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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

May 24, 2024

In Q1 2024, Canadian enterprise net income before taxes (seasonally adjusted) was $160.077 billion. All broad industry categories except central credit unions reported positive income before taxes in Q1 2024 .  The largest values of net income before taxes were reported in miscellaneous financial intermediation ($16.990 billion), banking ($12.840 billion), real estate ($10.293 billion), construction ($10.160 billion), oil/gas extraction ($8.619 billion) and securities/exchanges/portfolio management ($8.518 billion).

Compared with Q4 2023, net income before taxes increased by $0.898 billion across all industries.  Net income grew by $2.265 billion for financial/insurance industriesNet income for non-financial industries declined by $1.367 billion.  Banking and life/health/medical insurance carriers reported the largest gains in net income before taxes.  Petroleum refineries and coal product manufacturers along with property/casualty insurers and other wholesalers reported the largest declines in net income before taxes.

Measured as a share of revenue, income before taxes averaged 10.7% across all industries; 24.5% for financial industries and 8.6% for non-financial industries. Income as a share of revenues was down for non-financial industries and up for financial industries.  

Measured as a share of revenue, income before taxes was highest in miscellaneous financial intermediation (79.7% of revenues), followed by securities/exchanges/portfolio management (54.0%) and other non-depository credit intermediation (38.5%).  Outside of financial industries, income before taxes as a share of revenue was highest in: real estate (30.3%), education/health/social assistance (27.2%, including daycares) and rentals/leasing (18.4%).

Source: Statistics Canada. Table 33-10-0226-01 Quarterly balance sheet and income statement, by industry, seasonally adjusted (x 1,000,000)

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