Research Infosource Inc. :: Top Corporate R&D Spenders

Canada’s Top 100 Corporate R&D Spenders 2023

Top Corporate R&D Spenders by Tier FY2022

R&D Spending

Rank	Tier 1	$000
1	Shopify Inc.	$1,956,158
2	Constellation Software Inc.	$1,314,313
3	Magna International Inc.	$844,544

Rank	Tier 2	$000
1	Kinaxis Inc.	$96,487
2	MDA Ltd.	$94,000
3	Descartes Systems Group Inc.	$91,550

Rank	Tier 3	$000
1	Neo Performance Materials Inc.	$27,080
2	Blackline Safety Corp.	$24,684
3	Winpak Ltd.	$23,747

R&D Spending Growth
(% Change FY2021-FY2022)

Rank	Tier 1	%
1	Lightspeed Commerce Inc.	129.6
2	Shopify Inc.	82.7
3	AbCellera Biologics Inc.	80.5

Rank	Tier 2	%
1	Absolute Software Corporation	99.8
2	Coveo Solutions Inc.	94.3
3	Thales Canada Inc. (fs)	88.5

Rank	Tier 3	%
1	ProMIS Neurosciences Inc.	231.8
2	Sernova Corp.	205.1
3	NervGen Pharma Corp.	141.7

R&D Intensity^*
(R&D Spending as % of Revenue)

Rank	Tier 1	%
1	Xenon Pharmaceuticals Inc.	1,121.2
2	Ballard Power Systems Inc.	114.5
3	Repare Therapeutics Inc	91.4

Rank	Tier 2	%
1	Milestone Pharmaceuticals Inc.	805.6
2	Thinkific Labs Inc.	53.3
3	Theratechnologies Inc.	46.5

Rank	Tier 3	%
1	Taiga Motors Corporation	319.6
2	AEterna Zentaris Inc.	221.7
3	Blackline Safety Corp.	33.8

Notes:
1. R&D Spending Tiers: Tier 1 = $100 million or more of R&D spending, Tier 2 = $30 million-$99.9 million, Tier 3 = less than $30 million.
^*Based on companies with $2 million or more of revenue
fs = Foreign subsidiary (included revenue and R&D spending for Canadian operations only)