Most Profitable Industries in Canada in 2024

1. Commercial Banking in Canada

Total Profit for 2024: $159.3B

Despite low interest rates and some hiccups in economic growth, commercial banks in Canada have expanded throughout 2023. Banks have done an exceptional job diversifying revenue streams, overcoming limits imposed by low interest rates, and increasing regulations. The industry primarily generates revenue through interest income sources, such as business loans and mortgages, but it also generates income through noninterest sources, which include fees on a variety of services and commissions. Industry revenue has been growing at a CAGR of 2.2% over the past five years and is expected to total $275.4 billion in 2023, when revenue will likely jump an... Learn More

2. Primary Care Doctors in Canada

Total Profit for 2024: $17.9B

Demographic trends drive the rising demand for comprehensive primary care in Canada. An aging population's expanding medical needs are increasing the demographic's consumption of medical services. Primary care physicians are also first in line to help this demographic navigate complex conditions and visit specialists. Sudden population growth in Canada – an outcome of a surge in immigration and temporary residents – has also expanded the need for primary care physicians. Rising spending on primary care was abruptly disrupted by COVID-19, leading providers to navigate unprecedented financial and operating pressures. Telehealth adoption did help primary care providers continue to meet with... Learn More

3. Apartment Rental in Canada

Total Profit for 2024: $17.8B

Revenue for Canadian apartment lessors has grown in recent years. Apartment lessors collect rental income from properties they lease, where the rates they charge are largely determined by market forces. The supply of apartment rentals has grown at a slower rate than demand, which has elevated rental rates to the benefit of lessors. Favourable economic conditions and demographic trends during most of the period have driven growth in demand. In 2020, the spread of COVID-19 lessened demand for apartment rentals, but the nature of apartment leases prevented a decline in revenue until 2021. Revenue has grown since 2022 as higher... Learn More

4. Wireless Telecommunications Carriers in Canada

Total Profit for 2024: $11.8B

More than ever, Canadian consumers expect to be connected everywhere, all the time, bringing nearly the entire population to subscribe to a mobile service. Wireless telecommunication carriers have capitalized on this accelerating use of data, as they're the bridge connecting users to the critical mobile networks they need. Still, while telecommunication providers were essential for Canadians to remain connected during the pandemic, revenue fell as in-person visits to retail stores plummeted. Wireless carriers have struggled to strengthen revenue since, even as data usage ramps up nationwide following upticks in travel and hybrid work environments. Steep competition between companies and sky-high... Learn More

5. Colleges & Universities in Canada

Total Profit for 2024: $10.6B

The Colleges and Universities industry in Canada has grown over the five years to 2023 despite the declining role of government funding and the spread of COVID-19 in Canada. Throughout the period, tight budgets have constrained federal and provincial funding for postsecondary education, especially amid the COVID-19 pandemic causing certain institutions to implement hiring and salary freezes to reduce expenses. At the same time, total enrolment has grown modestly, with most institutions also raising tuition rates. Colleges and Universities industry revenue has been expanding at a CAGR of 1.9% over the past five years and is expected to total $53.1... Learn More

6. Electric Power Transmission in Canada

Total Profit for 2024: $8.9B

Electricity transmission companies in Canada are responsible for storing and distributing electricity from Canada's upstream generation facilities. They manage transmission and distribution networks that total over 160,000.0 kilometres to serve residential, industrial and commercial customers. Industry performance is reliant on electricity prices within provinces, although the inelasticity of energy demand and the high degree of regulation insulates transmitters from any significant revenue declines. Industry performance is also closely tied to demand from major industrial, residential and commercial markets. While residential market demand is somewhat inelastic, industrial and commercial output and demand are much more variable, so performance in these sectors... Learn More

7. Beer, Wine & Liquor Stores in Canada

Total Profit for 2024: $7.9B

The Beer, Wine and Liquor Stores industry in Canada comprises specialty shops specifically licenced to sell alcoholic beverages for off-premise consumption. These stores have remained in high spirits over the five years to 2023, as consumer spending and disposable income strengthened during the current period, which has supported consumers' preference for premium alcohol and facilitated revenue expansion. Overall, Canadian beer, wine and liquor store revenue is forecast to increase an annualized 1.8% to $29.2 billion over the five years to 2023. Revenue is expected to grow 0.5% in 2023 alone because of a boost in per capita alcohol consumption during... Learn More

8. Management Consulting in Canada

Total Profit for 2024: $7.2B

Management consulting in Canada is composed of companies that provide consulting services to private businesses and the public sector. These advisory services are tailored to provide strategic, financial, marketing, operational and supply chain management consulting services. Businesses partake in mergers and acquisitions, joint ventures, divestitures and initial public offerings based on their expectations of what the future holds. Although the company provides countercyclical services that support industry revenue during economic downturns, the COVID-19 pandemic hindered industry operations in unprecedented ways in 2020. Revenue is expected to grow at a CAGR of 2.0% to $23.9 billion over the years to 2023,... Learn More

9. Oil Drilling & Gas Extraction in Canada

Total Profit for 2024: $7.1B

Oil Drilling and Gas Extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. Overall, revenue is expected to grow at a CAGR of 7.4% to $173.5 billion over the five years to 2023, despite a decline of 22.2% in 2023 alone. Profit has also fluctuated. Many companies endured below zero profits before it rose after the pandemic.

Despite operating volatility, Canada... Learn More

10. Dentists in Canada

Total Profit for 2024: $7.0B

While the Canada Health Act only covers dental care for certain groups, leaving most consumers to pay out of pocket or with private insurance for dental services, dental practices typically experience strong, steady growth. The pandemic introduced an uncommon level of volatility, as social-distancing measures resulted in visits sinking before swiftly rebounding as vaccines rolled out. As health expenditure dipped following the pandemic's height, revenue followed. As a result of the fluctuations, revenue has been growing at a CAGR of 1.8% and is expected to reach $21.7 billion in 2023 when revenue is expected to rise 2.6%.

Despite volatility, dentists are... Learn More