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If your company was one of
Canada's Top 100 Corporate R&D Spenders 2025
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 | |||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | FY2024 $000 |
FY2023 $000 |
% Change 2023-2024 |
FY2024 $000 |
R&D Spending as % of Revenue** |
||
| 1 | 1 | Shopify Inc.* | $1,872,517 | $2,334,981 | -19.8 | $12,163,824 | 15.4 | Software & Computer Services |
| 2 | 3 | Open Text Corporation* | $1,224,508 | $918,588 | 33.3 | $7,903,167 | 15.5 | Software & Computer Services |
| 3 | 2 | Magna International Inc.* | $1,197,205 | $1,163,441 | 2.9 | $58,676,753 | 2.0 | Automotive |
| 4 | 4 | Bausch Health Companies Inc.* | $843,797 | $815,219 | 3.5 | $13,184,325 | 6.4 | Pharmaceuticals/Biotechnology |
| 5 | 9 | AMD Canada (fs) | $751,654 | $763,148 | -1.5 | nd | Computer Equipment | |
| 6 | 8 | Rogers Communications Inc. | $707,511 | $643,796 | 9.9 | $20,604,000 | 3.4 | Telecommunications Services |
| 7 | 6 | TELUS Corporation | $668,000 | $669,000 | -0.1 | $20,386,000 | 3.3 | Telecommunications Services |
| 8 | 7 | Pratt & Whitney Canada Corp. (fs) | $649,379 | $645,906 | 0.5 | nd | Aerospace & Defence | |
| 9 | 5 | BCE Inc. | $639,000 | $774,000 | -17.4 | $24,409,000 | 2.6 | Telecommunications Services |
| 10 | 11 | IBM Canada Ltd. (fs) | $463,000 | $427,432 | 8.3 | nd | Software & Computer Services | |
| 11 | 12 | Ericsson Canada Inc. (fs) | $419,802 | $419,000 | 0.2 | $1,016,817 | 41.3 | Comm/Telecom Equipment |
| 12 | 10 | BRP Inc.++ | $391,100 | $441,500 | -11.4 | $7,829,700 | 5.0 | Other Manufacturing |
| 13 | 13 | CGI Group Inc. | $366,904 | $357,409 | 2.7 | $14,676,152 | 2.5 | Software & Computer Services |
| 14 | 14 | CAE Inc. | $295,100 | $258,200 | 14.3 | $4,282,800 | 6.9 | Aerospace & Defence |
| 15 | 18 | Xenon Pharmaceuticals Inc.* | $288,198 | $226,091 | 27.5 | $0 | Pharmaceuticals/Biotechnology | |
| 16 | 17 | AbCellera Biologics Inc.* | $229,111 | $237,086 | -3.4 | $39,495 | 580.1 | Pharmaceuticals/Biotechnology |
| 17 | 16 | Cisco Canada (fs) | $225,413 | $238,744 | -5.6 | nd | Software & Computer Services | |
| 18 | 19 | Zymeworks Inc.* | $184,404 | $193,843 | -4.9 | $104,521 | 176.4 | Pharmaceuticals/Biotechnology |
| 19 | 20 | Lightspeed Commerce Inc.* | $177,274 | $189,555 | -6.5 | $1,245,518 | 14.2 | Software & Computer Services |
| 20 | 24 | Sanofi Canada (fs) | $169,906 | $160,528 | 5.8 | $1,041,706 | 16.3 | Pharmaceuticals/Biotechnology |
| 21 | 26 | Canadian Solar Inc.* | $165,461 | $136,109 | 21.6 | $8,209,772 | 2.0 | Energy/Oil & Gas |
| 22 | 21 | Bombardier Inc.* | $163,006 | $187,608 | -13.1 | $11,869,317 | 1.4 | Aerospace & Defence |
| 23 | 22 | Repare Therapeutics Inc.* | $160,049 | $182,335 | -12.2 | $73,253 | 218.5 | Pharmaceuticals/Biotechnology |
| 24 | 30 | Evertz Technologies Limited | $149,551 | $121,251 | 23.3 | $514,616 | 29.1 | Comm/Telecom Equipment |
| 25 | 15 | BlackBerry Limited* ++ | $149,034 | $253,744 | -41.3 | $732,706 | 20.3 | Software & Computer Services |
| 26 | 29 | GlaxoSmithKline Inc. (fs) | $146,422 | $126,028 | 16.2 | $1,054,949 | 13.9 | Pharmaceuticals/Biotechnology |
| 27 | 28 | Novelis Inc.* (fs) | $134,240 | $128,222 | 4.7 | $22,204,458 | 0.6 | Mining & Metals |
| 28 | 32 | Descartes Systems Group Inc.* ++ | $130,812 | $113,514 | 15.2 | $891,740 | 14.7 | Software & Computer Services |
| 29 | 27 | Ballard Power Systems Inc.* | $129,438 | $132,684 | -2.4 | $95,518 | 135.5 | Machinery |
| 30 | 34 | Kinaxis Inc.* | $120,067 | $110,280 | 8.9 | $661,765 | 18.1 | Software & Computer Services |
| 31 | 37 | Imperial Oil Limited | $118,000 | $84,000 | 40.5 | $51,359,000 | 0.2 | Energy/Oil & Gas |
| 32 | 33 | MDA Space | $108,200 | $111,700 | -3.1 | $1,080,000 | 10.0 | Aerospace & Defence |
| 33 | 38 | Celestica Inc.* | $106,844 | $82,197 | 30.0 | $13,213,091 | 0.8 | Electronic Systems & Parts |
| 34 | 35 | AstraZeneca Canada Inc. (fs) | $97,470 | $97,140 | 0.3 | $1,066,394 | 9.1 | Pharmaceuticals/Biotechnology |
| 35 | 39 | Enghouse Systems Limited | $88,833 | $79,334 | 12.0 | $502,505 | 17.7 | Software & Computer Services |
| 36 | 43 | Rio Tinto Iron & Titanium Inc. (fs) | $82,979 | $49,982 | 66.0 | $1,178,625 | 7.0 | Mining & Metals |
| 37 | 41 | D2L Inc.* ++ | $63,898 | $65,218 | -2.0 | $281,187 | 22.7 | Software & Computer Services |
| 38 | 31 | Northland Power Inc. | $63,108 | $114,180 | -44.7 | $2,346,264 | 2.7 | Electrical Power & Utilities |
| 39 | 45 | Docebo Inc.* | $60,953 | $48,275 | 26.3 | $297,152 | 20.5 | Software & Computer Services |
| 40 | 42 | Sangoma Technologies Corporation* | $54,166 | $50,573 | 7.1 | $338,730 | 16.0 | Computer Equipment |
| 41 | 49 | Pharmascience Inc. | $53,008 | $44,910 | 18.0 | nd | Pharmaceuticals/Biotechnology | |
| 42 | 54 | Pason Systems Inc. | $51,180 | $41,247 | 24.1 | $414,133 | 12.4 | Software & Computer Services |
| 43 | 23 | Teck Resources Limited | $50,000 | $164,000 | -69.5 | $9,065,000 | 0.6 | Mining & Metals |
| 44 | 47 | Martinrea International Inc. | $49,459 | $46,246 | 6.9 | $5,014,127 | 1.0 | Automotive |
| 45 | 46 | Coveo Solutions Inc.* | $49,044 | $47,273 | 3.7 | $172,724 | 28.4 | Software & Computer Services |
| 46 | 50 | Syncrude Canada Ltd. | $47,500 | $44,364 | 7.1 | nd | Energy/Oil & Gas | |
| 47 | 48 | Vecima Networks Inc. | $44,169 | $45,950 | -3.9 | $291,047 | 15.2 | Comm/Telecom Equipment |
| 48 | 52 | Thales Canada Inc. (fs) | $41,000 | $42,000 | -2.4 | $476,000 | 8.6 | Aerospace & Defence |
| 49 | 55 | Cascades Inc. | $39,495 | $40,006 | -1.3 | $2,538,808 | 1.6 | Forest & Paper Products |
| 50 | 68 | BriaCell Therapeutics Corp.* | $37,228 | $20,700 | 79.8 | $0 | Pharmaceuticals/Biotechnology | |
| 51 | 67 | Cameco Corporation | $36,540 | $21,036 | 73.7 | $3,135,772 | 1.2 | Mining & Metals |
| 52 | 58 | Dorel Industries Inc.* | $32,299 | $33,116 | -2.5 | $1,890,619 | 1.7 | Other Manufacturing |
| 53 | 62 | Winpak Ltd.* | $29,578 | $27,465 | 7.7 | $1,549,100 | 1.9 | Rubber & Plastics |
| 54 | 57 | Westport Fuel Systems Inc.* | $29,570 | $35,096 | -15.7 | $414,089 | 7.1 | Other Manufacturing |
| 55 | 64 | TECSYS Inc. | $29,514 | $23,943 | 23.3 | $171,242 | 17.2 | Software & Computer Services |
| 56 | Domtar (fs) | $29,500 | na | $5,213,000 | 0.6 | Forest & Paper Products | ||
| 57 | 60 | Essa Pharma Inc.* | $29,049 | $28,780 | 0.9 | $0 | Pharmaceuticals/Biotechnology | |
| 58 | 40 | Aurinia Pharmaceuticals Inc.* | $28,471 | $67,000 | -57.5 | $322,085 | 8.8 | Pharmaceuticals/Biotechnology |
| 59 | Haivision Systems Inc. | $27,521 | $28,834 | -4.6 | $129,537 | 21.2 | Electronic Systems & Parts | |
| 60 | 75 | DiaMedica Inc.* | $26,104 | $17,695 | 47.5 | $0 | Pharmaceuticals/Biotechnology | |
| 61 | 63 | Thinkific Labs Inc.* | $26,093 | $26,280 | -0.7 | $91,697 | 28.5 | Software & Computer Services |
| 62 | 53 | Theratechnologies Inc.* | $25,532 | $41,718 | -38.8 | $117,619 | 21.7 | Pharmaceuticals/Biotechnology |
| 63 | 70 | Computer Modelling Group Ltd. | $24,025 | $18,913 | 27.0 | $108,679 | 22.1 | Software & Computer Services |
| 64 | 76 | Knight Therapeutics Inc. | $23,304 | $17,549 | 32.8 | $371,304 | 6.3 | Pharmaceuticals/Biotechnology |
| 65 | 65 | Neo Performance Materials Inc.* | $23,107 | $21,970 | 5.2 | $651,789 | 3.5 | Mining & Metals |
| 66 | 59 | Sernova Corp. | $22,865 | $32,672 | -30.0 | $0 | Pharmaceuticals/Biotechnology | |
| 67 | 61 | Eupraxia Pharmaceuticals Inc.* | $22,230 | $28,059 | -20.8 | $0 | Pharmaceuticals/Biotechnology | |
| 68 | 74 | Oncolytics Biotech Inc. | $21,647 | $17,709 | 22.2 | $0 | Pharmaceuticals/Biotechnology | |
| 69 | 71 | Optiva Inc.* | $21,087 | $18,571 | 13.5 | $64,492 | 32.7 | Software & Computer Services |
| 70 | 44 | Aptose Biosciences Inc.* | $20,688 | $49,622 | -58.3 | $0 | Pharmaceuticals/Biotechnology | |
| 71 | 69 | illumin Holdings Inc. | $20,407 | $19,695 | 3.6 | $140,389 | 14.5 | Telecommunications Services |
| 72 | 51 | Milestone Pharmaceuticals Inc.* | $20,021 | $42,332 | -52.7 | $0 | Pharmaceuticals/Biotechnology | |
| 73 | 93 | Satellos Bioscience Inc. | $19,603 | $8,817 | 122.3 | $0 | Pharmaceuticals/Biotechnology | |
| 74 | 72 | Blackline Safety Corp. | $19,546 | $18,513 | 5.6 | $127,286 | 15.4 | Software & Computer Services |
| 75 | Conavi Medical Corp. | $17,940 | $15,204 | 18.0 | $2,161 | 830.2 | Medical Devices & Instrumentation | |
| 76 | 98 | Verses AI Inc.* | $16,470 | $7,939 | 107.5 | $2,694 | 611.4 | Software & Computer Services |
| 77 | 97 | NervGen Pharma Corp. | $15,726 | $8,046 | 95.5 | $0 | Pharmaceuticals/Biotechnology | |
| 78 | 81 | POET Technologies Inc.* | $15,527 | $13,602 | 14.2 | $56 | Electronic Systems & Parts | |
| 79 | Vitalhub Corp. | $15,227 | $12,169 | 25.1 | $68,594 | 22.2 | Software & Computer Services | |
| 80 | 90 | ProMIS Neurosciences Inc.* | $14,572 | $10,640 | 37.0 | $0 | Pharmaceuticals/Biotechnology | |
| 81 | 78 | Cardiol Therapeutics Inc. | $14,012 | $14,224 | -1.5 | $0 | Pharmaceuticals/Biotechnology | |
| 82 | 86 | Baylin Technologies Inc. | $12,235 | $11,455 | 6.8 | $83,589 | 14.6 | Comm/Telecom Equipment |
| 83 | 91 | Medicenna Therapeutics Corp. | $11,789 | $10,052 | 17.3 | $0 | Pharmaceuticals/Biotechnology | |
| 84 | 73 | COSCIENS Biopharma Inc.* | $11,375 | $18,302 | -37.8 | $13,132 | 86.6 | Pharmaceuticals/Biotechnology |
| 85 | 94 | Mattr Corp. | $10,775 | $8,566 | 25.8 | $885,317 | 1.2 | Other Manufacturing |
| 86 | 89 | Tantalus Systems Holding Inc.* | $9,593 | $10,733 | -10.6 | $60,697 | 15.8 | Software & Computer Services |
| 87 | 82 | TC Energy | $9,251 | $13,431 | -31.1 | $13,771,000 | 0.1 | Energy/Oil & Gas |
| 88 | 84 | Exro Technologies Inc. | $8,919 | $12,837 | -30.5 | $23,074 | 38.7 | Electronic Systems & Parts |
| 89 | Next Hydrogen Solutions Inc. | $8,635 | $7,065 | 22.2 | $1,362 | Machinery | ||
| 90 | Xtract One Technologies Inc. | $8,265 | $6,206 | 33.2 | $16,358 | 50.5 | Software & Computer Services | |
| 91 | 95 | Nano One Materials Corp. | $8,220 | $8,369 | -1.8 | $0 | Electronic Systems & Parts | |
| 92 | Firan Technology Group Corporation | $7,044 | $6,637 | 6.1 | $162,096 | 4.3 | Electronic Systems & Parts | |
| 93 | 80 | IMAX Corporation* | $6,990 | $13,645 | -48.8 | $482,455 | 1.4 | Other Services |
| 94 | 79 | Acasti Pharma Inc.* + | $6,902 | $13,682 | -49.6 | $0 | Pharmaceuticals/Biotechnology | |
| 95 | Kraken Robotics Inc. | $6,673 | $6,314 | 5.7 | $91,292 | 7.3 | Electronic Systems & Parts | |
| 96 | Spectra7 Microsystems Inc.* | $6,124 | $6,414 | -4.5 | $3,167 | 193.4 | Electronic Systems & Parts | |
| 97 | Helix BioPharma Corp. | $6,109 | $5,340 | 14.4 | $0 | Pharmaceuticals/Biotechnology | ||
| 98 | Healwell AI Inc. | $5,795 | $4,811 | 20.5 | $38,972 | 14.9 | Software & Computer Services | |
| 99 | Martello Technologies Group Inc. | $5,704 | $6,311 | -9.6 | $15,773 | 36.2 | Software & Computer Services | |
| 100 | Appili Therapeutics Inc. | $5,622 | $3,624 | 55.1 | $844 | Pharmaceuticals/Biotechnology | ||
