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:
  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. FY2019 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 2020 = 1.3415; 2019 = 1.3269 (Bank of Canada)
**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).


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