Industries with the Highest Profit Margin in Canada in 2023

1. Primary Care Doctors in Canada

Profit Margin 2023: 54.6%

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

2. Soybean Farming in Canada

Profit Margin 2023: 39.4%

Revenue for soybean farmers has grown because of growth in soybean prices and exports. Exports account for the majority of revenue, so fluctuations in international demand have an outsized impact on revenue. Growth in exports has largely been fuelled by growth of 28.0% in 2019, when exports to Iran grew by about 500.0%. Trade tensions between Canada and China have prevented further growth in exports. The Canadian government has criticized several social policies enforced by the Chinese administration. Canada has also supported its ally, the United States, in trade disputes with China. These events have resulted in exports to China... Learn More

3. Real Estate Sales & Brokerage in Canada

Profit Margin 2023: 39.1%

Real estate sales and brokerage services are closely aligned with the health of the Canadian real estate market. Revenue rises alongside property prices and real estate transaction volumes as real estate agents are paid on a commission basis when they close a deal. A growing, aging and progressively wealthy Canadian population has boosted demand for residential properties. Industry revenue has been growing at a CAGR of 7.3% over the past five years, and is expected to reach $26.0 billion through the end of 2023, despite a decline of 2.5% in 2023 alone.

Revenue has grown despite a sharp decline in the... Learn More

4. Satellite TV Providers in Canada

Profit Margin 2023: 37.9%

Through the end of 2023, satellite TV providers in Canada has struggled to maintain its subscribers as consumers have migrated toward substitute services, like Internet Protocol TV (IPTV). Prior to the current period, these providers have continuously added subscribers before the proliferation of internet-based TV subscription packages. Through the last ten years, satellite TV providers have endured a steady dip in subscribers, ultimately dropping prey to external competition, like Netflix Inc. and EPICIPTV.net. Revenue is expected to drop at a CAGR of 1.2% to $2.2 billion through the end of 2023, including a 0.6% forecast dip in 2023 alone alongside... Learn More

5. Wireless Telecommunications Carriers in Canada

Profit Margin 2023: 35.7%

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

6. Payroll & Bookkeeping Services in Canada

Profit Margin 2023: 35.5%

Canadian payroll companies and bookkeepers have seen a slight revenue expansion in recent years. The industry performed well prior to COVID-19, but the pandemic disrupted a growth trend that later resumed starting in 2021, and continued through 2022, leading payroll companies and bookkeepers' revenue to exceed pre-pandemic levels.

Industry companies rely on a business being willing to outsource its payroll and bookkeeping tasks so that it can focus on its core functions. Employers are more willing to do this when they are growing and the economy is strong, as they will want managers focused on continuing expansion, instead of administrative tasks.... Learn More

7. Accounting Services in Canada

Profit Margin 2023: 34.5%

Accounting firms benefit from near constant need, regardless of economic activity. Even during particularly poor conditions, like at the pandemic's height, consumers and businesses still filed taxes, requiring accountants. Even businesses forced to shutter their doors often required bankruptcy and receivership services, benefitting accounting firms. The evergreen nature of many services offered by accounting firms keep revenue growth relatively stable. In fact, over the past five years, revenue has been growing at a CAGR of 1.8% and is expected to reach $17.4 billion in 2023, when revenue will rise 2.7%.

Wages account for the highest share of an accounting firm's revenue,... Learn More

8. Property Management in Canada

Profit Margin 2023: 33.5%

Property management is expected to marginally decline over the five years to 2023. Operators provide a variety of services related to the management of residential and nonresidential properties, which include collecting rent, screening tenants and general maintenance. As a result, the industry relies on Canadian residential and nonresidential construction. During most of the period, investment has driven demand for industry services. While the value of nonresidential construction has been muted over most of the five years to 2023, sustained growth in the value of residential construction and other favourable trends during have supported the industry. Property managers were able to... Learn More

9. Commercial Banking in Canada

Profit Margin 2023: 33.3%

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

10. Breweries in Canada

Profit Margin 2023: 33.0%

As the Breweries industry in Canada has evolved in response to changing trends, its expansion has stagnated. While the industry has benefited from the popularity of craft beer from local microbreweries, consumers have shifted away from the traditional light and premium beer brands that currently represent most of industry brewers' sales. Navigating the challenging conditions of the COVID-19 pandemic, breweries saw sharp contractions across multiple years. As a result, industry revenue is anticipated to decline at a CAGR of 2.6% to $6.7 billion over the five years to 2023, including a contraction of 2.4% during the current year.

The rising popularity... Learn More