Canada's Top 100 Corporate R&D Spenders 2021
| Rank | Company | R&D Spending | Revenue | R&D Intensity | Industry | |||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | FY2020 $000 |
FY2019 $000 |
% Change 2019-2020 |
FY2020 $000 |
R&D Spending as % of Revenue** |
||
| 1 | 1 | Magna International Inc.* | $1,113,445 | $849,216 | 31.1 | $43,795,951 | 2.5 | Automotive |
| 2 | 3 | Constellation Software Inc.* | $808,925 | $701,930 | 15.2 | $5,324,414 | 15.2 | Software & Computer Services |
| 3 | 11 | Shopify Inc.* | $740,678 | $471,069 | 57.2 | $3,929,912 | 18.8 | Software & Computer Services |
| 4 | 5 | Bausch Health Companies Inc.* | $606,358 | $624,970 | -3.0 | $10,768,221 | 5.6 | Pharmaceuticals/Biotechnology |
| 5 | 4 | Pratt & Whitney Canada Corp. (fs) | $597,783 | $629,533 | -5.0 | nd | Aerospace | |
| 6 | 8 | TELUS Corporation | $553,000 | $530,000 | 4.3 | $15,463,000 | 3.6 | Telecommunications Services |
| 7 | 7 | BCE Inc. | $535,000 | $532,400 | 0.5 | $22,883,000 | 2.3 | Telecommunications Services |
| 7 | 2 | Suncor Energy Inc. | $535,000 | $830,000 | -35.5 | $25,052,000 | 2.1 | Energy/Oil & Gas |
| 9 | 12 | Rogers Communications Inc. | $500,104 | $442,412 | 13.0 | $13,916,000 | 3.6 | Telecommunications Services |
| 10 | 14 | Open Text Corporation* | $496,906 | $427,044 | 16.4 | $4,171,711 | 11.9 | Software & Computer Services |
| 11 | 9 | IBM Canada Ltd. (fs) | $482,300 | $512,000 | -5.8 | nd | Software & Computer Services | |
| 12 | 13 | AMD Canada (fs) | $426,844 | $429,819 | -0.7 | nd | Electronic Systems & Parts | |
| 13 | 15 | Ericsson Canada Inc. (fs) | $350,000 | $381,000 | -8.1 | nd | Comm/Telecom Equipment | |
| 14 | 10 | Canadian Natural Resources Limited | $340,670 | $473,000 | -28.0 | $16,893,000 | 2.0 | Energy/Oil & Gas |
| 15 | 18 | Huawei Canada (fs) | $319,159 | $261,611 | 22.0 | nd | Comm/Telecom Equipment | |
| 16 | 17 | CGI Group Inc. | $304,103 | $302,781 | 0.4 | $12,164,115 | 2.5 | Software & Computer Services |
| 17 | 16 | BlackBerry Limited* ++ | $288,423 | $343,667 | -16.1 | $1,197,960 | 24.1 | Software & Computer Services |
| 18 | 19 | BRP Inc.++ | $242,300 | $238,400 | 1.6 | $5,952,900 | 4.1 | Other Manufacturing |
| 19 | 20 | CAE Inc. | $241,200 | $232,100 | 3.9 | $3,620,000 | 6.7 | Aerospace |
| 20 | 23 | Zymeworks Inc.* | $226,088 | $153,934 | 46.9 | $52,253 | 432.7 | Pharmaceuticals/Biotechnology |
| 21 | 22 | Cisco Canada (fs) | $172,832 | $166,267 | 3.9 | nd | Comm/Telecom Equipment | |
| 22 | 6 | Bombardier Inc.* | $162,322 | $577,202 | -71.9 | $8,702,311 | 1.9 | Aerospace |
| 23 | 26 | Sanofi (fs) (a) | $145,278 | $144,321 | 0.7 | $792,887 | 18.3 | Pharmaceuticals/Biotechnology |
| 24 | 21 | Imperial Oil Limited | $140,000 | $170,000 | -17.6 | $22,388,000 | 0.6 | Energy/Oil & Gas |
| 25 | 25 | Hydro-Québec | $133,800 | $132,000 | 1.4 | $13,594,000 | 1.0 | Electrical Power & Utilities |
| 26 | 29 | Novelis Inc.* (fs) | $112,686 | $95,537 | 18.0 | $15,047,606 | 0.7 | Mining & Metals |
| 27 | 27 | Sierra Wireless, Inc.* | $110,432 | $115,077 | -4.0 | $601,781 | 18.4 | Comm/Telecom Equipment |
| 28 | 39 | Teck Resources Limited | $97,000 | $67,000 | 44.8 | $8,948,000 | 1.1 | Mining & Metals |
| 29 | 31 | Evertz Technologies Limited | $90,827 | $85,823 | 5.8 | $436,592 | 20.8 | Comm/Telecom Equipment |
| 30 | 43 | Enghouse Systems Limited | $79,757 | $59,049 | 35.1 | $503,778 | 15.8 | Software & Computer Services |
| 31 | 50 | Northland Power Inc. | $74,615 | $44,200 | 68.8 | $2,060,627 | 3.6 | Electrical Power & Utilities |
| 32 | 33 | EXFO Inc.* | $73,198 | $76,923 | -4.8 | $356,280 | 20.5 | Comm/Telecom Equipment |
| 33 | 36 | Descartes Systems Group Inc.* ++ | $72,530 | $71,006 | 2.1 | $467,733 | 15.5 | Software & Computer Services |
| 34 | 37 | Aurinia Pharmaceuticals Inc.* | $67,514 | $70,148 | -3.8 | $67,233 | 100.4 | Pharmaceuticals/Biotechnology |
| 35 | 30 | Linamar Corporation | $66,950 | $87,149 | -23.2 | $5,815,573 | 1.2 | Automotive |
| 36 | 34 | Arbutus Biopharma Corporation* | $63,696 | $76,431 | -16.7 | $4,721 | 1,349.2 | Pharmaceuticals/Biotechnology |
| 37 | 49 | Kinaxis Inc.* | $63,614 | $45,280 | 40.5 | $300,750 | 21.2 | Software & Computer Services |
| 38 | 82 | Canopy Growth Corporation | $61,812 | $15,238 | 305.6 | $439,626 | 14.1 | Pharmaceuticals/Biotechnology |
| 39 | 41 | Canadian Solar Inc.* | $60,592 | $62,424 | -2.9 | $4,663,718 | 1.3 | Energy/Oil & Gas |
| 40 | 40 | GlaxoSmithKline Inc. (fs) | $60,501 | $65,165 | -7.2 | $890,578 | 6.8 | Pharmaceuticals/Biotechnology |
| 41 | 35 | Liminal BioSciences Inc. | $58,594 | $75,686 | -22.6 | $3,317 | 1,766.5 | Pharmaceuticals/Biotechnology |
| 42 | 42 | AstraZeneca Canada Inc. (fs) | $58,076 | $62,296 | -6.8 | $874,440 | 6.6 | Pharmaceuticals/Biotechnology |
| 43 | Repare Therapeutics Inc.* | $54,989 | $28,654 | 91.9 | $181 | Pharmaceuticals/Biotechnology | ||
| 44 | 44 | Dorel Industries Inc.* | $53,956 | $52,671 | 2.4 | $3,705,874 | 1.5 | Other Manufacturing |
| 45 | 60 | Ballard Power Systems Inc.* | $47,649 | $35,731 | 33.4 | $139,351 | 34.2 | Machinery |
| 46 | 46 | Ontario Power Generation Inc. | $47,000 | $51,000 | -7.8 | $7,240,000 | 0.6 | Electrical Power & Utilities |
| 47 | 65 | Lightspeed POS Inc.*+ | $46,268 | $27,171 | 70.3 | $161,835 | 28.6 | Software & Computer Services |
| 48 | 32 | Syncrude Canada Ltd. | $45,786 | $78,207 | -41.5 | nd | Energy/Oil & Gas | |
| 49 | 45 | Novartis Pharmaceuticals Canada Inc. (fs) | $45,000 | $51,800 | -13.1 | nd | Pharmaceuticals/Biotechnology | |
| 50 | D2L Inc.* ++ | $42,390 | $36,053 | 17.6 | $169,528 | 25.0 | Software & Computer Services | |
| 51 | 47 | Martinrea International Inc. | $41,215 | $48,782 | -15.5 | $3,375,286 | 1.2 | Automotive |
| 52 | 56 | Pharmascience Inc. | $40,893 | $38,458 | 6.3 | nd | Pharmaceuticals/Biotechnology | |
| 53 | AbCellera Biologics Inc.* | $39,431 | $13,419 | 193.8 | $312,777 | 12.6 | Pharmaceuticals/Biotechnology | |
| 54 | 72 | Aptose Biosciences Inc.* | $39,290 | $22,338 | 75.9 | $0 | Pharmaceuticals/Biotechnology | |
| 55 | 57 | Celestica Inc.* | $38,635 | $37,684 | 2.5 | $8,898,438 | 0.4 | Electronic Systems & Parts |
| 56 | 58 | Thales Canada Inc. (fs) | $37,863 | $36,374 | 4.1 | $533,947 | 7.1 | Electronic Systems & Parts |
| 57 | 53 | L3Harris WESCAM (fs) | $34,664 | $41,359 | -16.2 | nd | Aerospace | |
| 58 | 48 | Optiva Inc.* | $34,258 | $46,650 | -26.6 | $101,841 | 33.6 | Software & Computer Services |
| 59 | 59 | Trillium Therapeutics Inc.* | $34,004 | $36,358 | -6.5 | $199 | Pharmaceuticals/Biotechnology | |
| 60 | 63 | Cascades Inc. | $32,021 | $30,231 | 5.9 | $5,157,000 | 0.6 | Forest & Paper Products |
| 61 | 66 | BELLUS Health Inc.* | $31,832 | $26,119 | 21.9 | $20 | Pharmaceuticals/Biotechnology | |
| 62 | 69 | Héroux-Devtek Inc. | $30,650 | $24,194 | 26.7 | $612,996 | 5.0 | Aerospace |
| 63 | 61 | Westport Fuel Systems Inc.* | $28,139 | $33,401 | -15.8 | $338,725 | 8.3 | Other Manufacturing |
| 64 | 68 | Mediagrif Interactive Technologies Inc. + | $27,870 | $25,397 | 9.7 | $75,428 | 36.9 | Software & Computer Services |
| 65 | 62 | Pason Systems Inc. | $26,977 | $30,439 | -11.4 | $156,636 | 17.2 | Software & Computer Services |
| 66 | 79 | IMV Inc. | $26,605 | $18,986 | 40.1 | $3 | Pharmaceuticals/Biotechnology | |
| 67 | 51 | Eli Lilly Canada Inc. (fs) | $26,396 | $43,946 | -39.9 | nd | Pharmaceuticals/Biotechnology | |
| 68 | 85 | Aurora Cannabis Inc. | $26,070 | $14,778 | 76.4 | $328,203 | 7.9 | Pharmaceuticals/Biotechnology |
| 69 | 88 | Theratechnologies Inc.* | $24,570 | $14,385 | 70.8 | $88,610 | 27.7 | Pharmaceuticals/Biotechnology |
| 70 | 67 | Absolute Software Corporation* | $24,547 | $25,507 | -3.8 | $140,416 | 17.5 | Software & Computer Services |
| 71 | 74 | Sangoma Technologies Corporation | $23,913 | $20,748 | 15.3 | $131,418 | 18.2 | Computer Equipment |
| 72 | 77 | Vecima Networks Inc. | $22,862 | $19,040 | 20.1 | $96,416 | 23.7 | Comm/Telecom Equipment |
| 73 | 71 | Winpak Ltd.* | $22,150 | $22,425 | -1.2 | $1,143,619 | 1.9 | Rubber & Plastics |
| 74 | Magnet Forensics Inc.* | $21,779 | $19,379 | 12.4 | $68,724 | 31.7 | Software & Computer Services | |
| 75 | 54 | Acasti Pharma Inc.* | $21,709 | $38,961 | -44.3 | $0 | Pharmaceuticals/Biotechnology | |
| 76 | 52 | Resverlogix Corp.* | $21,288 | $42,917 | -50.4 | $0 | Pharmaceuticals/Biotechnology | |
| 77 | 73 | Computer Modelling Group Ltd. | $20,751 | $21,206 | -2.1 | $75,786 | 27.4 | Software & Computer Services |
| 78 | 70 | Resolute Forest Products Inc. (fs) | $19,200 | $24,000 | -20.0 | $2,877,000 | 0.7 | Forest & Paper Products |
| 79 | 78 | Neo Performance Materials Inc.* | $18,411 | $19,009 | -3.1 | $465,087 | 4.0 | Mining & Metals |
| 80 | 76 | Lockheed Martin Canada (fs) | $18,158 | $19,761 | -8.1 | $570,542 | 3.2 | Aerospace |
| 81 | Docebo Inc.* | $17,440 | $11,383 | 53.2 | $84,403 | 20.7 | Software & Computer Services | |
| 82 | 87 | TECSYS Inc. | $17,276 | $14,392 | 20.0 | $104,855 | 16.5 | Software & Computer Services |
| 83 | Coveo Solutions Inc.* | $16,993 | $13,561 | 25.3 | $74,421 | 22.8 | Software & Computer Services | |
| 84 | 100 | Essa Pharma Inc.* | $16,294 | $8,885 | 83.4 | $0 | Pharmaceuticals/Biotechnology | |
| 85 | 86 | TC Energy | $16,168 | $14,423 | 12.1 | $12,999,000 | 0.1 | Energy/Oil & Gas |
| 86 | 81 | Intertape Polymer Group Inc.* | $15,019 | $16,622 | -9.6 | $1,627,277 | 0.9 | Rubber & Plastics |
| 87 | 80 | Baylin Technologies Inc. | $13,272 | $16,803 | -21.0 | $119,739 | 11.1 | Comm/Telecom Equipment |
| 88 | 89 | AcuityAds Holdings Inc. | $13,157 | $13,834 | -4.9 | $104,894 | 12.5 | Telecommunications Services |
| 89 | 95 | Oncolytics Biotech Inc. | $12,945 | $11,135 | 16.3 | $0 | Pharmaceuticals/Biotechnology | |
| 90 | Knight Therapeutics Inc. | $11,725 | $3,913 | 199.6 | $199,519 | 5.9 | Pharmaceuticals/Biotechnology | |
| 91 | Tetra Bio-Pharma Inc. | $11,655 | $6,199 | 88.0 | $0 | Pharmaceuticals/Biotechnology | ||
| 92 | 93 | DiaMedica Inc.* | $11,148 | $11,618 | -4.0 | $0 | Pharmaceuticals/Biotechnology | |
| 93 | 84 | Servier Canada Inc. (fs) | $10,836 | $14,838 | -27.0 | $116,599 | 9.3 | Pharmaceuticals/Biotechnology |
| 94 | 38 | Titan Medical Inc.* | $10,647 | $68,227 | -84.4 | $26,830 | 39.7 | Medical Devices & Instrumentation |
| 95 | 90 | ShawCor Ltd. | $10,517 | $12,647 | -16.8 | $1,178,482 | 0.9 | Other Manufacturing |
| 96 | Cardiol Therapeutics Inc. | $10,515 | $3,530 | 197.9 | $0 | Pharmaceuticals/Biotechnology | ||
| 97 | Stingray Group Inc. | $9,919 | $8,551 | 16.0 | $306,721 | 3.2 | Telecommunications Services | |
| 98 | Blackline Safety Corp. | $9,241 | $7,117 | 29.8 | $38,377 | 24.1 | Software & Computer Services | |
| 99 | 97 | POET Technologies Inc.* | $8,900 | $10,298 | -13.6 | $0 | Electronic Systems & Parts | |
| 100 | Q4 Inc.* | $8,773 | $4,342 | 102.0 | $54,171 | 16.2 | Software & Computer Services | |
Notes:
**Based on companies with $2 million or more of revenue
+Not current name/acquired/merged
++Fiscal 2021 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).
- Data were obtained through annual reports, financial statements, securities commission filings, other company issued documents, and/or through a survey.
- We have attempted, whenever possible, to provide gross R&D spending before deduction of investment tax credits or government grants.
- We have attempted, wherever possible, to provide revenue net of interest and investment income.
- FY2019 R&D spending figures may have been adjusted as more accurate information became available.
- Canadian-owned company results include worldwide revenue and R&D spending; foreign subsidiaries (fs) for their Canadian operations only.
**Based on companies with $2 million or more of revenue
+Not current name/acquired/merged
++Fiscal 2021 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).