CANADA'S INNOVATION LEADERS
CANADA'S INNOVATION LEADERS
 



Canada’s Top 100 Corporate R&D Spenders 2020

Advertising Partners

Rank Company R&D Spending Revenue R&D Intensity Industry
2019 2018 FY2019
$000
FY2018
$000
% Change
2018-2019
FY2019
$000
R&D
Spending
as % of
Revenue**
1 2 Magna International Inc.* $849,216 $761,872 11.5 $52,320,994 1.6 Automotive
2 3 Suncor Energy Inc. $830,000 $635,000 30.7 $38,989,000 2.1 Energy/Oil & Gas
3 4 Constellation Software Inc.* $701,930 $584,749 20.0 $4,630,881 15.2 Software & Computer Services
4 5 Pratt & Whitney Canada Corp. (fs) $629,533 $540,264 16.5 nd Aerospace
5 7 Bausch Health Companies Inc.* $624,970 $535,124 16.8 $11,412,667 5.5 Pharmaceuticals/Biotechnology
6 1 Bombardier Inc.* $577,202 $1,471,915 -60.8 $20,907,963 2.8 Aerospace
7 6 BCE Inc. $532,400 $537,100 -0.9 $23,964,000 2.2 Telecommunications Services
8 14 TELUS Corporation $530,000 $307,000 72.6 $14,658,000 3.6 Telecommunications Services
9 8 IBM Canada Ltd. (fs) $512,000 $512,000 0.0 nd Software & Computer Services
10 17 Canadian Natural Resources Limited $473,000 $265,000 78.5 $22,871,000 2.1 Energy/Oil & Gas
11 9 Shopify Inc.* $471,069 $298,884 57.6 $2,094,078 22.5 Software & Computer Services
12 11 Rogers Communications Inc. $442,412 $414,808 6.7 $15,073,000 2.9 Telecommunications Services
13 13 AMD Canada (fs) $429,819 $319,319 34.6 nd Electronic Systems & Parts
14 10 Open Text Corporation* $427,044 $419,108 1.9 $3,806,551 11.2 Software & Computer Services
15 12 Ericsson Canada Inc. (fs) $381,000 $368,000 3.5 nd Comm/Telecom Equipment
16 16 BlackBerry Limited* ++ $343,667 $283,758 21.1 $1,379,976 24.9 Software & Computer Services
17 15 CGI Group Inc. $302,781 $287,671 5.3 $12,111,236 2.5 Software & Computer Services
18 19 Huawei Canada (fs) $261,611 $186,742 40.1 nd Comm/Telecom Equipment
19 18 BRP Inc.++ $238,400 $221,700 7.5 $6,052,700 3.9 Other Manufacturing
20 20 CAE Inc. $232,100 $182,700 27.0 $3,304,100 7.0 Aerospace
21 22 Imperial Oil Limited $170,000 $150,000 13.3 $34,002,000 0.5 Energy/Oil & Gas
22 21 Cisco Canada (fs) $166,267 $158,110 5.2 nd Comm/Telecom Equipment
23 39 Zymeworks Inc.* $153,934 $73,445 109.6 $39,202 392.7 Pharmaceuticals/Biotechnology
24 27 Stars Group Inc.* + $137,836 $118,646 16.2 $3,354,998 4.1 Software & Computer Services
25 23 Hydro-Québec $132,000 $144,000 -8.3 $14,021,000 0.9 Electrical Power & Utilities
26 25 Sanofi (fs) (a) $131,026 $127,400 2.8 $796,400 16.5 Pharmaceuticals/Biotechnology
27 26 Sierra Wireless, Inc.* $115,077 $122,252 -5.9 $946,760 12.2 Comm/Telecom Equipment
28 29 Pfizer Canada ULC (fs) $101,618 $98,247 3.4 nd Pharmaceuticals/Biotechnology
29 33 Novelis Inc.* (fs) $95,537 $82,925 15.2 $16,355,369 0.6 Mining & Metals
30 31 Linamar Corporation $87,149 $90,664 -3.9 $7,416,624 1.2 Automotive
31 35 Evertz Technologies Limited $85,823 $80,804 6.2 $443,556 19.3 Comm/Telecom Equipment
32 34 Syncrude Canada Ltd. $78,207 $82,322 -5.0 nd Energy/Oil & Gas
33 32 EXFO Inc.* $76,923 $84,535 -9.0 $380,674 20.2 Comm/Telecom Equipment
34 38 Arbutus Biopharma Corporation* $76,431 $75,065 1.8 $5,779 1322.6 Pharmaceuticals/Biotechnology
35 30 Liminal BioSciences Inc. $75,686 $94,841 -20.2 $4,904 1543.4 Pharmaceuticals/Biotechnology
36 41 Descartes Systems Group Inc.* ++ $71,006 $62,028 14.5 $432,292 16.4 Software & Computer Services
37 44 Aurinia Pharmaceuticals Inc.* $70,148 $53,619 30.8 $422 Pharmaceuticals/Biotechnology
38 53 Titan Medical Inc.* $68,227 $42,574 60.3 $0 Medical Devices & Instrumentation
39 63 Teck Resources Limited $67,000 $35,000 91.4 $11,934,000 0.6 Mining & Metals
40 40 GlaxoSmithKline Inc. (fs) $65,165 $70,621 -7.7 $902,969 7.2 Pharmaceuticals/Biotechnology
41 42 Canadian Solar Inc.* $62,424 $57,261 9.0 $4,246,854 1.5 Energy/Oil & Gas
42 50 AstraZeneca Canada Inc. (fs) $62,296 $48,207 29.2 $618,239 10.1 Pharmaceuticals/Biotechnology
43 51 Enghouse Systems Limited $59,049 $47,540 24.2 $385,853 15.3 Software & Computer Services
44 49 Dorel Industries Inc.* $52,671 $49,002 7.5 $3,495,912 1.5 Other Manufacturing
45 45 Novartis Pharmaceuticals Canada Inc. (fs) $51,800 $52,000 -0.4 nd Pharmaceuticals/Biotechnology
46 28 Ontario Power Generation Inc. $51,000 $106,000 -51.9 $6,022,000 0.8 Electrical Power & Utilities
47 55 Martinrea International Inc. $48,782 $40,735 19.8 $3,863,659 1.3 Automotive
48 36 Optiva Inc.* $46,650 $79,705 -41.5 $160,400 29.1 Software & Computer Services
49 61 Kinaxis Inc.* $45,280 $35,795 26.5 $254,166 17.8 Software & Computer Services
50 64 Northland Power Inc. $44,200 $33,332 32.6 $1,658,977 2.7 Electrical Power & Utilities
51 66 Eli Lilly Canada Inc. (fs) $43,946 $29,238 50.3 nd Pharmaceuticals/Biotechnology
52 48 Resverlogix Corp.* $42,917 $49,086 -12.6 $0 Pharmaceuticals/Biotechnology
53 59 L3Harris WESCAM (fs) $41,359 $37,598 10.0 nd Aerospace
54 78 Acasti Pharma Inc. $38,961 $16,078 142.3 $0 Pharmaceuticals/Biotechnology
55 58 ADVANZ PHARMA Corp. Limited* + $38,641 $38,493 0.4 $674,491 5.7 Pharmaceuticals/Biotechnology
56 47 Pharmascience Inc. $38,458 $49,500 -22.3 $479,050 8.0 Pharmaceuticals/Biotechnology
57 60 Celestica Inc.* $37,684 $37,316 1.0 $7,813,185 0.5 Electronic Systems & Parts
58 57 Thales Canada Inc. (fs) $36,374 $38,852 -6.4 $713,916 5.1 Electronic Systems & Parts
59 52 Trillium Therapeutics Inc.* $36,358 $44,297 -17.9 $165 Pharmaceuticals/Biotechnology
60 62 Ballard Power Systems Inc.* $35,731 $35,034 2.0 $141,085 25.3 Machinery
61 56 Westport Fuel Systems Inc.* $33,401 $39,673 -15.8 $405,153 8.2 Other Manufacturing
62 67 Pason Systems Inc. $30,439 $26,997 12.7 $295,642 10.3 Software & Computer Services
63 65 Cascades Inc. $30,231 $30,791 -1.8 $4,996,000 0.6 Forest & Paper Products
64 90 Rio Tinto Iron & Titanium Inc. (fs) $29,637 $12,500 137.1 $1,247,000 2.4 Mining & Metals
65 77 Lightspeed POS Inc.* $27,171 $21,295 27.6 $102,770 26.4 Software & Computer Services
66 BELLUS Health Inc. $26,119 $7,185 263.5 $35 Pharmaceuticals/Biotechnology
67 69 Absolute Software Corporation* $25,507 $25,985 -1.8 $131,242 19.4 Software & Computer Services
68 68 Mediagrif Interactive Technologies Inc. + $25,397 $26,510 -4.2 $83,082 30.6 Software & Computer Services
69 99 Héroux-Devtek Inc. $24,194 $11,282 114.4 $483,877 5.0 Aerospace
70 79 Resolute Forest Products Inc. (fs) $24,000 $15,600 53.8 $3,076,000 0.8 Forest & Paper Products
71 73 Winpak Ltd.* $22,425 $21,560 4.0 $1,159,502 1.9 Rubber & Plastics
72 71 Aptose Biosciences Inc.* $22,338 $24,272 -8.0 $0 Pharmaceuticals/Biotechnology
73 72 Computer Modelling Group Ltd. $21,206 $21,772 -2.6 $74,857 28.3 Software & Computer Services
74 Sangoma Technologies Corporation $20,748 $7,766 167.2 $109,648 18.9 Computer Equipment
75 70 Cenovus Energy Inc. $20,000 $25,000 -20.0 $20,181,000 0.1 Energy/Oil & Gas
76 54 Lockheed Martin Canada (fs) $19,761 $40,764 -51.5 $578,105 3.4 Aerospace
77 83 Vecima Networks Inc. $19,040 $15,338 24.1 $85,032 22.4 Comm/Telecom Equipment
78 Neo Performance Materials Inc.* $19,009 $21,823 -12.9 $540,664 3.5 Mining & Metals
79 88 IMV Inc. $18,986 $12,852 47.7 $59 Pharmaceuticals/Biotechnology
80 82 Baylin Technologies Inc. $16,803 $15,363 9.4 $153,323 11.0 Comm/Telecom Equipment
81 80 Intertape Polymer Group Inc.* $16,622 $15,579 6.7 $1,537,239 1.1 Rubber & Plastics
82 Canopy Growth Corporation $15,238 $1,453 948.7 $253,431 6.0 Pharmaceuticals/Biotechnology
83 74 CES Energy Solutions Corp. $15,000 $20,000 -25.0 $1,277,257 1.2 Energy/Oil & Gas
84 75 Servier Canada Inc. (fs) $14,838 $17,920 -17.2 $105,494 14.1 Pharmaceuticals/Biotechnology
85 Aurora Cannabis Inc. $14,778 $1,679 780.2 $281,097 5.3 Pharmaceuticals/Biotechnology
86 TC Energy $14,423 $8,407 71.6 $13,255,000 0.1 Energy/Oil & Gas
87 98 TECSYS Inc. $14,392 $11,429 25.9 $76,449 18.8 Software & Computer Services
88 100 Theratechnologies Inc.* $14,385 $10,324 39.3 $83,881 17.1 Pharmaceuticals/Biotechnology
89 AcuityAds Holdings Inc. $13,834 $6,226 122.2 $119,134 11.6 Telecommunications Services
90 95 ShawCor Ltd. $12,647 $11,876 6.5 $1,489,489 0.8 Other Manufacturing
91 MEG Energy Corp. $12,000 $5,509 117.8 $3,931,000 0.3 Energy/Oil & Gas
92 96 Enlighten Innovations Inc. $11,969 $11,680 2.5 $0 Energy/Oil & Gas
93 DiaMedica Inc.* $11,618 $7,432 56.3 $0 Pharmaceuticals/Biotechnology
94 Quest PharmaTech Inc.++ $11,264 $6,298 78.9 $0 Pharmaceuticals/Biotechnology
95 Oncolytics Biotech Inc. $11,135 $9,418 18.2 $0 Pharmaceuticals/Biotechnology
96 93 Velan Inc.* ++ $10,964 $12,055 -9.1 $493,109 2.2 Other Manufacturing
97 87 POET Technologies Inc.* $10,298 $13,182 -21.9 $5,873 175.3 Electronic Systems & Parts
98 NexJ Systems Inc. $9,411 $9,509 -1.0 $17,228 54.6 Software & Computer Services
99 NexOptic Technology Corp. $9,203 $8,613 6.9 $0 Electronic Systems & Parts
100 Essa Pharma Inc.* $8,885 $6,612 34.4 $0 Pharmaceuticals/Biotechnology


Notes:
  1. Data were obtained through annual reports, financial statements, securities commission filings, other company issued documents, or through a survey.
  2. We have attempted, whenever possible, to provide gross R&D spending before deduction of investment tax credits or government grants.
  3. We have attempted, wherever possible, to provide revenue net of interest and investment income.
  4. FY2018 R&D spending figures may have been adjusted as more accurate information became available.
  5. Canadian-owned company results include worldwide revenue and R&D spending; foreign subsidiaries (fs) for their Canadian operations only.
*Converted to CDN$ at annual average 2019 = 1.3269; 2018 = 1.2957 (Bank of Canada)
**Based on companies with $2 million or more of revenue
+Not current name/acquired/merged
++Fiscal 2020 figures were used for year-ended January or February
fs = Foreign subsidiary (includes revenue and R&D spending for Canadian operations only)
nd = Not disclosed
(a) Sanofi Pasteur Limited and sanofi-aventis Canada Inc. (including Sanofi Genzyme Canada).


Top