rates, and reduced consumer spending. Many businesses, especially those in consumer-facing sectors, are struggling with high borrowing costs and inflation. Additionally, the extent of financial distress might be underreported, as some businesses opt for closure over formal insolvency procedures. The article also notes that many Canadians are grappling with personal debt, exacerbated by the higher interest rate environment, even as the Bank of Canada holds its key rate at five percent​​.


  • Surge: Canadian business insolvencies have increased significantly, rising by 41.8% compared to the previous year, surpassing levels seen before the pandemic.

  • Filings: There were 1,129 insolvency filings in the third quarter, marking a 3.6% increase from the second quarter and a substantial increase from 827 filings in the same quarter in 2019.

  • Challenges: Businesses are facing multiple challenges including the withdrawal of COVID-19 support, higher interest rates, and decreased consumer spending.

  • Over-leverage: Many companies are struggling due to being over-leveraged coming out of the pandemic, coupled with higher borrowing costs and inflation.

  • Consumer sectors: Firms in consumer-facing sectors are particularly vulnerable due to these economic pressures.

  • Underreporting: The actual extent of financial difficulties may be underreported, as some businesses choose closure over formal insolvency processes.

  • Personal debt: Many Canadians are also seeking help for personal debt issues, exacerbated by the higher interest rate environment.

  • Monetary policy: The Bank of Canada is maintaining its key rate at five percent, waiting to assess the full impact of its tighter monetary policy.

Canadian business insolvencyconsumer spendingsmall businessdebt managementbank of canada
blog author image

Alex Masters Lecky

Alex is the founder of Peak Demand. He is a professional content creator, media buyer, and business development specialist. He also adores animals!

Back to Blog

Popular Services in Demand

Website Design

Leave the captivating websites to us – we'll craft an online presence that transforms your visitors into loyal customers. We focus on visually stunning and user-friendly designs, while you focus on the business.


Experience SEO mastery as we boost your online visibility and elevate search rankings. Our technical wizardry will drive organic traffic, transforming your website into a lead-generating powerhouse.

Email Marketing

Unlock the potential of email marketing. Engage customers, nurture leads, and drive conversions with personalized campaigns. Our expert team will handle it all, keeping communication lines open and humming with your prospects.

AI-Powered Chatbots

Enhance customer service with AI chatbots available 24/7. Instantly answer questions, generate leads, and improve customer satisfaction. Experience seamless interactions and efficient support that never sleeps.


Streamline business processes with automation. Save valuable time as we handle workflow management, and enhance efficiency. Focus on what matters most as our automated solutions propel your business forward.

Does Your Business Have an AI-Powered Chatbot Yet?

Embrace Your Own Artificial Intelligence This Year

Deploy Your Custom Built AI Chatbot to a Website, Email and/or SMS After One Discovery Call

No time for lead follow up, or the volume of inquiries your business gets?

Let your AI assistant pick up the slack.

Build an AI-Powered Assistant on Peak Demand for:

Appointment Booking - Prospecting & Lead Generation - Lead Qualification

Technical Support - Customer Service - Knowledge Base Assistants

We leverage AI to power your business by:

Building powerful websites with 'intention' that convert visitors into customers.

Your website is your base camp - a critical foothold on your journey towards peak demand. We craft not just aesthetically pleasing, but high-converting websites that transform visitors into customers. From innovative design to intuitive navigation, we take care of every detail to ensure your digital platform is primed for success.

Boosting your brand's online visibility to generate high-quality leads.

In the vast digital landscape, standing out can feel like scaling Mount Everest. We're here to build a safe and reliable path for you. Leveraging a mix of SEO strategies, engaging content, and data-driven marketing, we enhance your online visibility and attract high-quality leads to your business. You can focus on your day to day, while we manage your climb to the top of search rankings.

Streamlining your digital communication with cutting-edge automation.

Effective communication is your reliable guide assisting you with client relations. We incorporate advanced technology to automate essential interactions, from follow-up emails to appointment reminders. Our comprehensive management lets you focus on providing top-tier services, knowing your communications are timely and professional.

Establishing a respected reputation within your target region and industry.

Reaching the peak of demand in your region is more than just climbing altitudes; it's about the mark you leave behind - your legacy. We aid in crafting a resilient reputation for your business, one that resonates within your service area and industry. From managing online reviews to producing impactful content, we'll ensure your flag flies high, marking your position stick as a trusted and respected leader.

Growing, manage, and cultivate your digital presence with a powerful platform.

The terrain of the digital world can be as challenging and treacherous as a rugged mountain range. We're here to guide you on your journey. By employing the right tools and strategies to manage your digital presence, we plan for your growth. Our full-service approach covers all aspects of your digital marketing. From client interactions to marketing analytics, we will navigate a clear path towards peak demand in your target market.

Our Platform Features All Of the Tools You Need

Peak Demand gives you everything you need to power up the digital side of your business, including AI...

!User Favourite

AI Appointment Booking Chatbot

Have your prospects book themselves

through SMS or email.

!User Favourite

AI Customer Service Chatbot

Answer questions about your business 24/7.

Perfect for lead generation.

!User Favourite

AI Content Creation Msgs & Blog

Leverage AI to create powerful, and personalized,

written messages and blog posts.

!User Favourite

AI Customized Workflows

Leverage AI to develop custom workflows

specific to your business process.

Sales Funnels

Convert your online visitors into actual paying customers..


Create your web presence exactly the way you want to be seen.

Online Courses

Turn your knowledge, passion or experience into revenue.

Payment Gateway

Integrate with Stripe, PayPal and many other to sell your products online.


Manage your appointments with Calendars.


Manage your students or leads and turn them into fans.

Landing Pages

Create Landing Pages for your website or your funnels.

Email/SMS Marketing

Reach and engage with your audience where they are.

Membership Sites

Build a membership site to generate recurring payments.

A/B Testing

Run A/B tests on your funnels.


Create a blog that positions you an expert in your industry.

Templates Library

Select beautifully crafted Email templates, Landing pages, funnels and even websites.


Get all the data you need to grow your business.


Easy and powerful drag and drop page editing experience.


Create powerful workflows to automate your marketing.

Global Products

Create your product once and sell it inside any funnel.

We Are Here to Help You Do What You Do Best

Find Support

Our all-in-one digital marketing platform is designed to support any business or service that is looking for more exposure online. Relieving pressure on business owners who don't have time for tech.

All In One

No more confusing integrations and technical nightmares when trying to piece together a hundreds tools with lots of different price tags. We put everything in one place, and we can manage it all for you while you watch.

Stand Out

You’re here to do what you love, make money and provide a great service to your clients. We'll help you build a reputation that not only stands out, but one that also goes the distance.

Reach Goals

We’re here to help you make your revenue goals happen - you just have to focus on what you do best. while you take care of business, we’ll take care of the rest.


How much does it cost and can I cancel any time?

Peak Demand costs $197/month for access to all features, done-for-you templates and unlimited support. Yes you can cancel any time. You can also upgrade to higher service packages for monthly services from our team.

Do I need web hosting account?

No you don’t, hosting is included.

Do I have complete ownership of any content I publish on Peak Demand?

You have 100% legal ownership of any content you create on Peak Demand or upload to the platform.

Can Peak Demand build my website for me?

Yes, our team can build your website for you. Once you are subscribed to a plan, there are additional custom services available, including website build-outs.

How many funnels, websites, courses/memberships and domains can you have?

You can have unlimited funnels, websites, courses/memberships and domains in your plan. One subscription allows you to build any number of websites.

Can I use my own domain?

Yes you can use a domain you already own. You have the ability to add unlimited domains, so you can create multiple websites. Peak Demand can also manage your domain for you as part of our custom services.

Can I deploy an AI-powered chatbot that knows specifically about my business and services?

Yes you can deploy a customer service chatbot that is powered by artificial intelligence on your website. This will answer prospect questions and can also help convert them into leads by guiding them to book a meeting with you directly through the chatbot.

How much does an AI-powered chatbot cost?

The cost of deploying a chatbot depends on the complexity and training of the AI. What do you intend the chatbot to do? How much do you want the chatbot to know? We will work with you directly to fully understand your expectations of the chatbot, and determine the best strategy for deployment and associated costs to develop.

What social media platforms does Peak Demand integrate with?

Peak Demand is integrated with Facebook, Twitter, Instagram and LinkedIn.

Can I move websites or courses from other platforms?

Any websites or courses you have built on other platforms will need to be rebuilt on Peak Demand but it’s easy to do and we will help you create a migration plan. Most of our users are fully migrated within about 2 weeks. *This will depend on how much content you have to migrate.

Can you build a membership/subscription site with Peak Demand?

You can build membership websites and sell all kinds of digital offers including courses, digital products, audios, and 1-to-1 coaching.

Can I keep my existing website and use Peak Demand for everything else?

If you are currently using WordPress, and want to take advantage of some of the tools on Peak Demand, we will support you on integrating your current website with our platform.

Are the websites and pages mobile responsive?

All pages created with Peak Demand are fully responsive and mobile-friendly. All internet traffic is over 80% mobile. Being mobile ready is a necessity for any business.

What payment gateways integrate with Peak Demand?

Stripe, PayPal, & NMI.

Does Peak Demand offer an analytics/stats dashboard?

Peak Demand will give you access to lots of data about your business including your emails, pages, courses and customers.