Most Profitable Industries in Canada in 2025

1. Commercial Banking in Canada

Total Profit for 2025: $152.0B

Despite low interest rates and some hiccups in economic growth, commercial banks in Canada have expanded throughout 2023. Banks have done an exceptional job diversifying revenue streams, overcoming limits imposed by low interest rates, and increasing regulations. The industry primarily generates revenue through interest income sources, such as business loans and mortgages, but it also generates income through noninterest sources, which include fees on a variety of services and commissions. Industry revenue has been growing at a CAGR of 2.2% over the past five years and is expected to total $275.4 billion in 2023, when revenue will likely jump an... Learn More

2. Apartment Rental in Canada

Total Profit for 2025: $19.6B

Revenue for Canadian apartment lessors has grown in recent years. Apartment lessors collect rental income from properties they lease, where the rates they charge are largely determined by market forces. The supply of apartment rentals has grown at a slower rate than demand, which has elevated rental rates to the benefit of lessors. Favourable economic conditions and demographic trends during most of the period have driven growth in demand. In 2020, the spread of COVID-19 lessened demand for apartment rentals, but the nature of apartment leases prevented a decline in revenue until 2021. Revenue has grown since 2022 as higher... Learn More

3. Oil Drilling & Gas Extraction in Canada

Total Profit for 2025: $11.9B

Oil Drilling and Gas Extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. Overall, revenue is expected to grow at a CAGR of 7.4% to $173.5 billion over the five years to 2023, despite a decline of 22.2% in 2023 alone. Profit has also fluctuated. Many companies endured below zero profits before it rose after the pandemic.

Despite operating volatility, Canada... Learn More

4. Heavy Engineering Construction in Canada

Total Profit for 2025: $9.0B

Heavy engineering construction in Canada undertakes large-scale infrastructure projects that include mass transit systems, harbour and port facilities, tunnels, outdoor areas and power plants. In addition to heavy construction, contractors also provide auxiliary services such as the maintenance and repair of physical structures and construction related to conservation. The industry depends heavily on government spending at both the federal and provincial levels, private investment in physical assets and downstream demand on the part of the energy sector.

Through the end of 2023, construction contractors have benefited from the federal government's strong commitment to closing Canada's infrastructure gap, although volatile commodity markets... Learn More

5. Management Consulting in Canada

Total Profit for 2025: $7.5B

Management consulting in Canada is composed of companies that provide consulting services to private businesses and the public sector. These advisory services are tailored to provide strategic, financial, marketing, operational and supply chain management consulting services. Businesses partake in mergers and acquisitions, joint ventures, divestitures and initial public offerings based on their expectations of what the future holds. Although the company provides countercyclical services that support industry revenue during economic downturns, the COVID-19 pandemic hindered industry operations in unprecedented ways in 2020. Revenue is expected to grow at a CAGR of 2.0% to $23.9 billion over the years to 2023,... Learn More

6. Automobile Wholesaling in Canada

Total Profit for 2025: $7.4B

Revenue for the Canadian Automobile Wholesaling industry tends to ebb and flow with general fluctuations in the overall economy, particularly at the consumer level. Industry operators heavily rely on economic conditions in the United States, as a large portion of revenue is derived from Canada's southern neighbour. Although international trade is accounted for at the manufacturing level, industry operators still target cross-border downstream markets, such as US automobile and heavy-duty truck dealerships.

Despite a steady economy for most of the period, industry revenue is expected to experience a deep decline due to decreased demand stemming from the COVID-19 pandemic. Automobile wholesaling... Learn More

7. Hotels & Motels in Canada

Total Profit for 2025: $6.1B

Hotels and motels have benefited from rising incomes and population growth in recent years as consumers spent freely on vacations and hotel stays. But, when COVID-19 shut down tourism, hotel rooms were left empty, creating long-lasting financial and operational challenges. A travel slump through early-2021 left the industry struggling, as bookings stayed at a fraction of what they were in 2019. Yet, long periods at home left consumers with savings and pent-up demand to spend on trips as travel restrictions lifted. While enormous demand for travel led to a rapid recovery at hotels between 2022 and 2023, supply chain disruptions... Learn More

8. Dentists in Canada

Total Profit for 2025: $5.9B

While the Canada Health Act only covers dental care for certain groups, leaving most consumers to pay out of pocket or with private insurance for dental services, dental practices typically experience strong, steady growth. The pandemic introduced an uncommon level of volatility, as social-distancing measures resulted in visits sinking before swiftly rebounding as vaccines rolled out. As health expenditure dipped following the pandemic's height, revenue followed. As a result of the fluctuations, revenue has been growing at a CAGR of 1.8% and is expected to reach $21.7 billion in 2023 when revenue is expected to rise 2.6%.

Despite volatility, dentists are... Learn More

9. Accounting Services in Canada

Total Profit for 2025: $5.8B

Accounting firms benefit from near constant need, regardless of economic activity. Even during particularly poor conditions, like at the pandemic's height, consumers and businesses still filed taxes, requiring accountants. Even businesses forced to shutter their doors often required bankruptcy and receivership services, benefitting accounting firms. The evergreen nature of many services offered by accounting firms keep revenue growth relatively stable. In fact, over the past five years, revenue has been growing at a CAGR of 1.8% and is expected to reach $17.4 billion in 2023, when revenue will rise 2.7%.

Wages account for the highest share of an accounting firm's revenue,... Learn More

10. Oil & Gas Field Services in Canada

Total Profit for 2025: $5.6B

Oil and gas field service operators in Canada have experienced volatile market conditions throughout 2023. World commodity prices performed well throughout the reporting period. However, a fall in natural gas and crude oil prices adversely affected revenue in 2020 and 2032. This decrease in revenue can be mainly attributed to the COVID-19 pandemic and other geopolitical tensions that caused the collapse in oil and gas demand and prices. As economic conditions improved from the peak of the pandemic, demand for oil and gas returned to pre-pandemic levels and even reached new highs. As a result, IBISWorld forecasts revenue has been... Learn More