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Financial and Taxation Statistics for Enterprises
2005
Highlights
- Corporate operating profits, bolstered by the surging oil and gas industry,
hit their second consecutive record high in 2005. Operating profits reached $249.9 billion,
surpassing the previous record of $217.5 billion set in 2004.
- The improvement was broadly based; profits in the non-financial industries
jumped 17.2% to $186.2 billion and those in the financial industries
rose 8.6% to $63.7 billion.
- Growth in the non-financial industries was driven by energy-based industries.
Companies engaged in oil and gas extraction and support activities, utilities
operators and petroleum and coal products manufacturers, earned combined profits
of $54.5 billion. They accounted for almost half of the $27.3 billion
growth in the non-financial industries.
- Near historically low interest rates propelled the construction and
real estate industries. The construction industry posted robust gains in 2005 with
operating profits increasing 26.9% to $8.4 billion. Real estate
pulled in similar profits but grew more modestly at 6.4% to $8.6 billion.
- Not every segment of the economy was firing on all cylinders. Manufacturers
experienced a challenging and difficult year, thanks to fierce global competition,
a continued strong Canadian dollar relative to the US dollar and higher energy
costs. Overall manufacturing profits edge down 0.9% to $44.0 billion.
This occurred despite record high profits for petroleum and coal product manufacturers
of $11.0 billion, a $2.0 billion increase from 2004.
- The buoyant Canadian economy continued to provide a favourable climate
for banking, financial services and wealth management enterprises. Led by
the chartered banks, depository credit intermediaries posted operating profits
of $24.9 billion, up 5.3% from 2004. These gains were
supported by higher net interest income due to strong demand for consumer
and corporate loans and other fee-based services.
- Corporations involved in securities and commodity exchanges and other
financial investment activities had another banner year. Operating profits
increased for the third consecutive year, hitting $14.7 billion
in 2005, up 17.4% from 2004.
- Taxable income rose 1.8% to $142.4 billion, generating $46.5 billion
in corporate taxes payable to government treasuries. The federal portion amounted
to $31.5 billion, while the provinces claimed $15.0 billion.
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