CANADA'S INNOVATION LEADERS
CANADA'S INNOVATION LEADERS
If your company was one of
Canada's Top 100 Corporate R&D Spenders 2024
and would like to place this logo on your website,
please contact us at 647-834-8994
or email arlene@researchinfosource.com
| Rank | Company | R&D Spending | Revenue | R&D Intensity | Industry | |||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | FY2023 $000 |
FY2022 $000 |
% Change 2022-2023 |
FY2023 $000 |
R&D Spending as % of Revenue** |
||
| 1 | 1 | Shopify Inc.* | $2,334,981 | $1,956,158 | 19.4 | $9,528,882 | 24.5 | Software & Computer Services |
| 2 | 3 | Magna International Inc.* | $1,163,441 | $844,544 | 37.8 | $57,763,111 | 2.0 | Automotive |
| 3 | 10 | Open Text Corporation* | $918,588 | $573,155 | 60.3 | $6,053,378 | 15.2 | Software & Computer Services |
| 4 | 6 | Bausch Health Companies Inc.* | $815,219 | $688,388 | 18.4 | $11,819,323 | 6.9 | Pharmaceuticals/Biotechnology |
| 5 | 7 | BCE Inc. | $774,000 | $644,000 | 20.2 | $24,673,000 | 3.1 | Telecommunications Services |
| 6 | 4 | TELUS Corporation | $669,000 | $819,000 | -18.3 | $20,005,000 | 3.3 | Telecommunications Services |
| 7 | 8 | Pratt & Whitney Canada Corp. (fs) | $645,906 | $641,364 | 0.7 | nd | Aerospace & Defence | |
| 8 | 11 | Rogers Communications Inc. | $643,796 | $496,605 | 29.6 | $19,308,000 | 3.3 | Telecommunications Services |
| 9 | 5 | AMD Canada (fs) | $487,409 | $698,819 | -30.3 | $1,637,398 | 29.8 | Computer Equipment |
| 10 | 14 | BRP Inc.++ | $441,500 | $367,700 | 20.1 | $10,367,000 | 4.3 | Other Manufacturing |
| 11 | 12 | IBM Canada Ltd. (fs) | $427,432 | $461,000 | -7.3 | nd | Software & Computer Services | |
| 12 | 13 | Ericsson Canada Inc. (fs) | $419,000 | $446,000 | -6.1 | $1,016,118 | 41.2 | Comm/Telecom Equipment |
| 13 | 15 | CGI Group Inc. | $357,409 | $321,680 | 11.1 | $14,296,360 | 2.5 | Software & Computer Services |
| 14 | 18 | CAE Inc. | $258,200 | $217,600 | 18.7 | $4,203,300 | 6.1 | Aerospace & Defence |
| 15 | 17 | BlackBerry Limited* ++ | $253,744 | $269,369 | -5.8 | $1,151,294 | 22.0 | Software & Computer Services |
| 16 | 19 | Cisco Canada (fs) | $238,744 | $197,812 | 20.7 | nd | Software & Computer Services | |
| 17 | 25 | AbCellera Biologics Inc.* | $237,086 | $140,383 | 68.9 | $51,322 | 462.0 | Pharmaceuticals/Biotechnology |
| 18 | 26 | Xenon Pharmaceuticals Inc.* | $226,091 | $137,635 | 64.3 | $0 | Pharmaceuticals/Biotechnology | |
| 19 | 16 | Zymeworks Inc.* | $193,843 | $271,446 | -28.6 | $102,593 | 188.9 | Pharmaceuticals/Biotechnology |
| 20 | 21 | Lightspeed Commerce Inc.* | $189,555 | $157,652 | 20.2 | $985,964 | 19.2 | Software & Computer Services |
| 21 | 27 | Bombardier Inc.* | $187,608 | $135,335 | 38.6 | $10,859,686 | 1.7 | Aerospace & Defence |
| 22 | 23 | Repare Therapeutics Inc.* | $182,335 | $156,772 | 16.3 | $69,014 | 264.2 | Pharmaceuticals/Biotechnology |
| 23 | 22 | Teck Resources Limited | $164,000 | $157,000 | 4.5 | $15,011,000 | 1.1 | Mining & Metals |
| 24 | 20 | Sanofi Canada (fs) | $160,528 | $166,301 | -3.5 | $900,665 | 17.8 | Pharmaceuticals/Biotechnology |
| 25 | 24 | Hydro-Québec | $146,400 | $154,000 | -4.9 | $16,086,000 | 0.9 | Electrical Power & Utilities |
| 26 | 35 | Canadian Solar Inc.* | $136,109 | $90,859 | 49.8 | $10,276,111 | 1.3 | Energy/Oil & Gas |
| 27 | 28 | Ballard Power Systems Inc.* | $132,684 | $124,862 | 6.3 | $138,166 | 96.0 | Machinery |
| 28 | 29 | Novelis Inc.* (fs) | $128,222 | $119,720 | 7.1 | $24,950,554 | 0.5 | Mining & Metals |
| 29 | 30 | GlaxoSmithKline Inc. (fs) | $126,028 | $112,972 | 11.6 | $996,157 | 12.7 | Pharmaceuticals/Biotechnology |
| 30 | 31 | Evertz Technologies Limited | $121,251 | $102,438 | 18.4 | $454,578 | 26.7 | Comm/Telecom Equipment |
| 31 | 37 | Northland Power Inc. | $114,180 | $78,217 | 46.0 | $2,232,779 | 5.1 | Electrical Power & Utilities |
| 32 | 34 | Descartes Systems Group Inc.* ++ | $113,514 | $91,550 | 24.0 | $773,285 | 14.7 | Software & Computer Services |
| 33 | 33 | MDA Space | $111,700 | $94,000 | 18.8 | $807,600 | 13.8 | Aerospace & Defence |
| 34 | 32 | Kinaxis Inc.* | $110,280 | $96,487 | 14.3 | $576,283 | 19.1 | Software & Computer Services |
| 35 | 36 | AstraZeneca Canada Inc. (fs) | $97,140 | $79,012 | 22.9 | $1,098,265 | 8.8 | Pharmaceuticals/Biotechnology |
| 36 | 38 | Fusion Pharmaceuticals Inc.* | $94,618 | $76,640 | 23.5 | $2,791 | 3,390.1 | Pharmaceuticals/Biotechnology |
| 37 | 41 | Imperial Oil Limited | $84,000 | $74,000 | 13.5 | $50,702,000 | 0.2 | Energy/Oil & Gas |
| 38 | 44 | Celestica Inc.* | $82,197 | $60,250 | 36.4 | $10,744,962 | 0.8 | Electronic Systems & Parts |
| 39 | 42 | Enghouse Systems Limited | $79,334 | $72,262 | 9.8 | $454,022 | 17.5 | Software & Computer Services |
| 40 | 45 | Aurinia Pharmaceuticals Inc.* | $67,000 | $58,543 | 14.4 | $236,890 | 28.3 | Pharmaceuticals/Biotechnology |
| 41 | 47 | D2L Inc.* ++ | $65,218 | $56,044 | 16.4 | $246,158 | 26.5 | Software & Computer Services |
| 42 | 53 | Sangoma Technologies Corporation* | $50,573 | $44,450 | 13.8 | $340,880 | 14.8 | Computer Equipment |
| 43 | 43 | Rio Tinto Iron & Titanium Inc. (fs) | $49,982 | $70,729 | -29.3 | $1,497,205 | 3.3 | Mining & Metals |
| 44 | 60 | Aptose Biosciences Inc.* | $49,622 | $36,551 | 35.8 | $0 | Pharmaceuticals/Biotechnology | |
| 45 | 64 | Docebo Inc.* | $48,275 | $33,403 | 44.5 | $244,078 | 19.8 | Software & Computer Services |
| 46 | 57 | Coveo Solutions Inc.* | $47,273 | $39,168 | 20.7 | $151,169 | 31.3 | Software & Computer Services |
| 47 | 54 | Martinrea International Inc. | $46,246 | $44,294 | 4.4 | $5,340,003 | 0.9 | Automotive |
| 48 | 59 | Vecima Networks Inc. | $45,950 | $36,552 | 25.7 | $303,437 | 15.1 | Comm/Telecom Equipment |
| 49 | 52 | Pharmascience Inc. | $44,910 | $44,752 | 0.4 | nd | Pharmaceuticals/Biotechnology | |
| 50 | 51 | Syncrude Canada Ltd. | $44,364 | $46,223 | -4.0 | nd | Energy/Oil & Gas | |
| 51 | 48 | Milestone Pharmaceuticals Inc.* | $42,332 | $52,423 | -19.2 | $1,350 | Pharmaceuticals/Biotechnology | |
| 52 | 40 | Thales Canada Inc. (fs) | $42,000 | $75,600 | -44.4 | $444,000 | 9.5 | Aerospace & Defence |
| 53 | 50 | Theratechnologies Inc.* | $41,718 | $48,480 | -13.9 | $110,357 | 37.8 | Pharmaceuticals/Biotechnology |
| 54 | 58 | Pason Systems Inc. | $41,247 | $37,573 | 9.8 | $369,309 | 11.2 | Software & Computer Services |
| 55 | 49 | Cascades Inc. | $40,006 | $49,873 | -19.8 | $2,483,545 | 1.6 | Forest & Paper Products |
| 56 | 61 | mdf commerce inc. + | $39,650 | $35,957 | 10.3 | $128,295 | 30.9 | Software & Computer Services |
| 57 | 67 | Westport Fuel Systems Inc.* | $35,096 | $30,577 | 14.8 | $447,829 | 7.8 | Other Manufacturing |
| 58 | 63 | Dorel Industries Inc.* | $33,116 | $34,820 | -4.9 | $1,874,393 | 1.8 | Other Manufacturing |
| 59 | 79 | Sernova Corp. | $32,672 | $17,569 | 86.0 | $0 | Pharmaceuticals/Biotechnology | |
| 60 | 66 | Essa Pharma Inc.* | $28,780 | $31,771 | -9.4 | $0 | Pharmaceuticals/Biotechnology | |
| 61 | 77 | Eupraxia Pharmaceuticals Inc.* | $28,059 | $17,624 | 59.2 | $0 | Pharmaceuticals/Biotechnology | |
| 62 | 71 | Winpak Ltd.* | $27,465 | $23,747 | 15.7 | $1,540,557 | 1.8 | Rubber & Plastics |
| 63 | 62 | Thinkific Labs Inc.* | $26,280 | $35,721 | -26.4 | $79,705 | 33.0 | Software & Computer Services |
| 64 | 75 | TECSYS Inc. | $23,943 | $20,392 | 17.4 | $152,424 | 15.7 | Software & Computer Services |
| 65 | 69 | Neo Performance Materials Inc.* | $21,970 | $27,080 | -18.9 | $771,414 | 2.8 | Mining & Metals |
| 66 | 65 | Canopy Growth Corporation | $21,718 | $32,344 | -32.9 | $450,901 | 4.8 | Pharmaceuticals/Biotechnology |
| 67 | 95 | Cameco Corporation | $21,036 | $12,175 | 72.8 | $2,587,758 | 0.8 | Mining & Metals |
| 68 | BriaCell Therapeutics Corp.* | $20,700 | $10,438 | 98.3 | $0 | Pharmaceuticals/Biotechnology | ||
| 69 | 82 | illumin Holdings Inc. | $19,695 | $16,805 | 17.2 | $126,318 | 15.6 | Telecommunications Services |
| 70 | 78 | Computer Modelling Group Ltd. | $18,913 | $17,581 | 7.6 | $73,846 | 25.6 | Software & Computer Services |
| 71 | 85 | Optiva Inc.* | $18,571 | $15,703 | 18.3 | $64,119 | 29.0 | Software & Computer Services |
| 72 | 70 | Blackline Safety Corp. | $18,513 | $24,684 | -25.0 | $100,006 | 18.5 | Software & Computer Services |
| 73 | 84 | AEterna Zentaris Inc.* + | $18,302 | $16,274 | 12.5 | $6,071 | 301.5 | Pharmaceuticals/Biotechnology |
| 74 | 86 | Oncolytics Biotech Inc. | $17,709 | $15,432 | 14.8 | $0 | Pharmaceuticals/Biotechnology | |
| 75 | 100 | DiaMedica Inc.* | $17,695 | $10,201 | 73.5 | $0 | Pharmaceuticals/Biotechnology | |
| 76 | 89 | Knight Therapeutics Inc. | $17,549 | $14,755 | 18.9 | $328,199 | 5.3 | Pharmaceuticals/Biotechnology |
| 77 | 99 | Taiga Motors Corporation | $15,988 | $10,266 | 55.7 | $16,127 | 99.1 | Automotive |
| 78 | 76 | Cardiol Therapeutics Inc. | $14,224 | $18,962 | -25.0 | $0 | Pharmaceuticals/Biotechnology | |
| 79 | Acasti Pharma Inc.* | $13,682 | $7,981 | 71.4 | $0 | Pharmaceuticals/Biotechnology | ||
| 80 | IMAX Corporation* | $13,645 | $6,897 | 97.8 | $505,920 | 2.7 | Other Services | |
| 81 | 91 | POET Technologies Inc.* | $13,602 | $13,985 | -2.7 | $629 | Electronic Systems & Parts | |
| 82 | 93 | TC Energy | $13,431 | $12,779 | 5.1 | $15,934,000 | 0.1 | Energy/Oil & Gas |
| 83 | Resolute Forest Products Inc. (fs) | $13,000 | $9,700 | 34.0 | $2,772,000 | 0.5 | Forest & Paper Products | |
| 84 | Exro Technologies Inc. | $12,837 | $8,766 | 46.4 | $5,736 | 223.8 | Electronic Systems & Parts | |
| 85 | 94 | Stingray Group Inc. | $12,173 | $12,755 | -4.6 | $323,944 | 3.8 | Telecommunications Services |
| 86 | 92 | Baylin Technologies Inc. | $11,455 | $13,280 | -13.7 | $73,041 | 15.7 | Comm/Telecom Equipment |
| 87 | Buhler Industries Inc. | $11,433 | $7,406 | 54.4 | $238,526 | 4.8 | Agriculture & Food | |
| 88 | 90 | Antibe Therapeutics Inc. | $11,308 | $14,444 | -21.7 | $0 | Pharmaceuticals/Biotechnology | |
| 89 | Tantalus Systems Holding Inc.* | $10,733 | $10,210 | 5.1 | $56,886 | 18.9 | Software & Computer Services | |
| 90 | 73 | ProMIS Neurosciences Inc.* | $10,640 | $20,934 | -49.2 | $0 | Pharmaceuticals/Biotechnology | |
| 91 | 81 | Medicenna Therapeutics Corp. | $10,052 | $17,169 | -41.5 | $0 | Pharmaceuticals/Biotechnology | |
| 92 | TrueContext Inc.* | $9,494 | $9,143 | 3.8 | $32,894 | 28.9 | Software & Computer Services | |
| 93 | Satellos Bioscience Inc. | $8,817 | $2,587 | 240.8 | $0 | Pharmaceuticals/Biotechnology | ||
| 94 | Mattr Corp. | $8,566 | $8,782 | -2.5 | $863,603 | 1.0 | Other Manufacturing | |
| 95 | Nano One Materials Corp. | $8,369 | $3,253 | 157.3 | $0 | Electronic Systems & Parts | ||
| 96 | Velan Inc.* ++ | $8,185 | $8,043 | 1.8 | $468,098 | 1.7 | Other Manufacturing | |
| 97 | 83 | NervGen Pharma Corp. | $8,046 | $16,613 | -51.6 | $0 | Pharmaceuticals/Biotechnology | |
| 98 | Verses AI Inc.* | $7,939 | $0 | $2,166 | 366.5 | Software & Computer Services | ||
| 99 | Willow Biosciences Inc. | $6,800 | $7,473 | -9.0 | $1,172 | Pharmaceuticals/Biotechnology | ||
| 100 | 96 | Alpha Cognition Canada Inc.* | $6,746 | $11,474 | -41.2 | $0 | Pharmaceuticals/Biotechnology | |
