Industries with Riskiest Business Environments in Canada in 2026

• 1. Coal Mining in Canada

  Business Environment Risk for 2026: 7

  Canadian coal miners are coming off a tumultuous few years in which war, supply shocks and the energy transition have all collided. After spiking in 2021 and 2022 on the back of the post‑pandemic reopening and Russia's invasion of Ukraine, coal prices have eased from their peaks as supply chains normalized and Europe scrambled less urgently for replacement fuel. That retreat has pulled revenue and profit back from their 2022 highs, even though prices remained comparatively firm through 2023 a...

  Learn More

• 2. Iron Ore Mining in Canada

  Business Environment Risk for 2026: 7

  Iron ore miners have experienced massive shifts in revenue for most of the period since iron is used to produce steel, linking performance directly to the strength of the global economy and construction markets. Exports are a significant market for miners, and heightened demand from China, alongside expansions from other major trading partners, has been beneficial, as iron ore prices have spiked amid supply shortages. Nonetheless, prices came tumbling down starting in 2022 through 2025. This ...

  Learn More

• 3. Wired Telecommunications Carriers in Canada

  Business Environment Risk for 2026: 7

  Over the last five years, the wired telecommunications industry in Canada has been in structural decline as consumers and businesses shift decisively toward mobile and internet-based communications. Industry revenue is expected to decrease at a CAGR of 4.4% to $5.2 billion over the five years to 2025, including a decrease of 2.2% in 2025 alone, as access lines fall and traditional local and long-distance services are relegated to secondary roles within discounted bundles. Incumbents have acce...

  Learn More

• 4. Oil Drilling & Gas Extraction in Canada

  Business Environment Risk for 2026: 7

  Oil drilling and gas extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. As the economy reopened in 2021, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. The Russia-Ukraine conflict further exacerbated this, causing exports to surge as foreign countries looked elsewhere to get oil and gas. While prices crept down later in the period, they remained elevated and well above pre-pandemic levels. O...

  Learn More

• 5. Greeting Cards & Other Publishing in Canada

  Business Environment Risk for 2026: 7

  Greeting cards and other publishers in Canada have faced mounting pressure from the advent of paperless substitutes, which have severely reduced the need for many of their products. Digital substitutes like smartphones and tablets have led consumers to reduce their use of paper-based calendars and time schedulers, as these devices often include these tools built in. They also allow users to directly link events and dates from emails into their digital calendars, providing added convenience at...

  Learn More

• 6. Iron & Steel Manufacturing in Canada

  Business Environment Risk for 2026: 7

  The Canadian steel industry is currently facing a challenging period marked by a projected 2.0% contraction in 2025, with total revenues falling to $16.3 billion. Although the industry posted a 3.9% five-year CAGR over the current period, this figure is largely due to strong gains in 2021, followed by subsequent declines. This downturn is primarily driven by the imposition of a 25.0% US tariff on Canadian steel imports, which has sharply reduced export volumes and reduced profit, leading to l...

  Learn More

• 7. Mining, Oil & Gas Machinery Manufacturing in Canada

  Business Environment Risk for 2026: 7

  Canadian mining, oil and gas machinery manufacturers faced fluctuating input costs, notably with steel, impacting revenue and profit. When these prices skyrocketed in the middle of the period, so did revenue, as manufacturers were able to pass these costs on to consumers. Steel prices eventually stabilized in 2024, allowing companies to salvage profit while keeping revenue steady. Overall, industry revenue has pushed up at a CAGR of 5.3% through 2025, reaching $5.2 billion, including a 4.0% u...

  Learn More

• 8. Tour Operators in Canada

  Business Environment Risk for 2026: 7

  Canadian tour operators have experienced a dramatic revenue rebound over the past five years as travel restrictions eased and pent-up demand unleashed record domestic and inbound tourism. However, growth is now plateauing as households confront cost-of-living pressures and shift toward value-driven travel. Travellers increasingly favour affordable “dupe” destinations, ultra-personalised itineraries or wellness- or food-focused trips, prompting operators to expand lower-...

  Learn More

• 9. TV Broadcasting in Canada

  Business Environment Risk for 2026: 6

  The TV broadcasting industry in Canada has struggled to attract viewers and generate advertising revenue. Historically, TV commanded a central role in Canada's media sector and represented advertisers' main avenue of revenue generation. The explosion of digital media and the increasing use of mobile devices have eroded the significance of conventional TV in recent years. Consumers are finding new entertainment outlets online, particularly from streaming services, prompting advertisers to acce...

  Learn More

• 10. Foreign Currency Exchange Services in Canada

  Business Environment Risk for 2026: 6

  Pressures from external competition from banks offering foreign exchange services have limited growth. More foreign currency exchange houses provide services to financial institutions by participating in the supply chain of foreign exchange, supplying banks with banknotes wholesale, or providing the service directly as an outsourced agent. Alongside favorable economic trends during the majority of the five years and the proliferation of online services, operators have expanded demand by exten...

  Learn More