Industries with the Highest Profit Margin in Canada in 2024

1. Primary Care Doctors in Canada

Profit Margin 2024: 41.9%

Demographic trends drive the rising demand for comprehensive primary care in Canada. An aging population's expanding medical needs are increasing the demographic's consumption of medical services. Primary care physicians are also first in line to help this demographic navigate complex conditions and visit specialists. Sudden population growth in Canada – an outcome of a surge in immigration and temporary residents – has also expanded the need for primary care physicians. Rising spending on primary care was abruptly disrupted by COVID-19, leading providers to navigate unprecedented financial and operating pressures. Telehealth adoption did help primary care providers continue to meet with... Learn More

2. Commercial Banking in Canada

Profit Margin 2024: 36.1%

Despite low interest rates and some hiccups in economic growth, commercial banks in Canada have expanded throughout 2023. Banks have done an exceptional job diversifying revenue streams, overcoming limits imposed by low interest rates, and increasing regulations. The industry primarily generates revenue through interest income sources, such as business loans and mortgages, but it also generates income through noninterest sources, which include fees on a variety of services and commissions. Industry revenue has been growing at a CAGR of 2.2% over the past five years and is expected to total $275.4 billion in 2023, when revenue will likely jump an... Learn More

3. Wireless Telecommunications Carriers in Canada

Profit Margin 2024: 36.1%

More than ever, Canadian consumers expect to be connected everywhere, all the time, bringing nearly the entire population to subscribe to a mobile service. Wireless telecommunication carriers have capitalized on this accelerating use of data, as they're the bridge connecting users to the critical mobile networks they need. Still, while telecommunication providers were essential for Canadians to remain connected during the pandemic, revenue fell as in-person visits to retail stores plummeted. Wireless carriers have struggled to strengthen revenue since, even as data usage ramps up nationwide following upticks in travel and hybrid work environments. Steep competition between companies and sky-high... Learn More

4. Payroll & Bookkeeping Services in Canada

Profit Margin 2024: 35.2%

Canadian payroll companies and bookkeepers have seen a slight revenue expansion in recent years. The industry performed well prior to COVID-19, but the pandemic disrupted a growth trend that later resumed starting in 2021, and continued through 2022, leading payroll companies and bookkeepers' revenue to exceed pre-pandemic levels.

Industry companies rely on a business being willing to outsource its payroll and bookkeeping tasks so that it can focus on its core functions. Employers are more willing to do this when they are growing and the economy is strong, as they will want managers focused on continuing expansion, instead of administrative tasks.... Learn More

5. Accounting Services in Canada

Profit Margin 2024: 34.6%

Accounting firms benefit from near constant need, regardless of economic activity. Even during particularly poor conditions, like at the pandemic's height, consumers and businesses still filed taxes, requiring accountants. Even businesses forced to shutter their doors often required bankruptcy and receivership services, benefitting accounting firms. The evergreen nature of many services offered by accounting firms keep revenue growth relatively stable. In fact, over the past five years, revenue has been growing at a CAGR of 1.8% and is expected to reach $17.4 billion in 2023, when revenue will rise 2.7%.

Wages account for the highest share of an accounting firm's revenue,... Learn More

6. Property Management in Canada

Profit Margin 2024: 33.7%

Property management is expected to marginally decline over the five years to 2023. Operators provide a variety of services related to the management of residential and nonresidential properties, which include collecting rent, screening tenants and general maintenance. As a result, the industry relies on Canadian residential and nonresidential construction. During most of the period, investment has driven demand for industry services. While the value of nonresidential construction has been muted over most of the five years to 2023, sustained growth in the value of residential construction and other favourable trends during have supported the industry. Property managers were able to... Learn More

7. Breweries in Canada

Profit Margin 2024: 33.2%

As the Breweries industry in Canada has evolved in response to changing trends, its expansion has stagnated. While the industry has benefited from the popularity of craft beer from local microbreweries, consumers have shifted away from the traditional light and premium beer brands that currently represent most of industry brewers' sales. Navigating the challenging conditions of the COVID-19 pandemic, breweries saw sharp contractions across multiple years. As a result, industry revenue is anticipated to decline at a CAGR of 2.6% to $6.7 billion over the five years to 2023, including a contraction of 2.4% during the current year.

The rising popularity... Learn More

8. Cement Manufacturing in Canada

Profit Margin 2024: 32.3%

Canadian cement manufacturers produce a variety of cement products used for making concrete, mortar and stucco. Cement products are used in a range of construction projects. That's why industry performance is linked to the level of activity in residential and nonresidential construction markets domestically and in the United States, the industry's largest trading partner. Infrastructure construction, which relies heavily on concrete, also generates demand for cement products. Over the five years to 2023, industry revenue has expanded as recovering domestic construction markets raise demand for cement products. The broader economic expansion following the COVID-19 downturn has pushed up production volumes... Learn More

9. Physical Therapists in Canada

Profit Margin 2024: 31.8%

Physical therapists have continued gaining popularity and have become essential to promoting health and wellness. Therapists have benefited from an aging population as adults aged 65 and older endure health conditions that require physiotherapy (think hip and knee replacements and arthritis). While the pandemic caused issues for many sectors, healthcare was deemed essential and therapists continued to treat patients at a limited rate. Some offices implemented several barriers and precautions to prevent the spread of the virus, while others conducted virtual sessions through video calls. Overall, industry revenue is expected to grow at a CAGR of 3.0% to $4.3 billion... Learn More

10. Management Consulting in Canada

Profit Margin 2024: 31.6%

Management consulting in Canada is composed of companies that provide consulting services to private businesses and the public sector. These advisory services are tailored to provide strategic, financial, marketing, operational and supply chain management consulting services. Businesses partake in mergers and acquisitions, joint ventures, divestitures and initial public offerings based on their expectations of what the future holds. Although the company provides countercyclical services that support industry revenue during economic downturns, the COVID-19 pandemic hindered industry operations in unprecedented ways in 2020. Revenue is expected to grow at a CAGR of 2.0% to $23.9 billion over the years to 2023,... Learn More