CANADA'S INNOVATION LEADERS
CANADA'S INNOVATION LEADERS
| Rank | Company | R&D Spending | Revenue | R&D Intensity | Industry | |||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | FY2021 $000 |
FY2020 $000 |
% Change 2020-2021 |
FY2021 $000 |
R&D Spending as % of Revenue** |
||
| 1 | 3 | Shopify Inc.* | $1,070,969 | $740,678 | 44.6 | $5,780,961 | 18.5 | Software & Computer Services |
| 2 | 2 | Constellation Software Inc.* | $965,195 | $808,925 | 19.3 | $6,400,371 | 15.1 | Software & Computer Services |
| 3 | 6 | TELUS Corporation | $799,000 | $553,000 | 44.5 | $17,258,000 | 4.6 | Telecommunications Services |
| 4 | 1 | Magna International Inc.* | $794,719 | $1,113,445 | -28.6 | $45,429,347 | 1.7 | Automotive |
| 5 | 9 | Rogers Communications Inc. | $682,428 | $500,104 | 36.5 | $14,655,000 | 4.7 | Telecommunications Services |
| 6 | 7 | BCE Inc. | $618,024 | $535,000 | 15.5 | $23,449,000 | 2.6 | Telecommunications Services |
| 7 | 5 | Pratt & Whitney Canada Corp. (fs) | $590,002 | $597,783 | -1.3 | nd | Aerospace | |
| 8 | 4 | Bausch Health Companies Inc.* | $582,878 | $606,358 | -3.9 | $10,572,019 | 5.5 | Pharmaceuticals/Biotechnology |
| 9 | 7 | Suncor Energy Inc. | $565,000 | $535,000 | 5.6 | $39,101,000 | 1.4 | Energy/Oil & Gas |
| 10 | 10 | Open Text Corporation* | $528,284 | $496,906 | 6.3 | $4,244,495 | 12.4 | Software & Computer Services |
| 11 | 12 | AMD Canada (fs) | $480,016 | $426,844 | 12.5 | nd | Electronic Systems & Parts | |
| 12 | 14 | Canadian Natural Resources Limited | $450,000 | $340,670 | 32.1 | $30,057,000 | 1.5 | Energy/Oil & Gas |
| 13 | SAP Canada Inc. (fs) | $400,000 | na | nd | Software & Computer Services | |||
| 14 | 13 | Ericsson Canada Inc. (fs) | $390,000 | $350,000 | 11.4 | nd | Comm/Telecom Equipment | |
| 15 | 16 | CGI Group Inc. | $303,170 | $304,103 | -0.3 | $12,126,793 | 2.5 | Software & Computer Services |
| 16 | 18 | BRP Inc.++ | $289,800 | $242,300 | 19.6 | $7,647,900 | 3.8 | Other Manufacturing |
| 17 | 17 | BlackBerry Limited* ++ | $274,517 | $288,423 | -4.8 | $900,013 | 30.5 | Software & Computer Services |
| 18 | 20 | Zymeworks Inc.* | $250,389 | $226,088 | 10.7 | $33,443 | 748.7 | Pharmaceuticals/Biotechnology |
| 19 | 19 | CAE Inc. | $202,800 | $241,200 | -15.9 | $2,981,900 | 6.8 | Aerospace |
| 20 | 21 | Cisco Canada (fs) | $186,476 | $172,832 | 7.9 | nd | Comm/Telecom Equipment | |
| 21 | 25 | Hydro-Québec | $144,300 | $133,800 | 7.8 | $14,526,000 | 1.0 | Electrical Power & Utilities |
| 22 | 23 | Sanofi Canada (fs) | $143,416 | $145,278 | -1.3 | $889,025 | 16.1 | Pharmaceuticals/Biotechnology |
| 23 | 28 | Teck Resources Limited | $129,000 | $97,000 | 33.0 | $13,481,000 | 1.0 | Mining & Metals |
| 24 | 43 | Repare Therapeutics Inc.* | $114,253 | $54,989 | 107.8 | $9,527 | 1,199.3 | Pharmaceuticals/Biotechnology |
| 25 | 26 | Novelis Inc.* (fs) | $104,041 | $112,686 | -7.7 | $15,387,966 | 0.7 | Mining & Metals |
| 26 | 40 | GlaxoSmithKline Inc. (fs) | $94,137 | $60,501 | 55.6 | $774,361 | 12.2 | Pharmaceuticals/Biotechnology |
| 27 | 27 | Sierra Wireless, Inc.* | $89,741 | $110,432 | -18.7 | $593,167 | 15.1 | Comm/Telecom Equipment |
| 28 | 24 | Imperial Oil Limited | $89,000 | $140,000 | -36.4 | $37,508,000 | 0.2 | Energy/Oil & Gas |
| 29 | 22 | Bombardier Inc.* | $88,999 | $162,322 | -45.2 | $7,627,548 | 1.2 | Aerospace |
| 30 | 29 | Evertz Technologies Limited | $79,895 | $90,827 | -12.0 | $342,888 | 23.3 | Comm/Telecom Equipment |
| 31 | 33 | Descartes Systems Group Inc.* ++ | $78,431 | $72,530 | 8.1 | $532,349 | 14.7 | Software & Computer Services |
| 32 | 45 | Ballard Power Systems Inc.* | $77,920 | $47,649 | 63.5 | $130,997 | 59.5 | Machinery |
| 33 | 53 | AbCellera Biologics Inc.* | $77,795 | $39,431 | 97.3 | $470,317 | 16.5 | Pharmaceuticals/Biotechnology |
| 34 | 31 | Northland Power Inc. | $77,660 | $74,615 | 4.1 | $2,093,255 | 3.7 | Electrical Power & Utilities |
| 35 | 30 | Enghouse Systems Limited | $77,197 | $79,757 | -3.2 | $467,177 | 16.5 | Software & Computer Services |
| 36 | 42 | AstraZeneca Canada Inc. (fs) | $75,886 | $58,076 | 30.7 | $914,968 | 8.3 | Pharmaceuticals/Biotechnology |
| 37 | 61 | BELLUS Health Inc.* | $74,003 | $31,832 | 132.5 | $20 | Pharmaceuticals/Biotechnology | |
| 38 | 39 | Canadian Solar Inc.* | $73,213 | $60,592 | 20.8 | $6,614,931 | 1.1 | Energy/Oil & Gas |
| 39 | 37 | Kinaxis Inc.* | $71,981 | $63,614 | 13.2 | $314,285 | 22.9 | Software & Computer Services |
| 40 | 47 | Lightspeed POS Inc.* + | $68,676 | $46,268 | 48.4 | $277,936 | 24.7 | Software & Computer Services |
| 41 | MDA Ltd. | $66,000 | $7,400 | 791.9 | $476,900 | 13.8 | Aerospace | |
| 42 | 34 | Aurinia Pharmaceuticals Inc.* | $64,103 | $67,514 | -5.1 | $57,166 | 112.1 | Pharmaceuticals/Biotechnology |
| 43 | Rio Tinto Iron & Titanium Inc. (fs) | $61,025 | $40,675 | 50.0 | $1,405,000 | 4.3 | Mining & Metals | |
| 44 | 50 | D2L Inc.* ++ | $58,412 | $42,390 | 37.8 | $190,382 | 30.7 | Software & Computer Services |
| 45 | 54 | Aptose Biosciences Inc.* | $57,642 | $39,290 | 46.7 | $0 | Pharmaceuticals/Biotechnology | |
| 46 | 38 | Canopy Growth Corporation | $57,582 | $61,812 | -6.8 | $607,198 | 9.5 | Pharmaceuticals/Biotechnology |
| 47 | 35 | Linamar Corporation | $54,477 | $66,950 | -18.6 | $6,536,574 | 0.8 | Automotive |
| 48 | 48 | Syncrude Canada Ltd. | $53,890 | $45,786 | 17.7 | nd | Energy/Oil & Gas | |
| 49 | 49 | Novartis Pharmaceuticals Canada Inc. (fs) | $49,760 | $45,000 | 10.6 | nd | Pharmaceuticals/Biotechnology | |
| 50 | 52 | Pharmascience Inc. | $49,461 | $40,893 | 21.0 | nd | Pharmaceuticals/Biotechnology | |
| 51 | 55 | Celestica Inc.* | $48,134 | $38,635 | 24.6 | $7,063,096 | 0.7 | Electronic Systems & Parts |
| 52 | 46 | Ontario Power Generation Inc. | $48,000 | $47,000 | 2.1 | $6,877,000 | 0.7 | Electrical Power & Utilities |
| 53 | 94 | Titan Medical Inc.* | $47,577 | $10,647 | 346.9 | $25,187 | 188.9 | Medical Devices & Instrumentation |
| 54 | 51 | Martinrea International Inc. | $41,155 | $41,215 | -0.1 | $3,783,953 | 1.1 | Automotive |
| 55 | 60 | Cascades Inc. | $40,522 | $32,021 | 26.5 | $3,956,000 | 1.0 | Forest & Paper Products |
| 56 | 56 | Thales Canada Inc. (fs) | $40,100 | $37,863 | 5.9 | $521,000 | 7.7 | Aerospace |
| 57 | 44 | Dorel Industries Inc.* | $36,199 | $53,956 | -32.9 | $2,204,537 | 1.6 | Other Manufacturing |
| 58 | 69 | Theratechnologies Inc.* | $35,789 | $24,570 | 45.7 | $87,523 | 40.9 | Pharmaceuticals/Biotechnology |
| 59 | 65 | Pason Systems Inc. | $32,220 | $26,977 | 19.4 | $206,686 | 15.6 | Software & Computer Services |
| 60 | 63 | Westport Fuel Systems Inc.* | $31,581 | $28,139 | 12.2 | $391,608 | 8.1 | Other Manufacturing |
| 61 | 84 | Essa Pharma Inc.* | $30,409 | $16,294 | 86.6 | $0 | Pharmaceuticals/Biotechnology | |
| 62 | 70 | Absolute Software Corporation* | $29,161 | $24,547 | 18.8 | $151,403 | 19.3 | Software & Computer Services |
| 63 | 66 | IMV Inc.* | $28,931 | $26,605 | 8.7 | $0 | Pharmaceuticals/Biotechnology | |
| 64 | 62 | Héroux-Devtek Inc. | $28,534 | $30,650 | -6.9 | $570,685 | 5.0 | Aerospace |
| 65 | 64 | mdf commerce inc. | $28,399 | $27,870 | 1.9 | $84,719 | 33.5 | Software & Computer Services |
| 66 | 71 | Sangoma Technologies Corporation | $27,194 | $23,913 | 13.7 | $167,345 | 16.3 | Computer Equipment |
| 67 | 81 | Docebo Inc.* | $26,701 | $17,440 | 53.1 | $130,667 | 20.4 | Software & Computer Services |
| 68 | 72 | Vecima Networks Inc. | $26,247 | $22,862 | 14.8 | $124,177 | 21.1 | Comm/Telecom Equipment |
| 69 | 74 | Magnet Forensics Inc.* | $25,940 | $21,779 | 19.1 | $88,105 | 29.4 | Software & Computer Services |
| 70 | 79 | Neo Performance Materials Inc.* | $24,893 | $18,411 | 35.2 | $675,951 | 3.7 | Mining & Metals |
| 71 | Thinkific Labs Inc.* | $24,382 | $8,512 | 186.4 | $47,780 | 51.0 | Software & Computer Services | |
| 72 | Edesa Biotech, Inc.* | $22,497 | $4,466 | 403.7 | $0 | Pharmaceuticals/Biotechnology | ||
| 73 | 73 | Winpak Ltd.* | $22,351 | $22,150 | 0.9 | $1,255,999 | 1.8 | Rubber & Plastics |
| 74 | 83 | Coveo Solutions Inc.* | $20,154 | $16,993 | 18.6 | $69,286 | 29.1 | Software & Computer Services |
| 75 | 82 | TECSYS Inc. | $18,568 | $17,276 | 7.5 | $123,101 | 15.1 | Software & Computer Services |
| 76 | 41 | Liminal BioSciences Inc. | $18,347 | $58,594 | -68.7 | $643 | Pharmaceuticals/Biotechnology | |
| 77 | 98 | Blackline Safety Corp. | $16,394 | $9,241 | 77.4 | $54,312 | 30.2 | Software & Computer Services |
| 78 | 77 | Computer Modelling Group Ltd. | $15,864 | $20,751 | -23.6 | $67,363 | 23.6 | Software & Computer Services |
| 79 | 86 | Intertape Polymer Group Inc.* | $14,894 | $15,019 | -0.8 | $1,919,696 | 0.8 | Rubber & Plastics |
| 80 | Antibe Therapeutics Inc. | $14,434 | $8,223 | 75.5 | $9,713 | 148.6 | Pharmaceuticals/Biotechnology | |
| 81 | 100 | Q4 Inc.* | $13,894 | $8,773 | 58.4 | $69,429 | 20.0 | Software & Computer Services |
| 82 | 87 | Baylin Technologies Inc. | $13,682 | $13,272 | 3.1 | $102,494 | 13.3 | Comm/Telecom Equipment |
| 83 | 58 | Optiva Inc.* | $13,174 | $34,258 | -61.5 | $81,773 | 16.1 | Software & Computer Services |
| 84 | 89 | Oncolytics Biotech Inc. | $12,920 | $12,945 | -0.2 | $0 | Pharmaceuticals/Biotechnology | |
| 85 | 90 | Knight Therapeutics Inc. | $12,692 | $11,725 | 8.2 | $243,478 | 5.2 | Pharmaceuticals/Biotechnology |
| 86 | 88 | AcuityAds Holdings Inc. | $12,680 | $13,157 | -3.6 | $122,026 | 10.4 | Telecommunications Services |
| 87 | Acceleware Corp. | $12,615 | $2,459 | 413.0 | $753 | Engineering Services | ||
| 88 | 93 | Servier Canada Inc. (fs) | $12,157 | $10,836 | 12.2 | $119,408 | 10.2 | Pharmaceuticals/Biotechnology |
| 89 | 91 | Tetra Bio-Pharma Inc. | $11,938 | $11,655 | 2.4 | $0 | Pharmaceuticals/Biotechnology | |
| 90 | Willow Biosciences Inc. | $11,667 | $7,433 | 57.0 | $133 | Pharmaceuticals/Biotechnology | ||
| 91 | 68 | Aurora Cannabis Inc. | $11,447 | $26,070 | -56.1 | $290,469 | 3.9 | Pharmaceuticals/Biotechnology |
| 92 | 92 | DiaMedica Inc.* | $10,987 | $11,148 | -1.4 | $0 | Pharmaceuticals/Biotechnology | |
| 93 | 96 | Cardiol Therapeutics Inc. | $10,870 | $10,515 | 3.4 | $79 | Pharmaceuticals/Biotechnology | |
| 93 | Medicenna Therapeutics Corp. | $10,870 | $6,821 | 59.4 | $0 | Pharmaceuticals/Biotechnology | ||
| 95 | 97 | Stingray Group Inc. | $10,689 | $9,919 | 7.8 | $249,468 | 4.3 | Telecommunications Services |
| 96 | Eupraxia Pharmaceuticals Inc. | $10,256 | $1,704 | 501.9 | $0 | Pharmaceuticals/Biotechnology | ||
| 97 | 99 | POET Technologies Inc.* | $10,235 | $8,900 | 15.0 | $262 | Electronic Systems & Parts | |
| 98 | Appili Therapeutics Inc. | $10,222 | $2,078 | 391.9 | $0 | Pharmaceuticals/Biotechnology | ||
| 99 | 85 | TC Energy | $10,110 | $16,168 | -37.5 | $13,387,000 | 0.1 | Energy/Oil & Gas |
| 100 | Alpha Cognition Canada Inc.* | $9,994 | $6,269 | 59.4 | $0 | Pharmaceuticals/Biotechnology | ||
