According to CIBC World Markets, when it comes to going broke, it’s all about location.
The number of people in Atlantic Canada who filed for personal bankruptcy in 2005 climbed 8 per cent from the previous year, while bankruptcies in Alberta dropped by 13.5 per cent, according to a CIBC World Markets Inc. report.
The regional disparity partly reflects the economic-growth divide in Canada, with the energy-rich West leading the charge while Atlantic Canada and the factory-dependent provinces of Ontario and Quebec continue to grapple with a strong loonie.