Industries with the Highest Profit Margin in Canada in 2023

1. Primary Care Doctors in Canada

Profit Margin 2023: 54.6%

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. Soybean Farming in Canada

Profit Margin 2023: 39.4%

Revenue for soybean farmers has grown because of growth in soybean prices and exports. Exports account for the majority of revenue, so fluctuations in international demand have an outsized impact on revenue. Growth in exports has largely been fuelled by growth of 28.0% in 2019, when exports to Iran grew by about 500.0%. Trade tensions between Canada and China have prevented further growth in exports. The Canadian government has criticized several social policies enforced by the Chinese administration. Canada has also supported its ally, the United States, in trade disputes with China. These events have resulted in exports to China... Learn More

3. Real Estate Sales & Brokerage in Canada

Profit Margin 2023: 39.1%

Real estate sales and brokerage services are closely aligned with the health of the Canadian real estate market. Revenue rises alongside property prices and real estate transaction volumes as real estate agents are paid on a commission basis when they close a deal. A growing, aging and progressively wealthy Canadian population has boosted demand for residential properties. Industry revenue has been growing at a CAGR of 7.3% over the past five years, and is expected to reach $26.0 billion through the end of 2023, despite a decline of 2.5% in 2023 alone.

Revenue has grown despite a sharp decline in the... Learn More

4. Satellite TV Providers in Canada

Profit Margin 2023: 37.9%

Through the end of 2023, satellite TV providers in Canada has struggled to maintain its subscribers as consumers have migrated toward substitute services, like Internet Protocol TV (IPTV). Prior to the current period, these providers have continuously added subscribers before the proliferation of internet-based TV subscription packages. Through the last ten years, satellite TV providers have endured a steady dip in subscribers, ultimately dropping prey to external competition, like Netflix Inc. and EPICIPTV.net. Revenue is expected to drop at a CAGR of 1.2% to $2.2 billion through the end of 2023, including a 0.6% forecast dip in 2023 alone alongside... Learn More

5. Payroll & Bookkeeping Services in Canada

Profit Margin 2023: 35.5%

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

6. Apartment Rental in Canada

Profit Margin 2023: 29.2%

Revenue for Canadian apartment lessors has grown in recent years. Apartment lessors collect rental income from properties they lease, where the rates they charge are largely determined by market forces. The supply of apartment rentals has grown at a slower rate than demand, which has elevated rental rates to the benefit of lessors. Favourable economic conditions and demographic trends during most of the period have driven growth in demand. In 2020, the spread of COVID-19 lessened demand for apartment rentals, but the nature of apartment leases prevented a decline in revenue until 2021. Revenue has grown since 2022 as higher... Learn More

7. Real Estate Investment Trusts in Canada

Profit Margin 2023: 28.0%

The Real Estate Investment Trusts industry in Canada has declined in recent years, as solid operational efficiency and a low interest rate environment, which had laid the foundation for growth, have been undermined by the COVID-19 pandemic and interest rate hikes. Prior to 2020, the industry benefited from a low level of revenue volatility backed by a steady stream of income from rentals amid stable economic growth. Long-term rent contracts in commercial segments and the rise of rental rates in the residential product segment enabled the industry to maintain stable growth rates. Overall, industry revenue is expected to have declined... Learn More

8. Optometrists in Canada

Profit Margin 2023: 27.2%

Despite experiencing intensifying competition from online ophthalmological goods retailers, Canadian optometrists have grown in recent years. Demand has been driven by a burgeoning elderly population and increased awareness of the importance of eye health. Increased advertising has benefited optometry practices as several provincial organizations implemented advertising campaigns to raise public awareness of the potential hazards of purchasing online eyewear products. One potential hazard is the product's incorrect prescription, which could negatively affect eyesight.

In addition to a changing competitive landscape, optometrists have had to adapt to a new regulatory environment. For example, in British Columbia, the deregulation of prescription eyewear permitted... Learn More

9. Rail Transportation in Canada

Profit Margin 2023: 25.5%

Rail transportation in Canada has emerged as a mainstay in Canadian freight transportation. Given Canada's strong connection to trade volumes, the recovery of total trade value has resulted in rail transportation expansion. The added support from retail markets and agricultural demand has also benefited this method of transportation. Overall, revenue is expected to inch down at a CAGR of 0.6% to $19.9 billion through the end of 2023, despite forecast expansion of1.0% in 2023. Profit, similarly, is expected to inch downward to 25.5% of revenue in 2023.

As the Canadian economy has strengthened during the period, consumers have become expansively willing... Learn More

10. Dairy Farms in Canada

Profit Margin 2023: 24.3%

Canadian dairy farmers primarily raise cattle for milking, while most industry revenue comes from selling milk to dairy processors. Revenue has expanded in recent years, climbing at a CAGR of 3.3% to $11.3 billion through the end of 2023. This includes a 3.3% growth in 2023 alone as macroeconomic indicators, including consumer spending and the CPI for food, continue to climb. While consumer spending has risen, fluid milk consumption has fallen in favour of substitutes, cutting into demand for one of dairy farmers' primary products. Downstream demand for other dairy products, including yogourt, butter and cheese, has risen steadily, bolstering... Learn More