Most Profitable Industries in Canada in 2025

• 1. Commercial Banking in Canada

  Total Profit for 2025: $152.0B

  The high interest rate environment experienced over the five years to 2025, along with overall economic growth, has benefitted the Commercial Banking industry in Canada. Banks have done an exceptional job diversifying revenue streams, due to higher 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 ...

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• 2. Apartment Rental in Canada

  Total Profit for 2025: $19.7B

  Revenue for Canadian apartment lessors has gained through the end of 2025. Apartment lessors collect rental income from rental properties, so market forces largely determine their rates. The supply of apartment rentals has grown slower than demand, which has elevated rental rates for lessors' benefit. 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 natur...

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• 3. Petroleum Refining in Canada

  Total Profit for 2025: $13.2B

  Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. However, the pandemic's collapse in oil prices in 2020 drove refinancing revenue down. Subsequently, high demand and ongoing supply chain disruptions led crude oil prices to spike sharply, translating into an industry revenue boom in 2021 and 2022. However, tempering oil prices in 2024 and potentially...

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• 4. Oil Drilling & Gas Extraction in Canada

  Total Profit for 2025: $11.9B

  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. The Russia-Ukraine conflict further exacerbated this, causing exports to surge as foreign countries looked elsewhere to get oil and gas....

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• 5. Heavy Engineering Construction in Canada

  Total Profit for 2025: $9.0B

  Through the end of 2024, heavy engineering construction contractors have benefited from the federal government's strong commitment to closing Canada's infrastructure gap. Since its conceptualization, the federal government's Investing in Canada Plan, a 12-year, $180.0 billion fund for local and regional infrastructure, has underpinned growth. Heavy engineering construction companies' revenue has been expanding at a CAGR of 2.8% over the past five years and is expected to total $72.7 billion i...

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• 6. Management Consulting in Canada

  Total Profit for 2025: $7.6B

  Management consultants in Canada continue to drive considerable demand from a wide range of clients, as the vital nature of their services remains a core calling card for a variety of clients. Inflation volatility in recent years, which peaked at 8.1% in 2022 per the Bank of Canada, hampered individual clients’ capability of securing long-term commitments from consultants and encouraged in-house alternatives. Despite this, the economic downturn caused some customers to invest in countercyclic...

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• 7. Automobile Wholesaling in Canada

  Total Profit for 2025: $7.4B

  High prices have become the signature challenge for the industry, as rising costs for materials like plastics spill over, pressuring companies to strategically price their offerings. Meanwhile, original equipment manufacturers (OEMs) that manufacture and sell cars directly to consumers remain a genuine challenge, prompting the industry to focus on competitive pricing to maintain its market appeal. Notably, the end of the iZEV program, which once provided economic incent...

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• 8. Hotels & Motels in Canada

  Total Profit for 2025: $6.2B

  Before the pandemic, hotels and motels benefited from rising incomes and population growth. However, hotel rooms were left empty when the pandemic shut down tourism, creating long-lasting financial and operational challenges. Long periods at home left consumers with savings and pent-up demand to spend on trips as travel restrictions lifted, leading to a rapid recovery at hotels between 2022 and 2023. Nonetheless, concerns about a recession and inflation partially stifled Canadian consumers' a...

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• 9. Dentists in Canada

  Total Profit for 2025: $6.0B

  Dental service providers faced significant revenue fluctuations because of economic challenges and the global health crisis. This led to consumer confidence and disposable income changes, causing many to postpone essential and elect...

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• 10. Accounting Services in Canada

  Total Profit for 2025: $5.9B

  Accounting services continue to benefit from stable downstream demand and strong recovery in consumer markets following a period of inflationary volatility in 2022. The mandatory nature of niche accounting services, such as bookkeeping and auditing, continues generating consistent demand among clients looking to ensure regulatory compliance and accurate tax filing as mandated by law. Changes in federal tax policy, such as the Digital Services Tax, provided greater client interest in professio...

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