How Long does Bankruptcy Stay on your Credit Report in Canada?

Bankruptcy is a serious financial event that can have a major impact on your credit score and your ability to access credit in the future. It is important to understand how long bankruptcy remains on your credit report in Canada, so you can begin to rebuild your credit after filing.

In Canada, bankruptcies typically remain on your credit report for 6 years after you are discharged. This differs slightly in some provinces, where TransUnion will keep a bankruptcy on your credit report for 7 years. The provinces where this is applicable are New Brunswick, Newfoundland and Labrador, Ontario, Prince Edward Island and Quebec.

If you declare bankruptcy more than once, the bankruptcies will appear in your credit report for 14 years. This is true regardless of the province you live in.

How long does a consumer proposal stay on your record?

A consumer proposal is an alternative to bankruptcy and is an agreement between you and your creditors to pay off all or part of your debts. A consumer proposal will remain on your credit report for three years after the last payment is made or six years after you sign the proposal, whichever is sooner. During this time, it will have a negative impact on your credit score and ability to access credit. Once the proposal is completely paid off, it will be removed from your credit report and you can begin to rebuild your credit.