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Financial and taxation statistics for enterprises
2004
Highlights
- Corporate operating profits hit an all-time high in 2004 of $216.6 billion,
surpassing the previous record of $191.5 billion set in 2000.
- The improvement was broadly based, as profits in the non-financial industries
surged 15.3% to $158.3 billion and those in the financial industries
rose 13.1% to a record high $58.3 billion.
- Growth in the non-financial industries was driven by a rebound in manufacturing
profits, which increased 36.2% to $44.5 billion after a 13.7%
decline in 2003.
- Relatively low mortgage and financing costs continued to stoke the red
hot housing and construction markets. The construction industry recorded robust
gains in 2004 with operating profits increasing 22.1% to $6.2 billion.
- In the financial sector, deposit credit intermediaries, led by the chartered
banks, posted operating profits of $23.6 billion, up 9.4% from 2003.
- Corporations involved in securities and commodity exchanges and other
financial investment activities had a banner year. Operating profits were
up 35.4% to $12.6 billion in 2004, their most profitable
year since 2000. Similarly, operating profits for property and casualty
insurers surged 75.5% to $6.5 billion.
- The strong economic performance in 2004 generated $45.2 billion
in corporate taxes payable to government treasuries, up 13.9% from 2003.
The federal portion amounted to $31.1 billion, while the provinces
claimed $14.1 billion.
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