CANADA'S INNOVATION LEADERS
CANADA'S INNOVATION LEADERS
If your company was one of
Canada's Top 100 Corporate R&D Spenders 2023
and would like to place this logo on your website,
please contact us at 647-834-8994
or email arlene@researchinfosource.com
| Rank | Company | R&D Spending | Revenue | R&D Intensity | Industry | |||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | FY2022 $000 |
FY2021 $000 |
% Change 2021-2022 |
FY2022 $000 |
R&D Spending as % of Revenue** |
||
| 1 | 1 | Shopify Inc.* | $1,956,158 | $1,070,969 | 82.7 | $7,287,103 | 26.8 | Software & Computer Services |
| 2 | 2 | Constellation Software Inc.* | $1,314,313 | $965,195 | 36.2 | $8,617,209 | 15.3 | Software & Computer Services |
| 3 | 4 | Magna International Inc.* | $844,544 | $794,719 | 6.3 | $49,241,192 | 1.7 | Automotive |
| 4 | 3 | TELUS Corporation | $819,000 | $799,000 | 2.5 | $18,412,000 | 4.4 | Telecommunications Services |
| 5 | 11 | AMD Canada (fs) | $698,819 | $480,016 | 45.6 | nd | Computer Equipment | |
| 6 | 8 | Bausch Health Companies Inc.* | $688,388 | $582,878 | 18.1 | $10,571,761 | 6.5 | Pharmaceuticals/Biotechnology |
| 7 | 6 | BCE Inc. | $644,000 | $618,024 | 4.2 | $24,174,000 | 2.7 | Telecommunications Services |
| 8 | 7 | Pratt & Whitney Canada Corp. (fs) | $641,364 | $590,002 | 8.7 | nd | Aerospace & Defence | |
| 9 | 12 | Canadian Natural Resources Limited | $587,000 | $450,000 | 30.4 | $42,298,000 | 1.4 | Energy/Oil & Gas |
| 10 | 10 | Open Text Corporation* | $573,155 | $528,284 | 8.5 | $4,546,539 | 12.6 | Software & Computer Services |
| 11 | 5 | Rogers Communications Inc. | $496,605 | $682,428 | -27.2 | $15,396,000 | 3.2 | Telecommunications Services |
| 12 | IBM Canada Ltd. (fs) | $461,000 | $455,000 | 1.3 | $4,446,208 | 10.4 | Software & Computer Services | |
| 13 | 14 | Ericsson Canada Inc. (fs) | $446,000 | $390,000 | 14.4 | nd | Comm/Telecom Equipment | |
| 14 | 16 | BRP Inc.++ | $367,700 | $289,800 | 26.9 | $10,033,400 | 3.7 | Other Manufacturing |
| 15 | 15 | CGI Group Inc. | $321,680 | $303,170 | 6.1 | $12,867,201 | 2.5 | Software & Computer Services |
| 16 | 18 | Zymeworks Inc.* | $271,446 | $250,389 | 8.4 | $536,763 | 50.6 | Pharmaceuticals/Biotechnology |
| 17 | 17 | BlackBerry Limited* ++ | $269,369 | $274,517 | -1.9 | $853,653 | 31.6 | Software & Computer Services |
| 18 | 19 | CAE Inc. | $217,600 | $202,800 | 7.3 | $3,371,300 | 6.5 | Aerospace & Defence |
| 19 | 20 | Cisco Canada (fs) | $197,812 | $186,476 | 6.1 | nd | Comm/Telecom Equipment | |
| 20 | 22 | Sanofi Canada (fs) | $166,301 | $143,416 | 16.0 | $814,529 | 20.4 | Pharmaceuticals/Biotechnology |
| 21 | 40 | Lightspeed Commerce Inc.* | $157,652 | $68,676 | 129.6 | $713,596 | 22.1 | Software & Computer Services |
| 22 | 23 | Teck Resources Limited | $157,000 | $129,000 | 21.7 | $17,316,000 | 0.9 | Mining & Metals |
| 23 | 24 | Repare Therapeutics Inc.* | $156,772 | $114,253 | 37.2 | $171,550 | 91.4 | Pharmaceuticals/Biotechnology |
| 24 | 21 | Hydro-Québec | $154,000 | $144,300 | 6.7 | $16,567,000 | 0.9 | Electrical Power & Utilities |
| 25 | 33 | AbCellera Biologics Inc.* | $140,383 | $77,795 | 80.5 | $631,682 | 22.2 | Pharmaceuticals/Biotechnology |
| 26 | Xenon Pharmaceuticals Inc.* | $137,635 | $94,593 | 45.5 | $12,276 | 1,121.2 | Pharmaceuticals/Biotechnology | |
| 27 | 29 | Bombardier Inc.* | $135,335 | $88,999 | 52.1 | $8,995,887 | 1.5 | Aerospace & Defence |
| 28 | 32 | Ballard Power Systems Inc.* | $124,862 | $77,920 | 60.2 | $109,031 | 114.5 | Machinery |
| 29 | 25 | Novelis Inc.* (fs) | $119,720 | $104,041 | 15.1 | $22,315,994 | 0.5 | Mining & Metals |
| 30 | 26 | GlaxoSmithKline Inc. (fs) | $112,972 | $94,137 | 20.0 | $955,668 | 11.8 | Pharmaceuticals/Biotechnology |
| 31 | 30 | Evertz Technologies Limited | $102,438 | $79,895 | 28.2 | $441,016 | 23.2 | Comm/Telecom Equipment |
| 32 | 39 | Kinaxis Inc.* | $96,487 | $71,981 | 34.0 | $477,433 | 20.2 | Software & Computer Services |
| 33 | 41 | MDA Ltd. | $94,000 | $66,000 | 42.4 | $641,200 | 14.7 | Aerospace & Defence |
| 34 | 31 | Descartes Systems Group Inc.* ++ | $91,550 | $78,431 | 16.7 | $632,450 | 14.5 | Software & Computer Services |
| 35 | 38 | Canadian Solar Inc.* | $90,859 | $73,213 | 24.1 | $9,718,902 | 0.9 | Energy/Oil & Gas |
| 36 | 36 | AstraZeneca Canada Inc. (fs) | $79,012 | $75,886 | 4.1 | $1,255,408 | 6.3 | Pharmaceuticals/Biotechnology |
| 37 | 34 | Northland Power Inc. | $78,217 | $77,660 | 0.7 | $2,448,815 | 3.2 | Electrical Power & Utilities |
| 38 | Fusion Pharmaceuticals Inc.* | $76,640 | $70,643 | 8.5 | $1,901 | Pharmaceuticals/Biotechnology | ||
| 39 | 37 | BELLUS Health Inc.*+ | $76,639 | $74,003 | 3.6 | $21 | Pharmaceuticals/Biotechnology | |
| 40 | 56 | Thales Canada Inc. (fs) | $75,600 | $40,100 | 88.5 | $570,000 | 13.3 | Aerospace & Defence |
| 41 | 28 | Imperial Oil Limited | $74,000 | $89,000 | -16.9 | $59,413,000 | 0.1 | Energy/Oil & Gas |
| 42 | 35 | Enghouse Systems Limited | $72,262 | $77,197 | -6.4 | $427,585 | 16.9 | Software & Computer Services |
| 43 | 43 | Rio Tinto Iron & Titanium Inc. (fs) | $70,729 | $61,025 | 15.9 | $1,623,000 | 4.4 | Mining & Metals |
| 44 | 51 | Celestica Inc.* | $60,250 | $48,134 | 25.2 | $9,434,425 | 0.6 | Electronic Systems & Parts |
| 45 | 42 | Aurinia Pharmaceuticals Inc.* | $58,543 | $64,103 | -8.7 | $174,413 | 33.6 | Pharmaceuticals/Biotechnology |
| 46 | 62 | Absolute Software Corporation* + | $58,266 | $29,161 | 99.8 | $256,761 | 22.7 | Software & Computer Services |
| 47 | 44 | D2L Inc.* ++ | $56,044 | $58,412 | -4.1 | $219,134 | 25.6 | Software & Computer Services |
| 48 | Milestone Pharmaceuticals Inc.* | $52,423 | $49,048 | 6.9 | $6,507 | 805.6 | Pharmaceuticals/Biotechnology | |
| 49 | 55 | Cascades Inc. | $49,873 | $40,522 | 23.1 | $4,466,000 | 1.1 | Forest & Paper Products |
| 50 | 58 | Theratechnologies Inc.* | $48,480 | $35,789 | 35.5 | $104,178 | 46.5 | Pharmaceuticals/Biotechnology |
| 51 | 48 | Syncrude Canada Ltd. | $46,223 | $53,890 | -14.2 | nd | Energy/Oil & Gas | |
| 52 | 50 | Pharmascience Inc. | $44,752 | $49,461 | -9.5 | nd | Pharmaceuticals/Biotechnology | |
| 53 | 66 | Sangoma Technologies Corporation* | $44,450 | $27,194 | 63.5 | $291,949 | 15.2 | Computer Equipment |
| 54 | 54 | Martinrea International Inc. | $44,294 | $41,155 | 7.6 | $4,757,588 | 0.9 | Automotive |
| 55 | 69 | Magnet Forensics Inc.* | $43,411 | $25,940 | 67.4 | $128,743 | 33.7 | Software & Computer Services |
| 56 | 53 | Titan Medical Inc.* | $42,952 | $47,577 | -9.7 | $0 | Medical Devices & Instrumentation | |
| 57 | 74 | Coveo Solutions Inc.* | $39,168 | $20,154 | 94.3 | $112,547 | 34.8 | Software & Computer Services |
| 58 | 59 | Pason Systems Inc. | $37,573 | $32,220 | 16.6 | $334,998 | 11.2 | Software & Computer Services |
| 59 | 68 | Vecima Networks Inc. | $36,552 | $26,247 | 39.3 | $186,814 | 19.6 | Comm/Telecom Equipment |
| 60 | 45 | Aptose Biosciences Inc.* | $36,551 | $57,642 | -36.6 | $0 | Pharmaceuticals/Biotechnology | |
| 61 | 65 | mdf commerce inc. | $35,957 | $28,399 | 26.6 | $108,259 | 33.2 | Software & Computer Services |
| 62 | 71 | Thinkific Labs Inc.* | $35,721 | $24,382 | 46.5 | $66,986 | 53.3 | Software & Computer Services |
| 63 | 57 | Dorel Industries Inc.* | $34,820 | $36,199 | -3.8 | $2,043,398 | 1.7 | Other Manufacturing |
| 64 | 67 | Docebo Inc.* | $33,403 | $26,701 | 25.1 | $185,971 | 18.0 | Software & Computer Services |
| 65 | 46 | Canopy Growth Corporation | $32,344 | $57,582 | -43.8 | $582,218 | 5.6 | Pharmaceuticals/Biotechnology |
| 66 | 61 | Essa Pharma Inc.* | $31,771 | $30,409 | 4.5 | $0 | Pharmaceuticals/Biotechnology | |
| 67 | 60 | Westport Fuel Systems Inc.* | $30,577 | $31,581 | -3.2 | $397,805 | 7.7 | Other Manufacturing |
| 68 | 63 | IMV Inc.* | $30,296 | $28,931 | 4.7 | $0 | Pharmaceuticals/Biotechnology | |
| 69 | 70 | Neo Performance Materials Inc.* | $27,080 | $24,893 | 8.8 | $833,220 | 3.3 | Mining & Metals |
| 70 | 77 | Blackline Safety Corp. | $24,684 | $16,394 | 50.6 | $72,931 | 33.8 | Software & Computer Services |
| 71 | 73 | Winpak Ltd.* | $23,747 | $22,351 | 6.2 | $1,537,008 | 1.5 | Rubber & Plastics |
| 72 | 81 | Q4 Inc.* | $23,694 | $13,894 | 70.5 | $72,970 | 32.5 | Software & Computer Services |
| 73 | ProMIS Neurosciences Inc.* | $20,934 | $6,310 | 231.8 | $0 | Pharmaceuticals/Biotechnology | ||
| 74 | 98 | Appili Therapeutics Inc. | $20,744 | $10,222 | 102.9 | $1,391 | Pharmaceuticals/Biotechnology | |
| 75 | 75 | TECSYS Inc. | $20,392 | $18,568 | 9.8 | $137,200 | 14.9 | Software & Computer Services |
| 76 | 93 | Cardiol Therapeutics Inc. | $18,962 | $10,870 | 74.4 | $0 | Pharmaceuticals/Biotechnology | |
| 77 | 96 | Eupraxia Pharmaceuticals Inc. | $17,624 | $10,256 | 71.8 | $0 | Pharmaceuticals/Biotechnology | |
| 78 | 78 | Computer Modelling Group Ltd. | $17,581 | $15,864 | 10.8 | $66,202 | 26.6 | Software & Computer Services |
| 79 | Sernova Corp. | $17,569 | $5,758 | 205.1 | $0 | Pharmaceuticals/Biotechnology | ||
| 80 | 72 | Edesa Biotech, Inc.* | $17,353 | $22,497 | -22.9 | $0 | Pharmaceuticals/Biotechnology | |
| 81 | 93 | Medicenna Therapeutics Corp. | $17,169 | $10,870 | 57.9 | $0 | Pharmaceuticals/Biotechnology | |
| 82 | 86 | AcuityAds Holdings Inc. + | $16,805 | $12,680 | 32.5 | $121,039 | 13.9 | Telecommunications Services |
| 83 | NervGen Pharma Corp. | $16,613 | $6,872 | 141.7 | $0 | Pharmaceuticals/Biotechnology | ||
| 84 | AEterna Zentaris Inc.* | $16,274 | $8,241 | 97.5 | $7,339 | 221.7 | Pharmaceuticals/Biotechnology | |
| 85 | 83 | Optiva Inc.* | $15,703 | $13,174 | 19.2 | $80,393 | 19.5 | Software & Computer Services |
| 86 | 84 | Oncolytics Biotech Inc. | $15,432 | $12,920 | 19.4 | $0 | Pharmaceuticals/Biotechnology | |
| 87 | 76 | Liminal BioSciences Inc. | $15,298 | $18,347 | -16.6 | $401 | Pharmaceuticals/Biotechnology | |
| 88 | Revive Therapeutics Ltd. | $15,156 | $6,705 | 126.0 | $0 | Pharmaceuticals/Biotechnology | ||
| 89 | 85 | Knight Therapeutics Inc. | $14,755 | $12,692 | 16.3 | $293,563 | 5.0 | Pharmaceuticals/Biotechnology |
| 90 | 80 | Antibe Therapeutics Inc. | $14,444 | $14,434 | 0.1 | $0 | Pharmaceuticals/Biotechnology | |
| 91 | 97 | POET Technologies Inc.* | $13,985 | $10,235 | 36.6 | $720 | Electronic Systems & Parts | |
| 92 | 82 | Baylin Technologies Inc. | $13,280 | $13,682 | -2.9 | $120,860 | 11.0 | Comm/Telecom Equipment |
| 93 | 99 | TC Energy | $12,779 | $10,110 | 26.4 | $14,977,000 | 0.1 | Energy/Oil & Gas |
| 94 | 95 | Stingray Group Inc. | $12,755 | $10,689 | 19.3 | $282,626 | 4.5 | Telecommunications Services |
| 95 | Cameco Corporation | $12,175 | $7,168 | 69.9 | $1,868,003 | 0.7 | Mining & Metals | |
| 96 | 100 | Alpha Cognition Canada Inc.* | $11,474 | $9,994 | 14.8 | $0 | Pharmaceuticals/Biotechnology | |
| 97 | 88 | Servier Canada Inc. (fs) | $10,775 | $12,157 | -11.4 | $125,954 | 8.6 | Pharmaceuticals/Biotechnology |
| 98 | 91 | Aurora Cannabis Inc. | $10,389 | $11,447 | -9.2 | $253,303 | 4.1 | Pharmaceuticals/Biotechnology |
| 99 | Taiga Motors Corporation | $10,266 | $5,895 | 74.1 | $3,212 | 319.6 | Automotive | |
| 100 | 92 | DiaMedica Inc.* | $10,201 | $10,987 | -7.2 | $0 | Pharmaceuticals/Biotechnology | |
