Canada’s Top 100 Corporate R&D Spenders 2021
Spotlight on Two Decades of Corporate R&D

of Corporate R&D
In association with its 20th anniversary, Research Infosource shines the spotlight on two decades of corporate R&D investment.

20-Year Spotlight - Total Corporate R&D Spending
Rank Company $000           Industry
1           Bombardier Inc.* $18,272,538           Aerospace
2           BCE Inc. $16,421,600           Telecommunications Services
3           Magna International Inc.* $13,066,537           Automotive
4           BlackBerry Limited* ++ $11,462,572           Software & Computer Services
5           Pratt & Whitney Canada Corp. (fs) $9,784,346           Aerospace
6           IBM Canada Ltd. (fs) $8,790,600           Software & Computer Services
7           Ericsson Canada Inc. (fs) $5,435,000           Comm/Telecom Equipment
8           Bausch Health Companies Inc.* $4,824,521           Pharmaceuticals/Biotechnology
9           Open Text Corporation* $3,677,909           Software & Computer Services
10           CAE Inc. $2,803,234           Aerospace
11           Imperial Oil Limited $2,519,000           Energy/Oil & Gas
12           GlaxoSmithKline Inc. (fs) $2,312,478           Pharmaceuticals/Biotechnology
13           Hydro-Québec $2,185,000           Electrical Power & Utilities
14           Ontario Power Generation Inc. $1,491,000           Electrical Power & Utilities
15           Syncrude Canada Ltd. $1,472,467           Energy/Oil & Gas
16           Sierra Wireless, Inc.* $1,446,903           Comm/Telecom Equipment
17           AstraZeneca Canada Inc. (fs) $1,276,854           Pharmaceuticals/Biotechnology
18           Ballard Power Systems Inc.* $1,155,544           Machinery
19           EXFO Inc.* $949,012           Comm/Telecom Equipment
20           Westport Fuel Systems Inc.* $909,580           Other Manufacturing

  1. Based on companies that have been on the Top 100 Corporate R&D Spenders list for all 20 years FY2001-FY2021.
  2. Data were obtained through annual reports, financial statements, securities commission filings, other company issued documents, or through a survey.
  3. We have attempted, whenever possible, to provide gross R&D spending before deduction of investment tax credits or government grants.
  4. R&D spending figures may have been adjusted as more accurate information became available.
  5. Canadian-owned company results include worldwide R&D spending; foreign subsidiaries (fs) for their Canadian operations only
*Converted to CDN$ at annual average rate (Bank of Canada) for some or all of the years
++Figures were one fiscal year ahead for companies with January and February year-ends
fs = Foreign subsidiary (includes R&D spending for Canadian operations only)