Financial and taxation statistics for enterprises, 2024
Released: 2026-03-06
Net income before taxes of Canadian enterprises increases in 2024
Canadian enterprises recorded a net income before taxes (NIBT) of $620.3 billion in 2024, up $17.5 billion (+2.9%) from the previous year. Ontario (+$14.9 billion; +6.1%) was the province that had the highest increase in NIBT in 2024. Increases were recorded in 6 of the 13 provinces and territories.
The increase in NIBT was driven by micro-enterprises, which rose $24.4 billion (+15.2%) in 2024. These gains were moderated by the decline in NIBT of medium enterprises (-$5.4 billion; -6.9%).
The miscellaneous intermediation industry, which comprises establishments primarily engaged in the buying or selling of financial contracts, was the largest contributor to the increase in NIBT in 2024, rising $11.8 billion (+19.0%). This increase was largely attributable to higher gains from fair value adjustments, reflecting stronger equity market performance in 2024.
NIBT for the real estate industry rose $7.1 billion (+19.0%) in 2024. According to the Consumer Price Index, rental prices increased 8.1% from 2023 to 2024. The increase in NIBT was driven by micro-enterprises (+$7.1 billion; +25.1%). Their median pre-tax profit margin rose to 12.2% in 2024, up 0.7 percentage points from 11.5% in the previous year.
Partly offsetting these gains, NIBT in the transportation, postal and couriers' services industry declined $9.5 billion (-33.8%) in 2024. Small enterprises accounted for $4.4 billion of this decrease. Their median pre-tax profit margin declined 1.1 percentage points to 3.9% in 2024.
Corporate income taxes
Canadian enterprises recorded $149.0 (correction) billion in corporate income taxes payable in 2024, up $18.6 (correction) billion (+14.2%) (correction) from 2023.
Of the overall corporate income taxes payable, $93.4 billion was to the federal government, while $55.6 (correction) billion was to provincial governments.
Non-financial industries accounted for about three-quarters (74.6%) (correction) of taxes payable by incorporated businesses.
Corporations received $134.1 billion in tax credits in 2024. These tax credits included $55.9 billion in federal tax abatement, as well as $19.4 billion from the small business deduction.
Provincial-level financial and employment data for enterprises are available. Their release is accompanied by the data visualization tool, the "Financial and employment statistics for enterprises, by province, territory and region: Data Visualization Tool."
Data on financial statistics and ratios for enterprises by enterprise size are available. Their release is accompanied by the data visualization tool, the "Financial and Taxation Statistics for Enterprises, by size: Interactive dashboard."
Note to readers
The release of the Financial and Taxation Statistics for Enterprises (AFTS) survey for the reference year 2024 includes revised estimates of the taxation statistics for 2023. Data on net income before taxes in this release are presented in current dollars.
The AFTS survey represents the activities of all corporations in Canada, except government business enterprises. This survey collects data on balance sheets, income statements, and the reconciliation of accounting income and taxable income.
An enterprise can be a single corporation or a family of corporations under common ownership or control, for which consolidated financial statements are produced.
Changes to the Financial and Taxation Statistics for Enterprises
The AFTS survey has been the subject of many changes since 2019. For a summary of those changes, see the Note to readers in The Daily release, "Financial and taxation statistics for enterprises, 2023."
Financial and taxation statistics by enterprise size
Enterprise-size breakdown of the AFTS provides key insights into the economic contributions of firms of different sizes. Micro, small and medium-sized enterprises are of particular interest given their significant contribution to employment, entrepreneurship, and regional economic development.
Financial ratios by enterprise size are designed to track the performance and financial health of Canadian industries over time and across a range of dimensions, including liquidity, solvency, profitability, and efficiency.
For more information on data sources, data accuracy and definitions, see Methodology used to create enterprise size and financial ratios.
Upcoming change
For the 2025 reference year, this analysis will shift to operating profits in place of net income before taxes (NIBT). This change focuses on profits earned from normal business activities, excluding the effects of non-operating items and tax-related factors.
For non-financial industries, operating profits exclude interest and dividend revenue and capital gains/losses. For financial industries, these are included, along with interest paid on deposits.
This adjustment does not affect the structure or content of the financial data. All tables and figures will remain consistent and continue to include the full range of financial metrics, including NIBT.
Correction note
On April 9, 2026, taxation data from reference period 2024 for the education, health care, and social services industry group (6A) were corrected. Corrected values were also aggregated to the total level for all industries.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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