Industries with Riskiest Business Environments in Canada in 2026

• 1. Wired Telecommunications Carriers in Canada

  Business Environment Risk for 2026: 7

  Over the last five years, the wired telecommunications industry in Canada has been in structural decline as consumers and businesses shift decisively toward mobile and internet-based communications. Industry revenue is expected to decrease at a CAGR of 4.4% to $5.2 billion over the five years to 2025, including a decrease of 2.2% in 2025 alone, as access lines fall and traditional local and long-distance services are relegated to secondary roles within discounted bundles. Incumbents have acce...

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• 2. Greeting Cards & Other Publishing in Canada

  Business Environment Risk for 2026: 7

  Greeting cards and other publishers in Canada have faced mounting pressure from the advent of paperless substitutes, which have severely reduced the need for many of their products. Digital substitutes like smartphones and tablets have led consumers to reduce their use of paper-based calendars and time schedulers, as these devices often include these tools built in. They also allow users to directly link events and dates from emails into their digital calendars, providing added convenience at...

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• 3. Iron Ore Mining in Canada

  Business Environment Risk for 2026: 7

  Iron ore miners have experienced massive shifts in revenue for most of the period since iron is used to produce steel, linking performance directly to the strength of the global economy and construction markets. Exports are a significant market for miners, and heightened demand from China, alongside expansions from other major trading partners, has been beneficial, as iron ore prices have spiked amid supply shortages. Nonetheless, prices came tumbling down starting in 2022 through 2025. This ...

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• 4. Coal Mining in Canada

  Business Environment Risk for 2026: 7

  Coal mining in Canada has been navigating a transformative period, driven by a combination of environmental policies and shifting market dynamics. Recent government regulations demanding carbon capture technologies by 2030 and a transition to a net-zero electricity grid by 2035 have significantly reduced domestic thermal coal consumption. In 2021, coal contributed just 5.0% to Canada’s electricity generation, a stark decline from the 58.0% share in 2010. The conversion of Alberta's last coal-...

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• 5. Tour Operators in Canada

  Business Environment Risk for 2026: 7

  Canadian tour operators have experienced a dramatic revenue rebound over the past five years as travel restrictions eased and pent-up demand unleashed record domestic and inbound tourism. However, growth is now plateauing as households confront cost-of-living pressures and shift toward value-driven travel. Travellers increasingly favour affordable “dupe” destinations, ultra-personalised itineraries or wellness- or food-focused trips, prompting operators to expand lower-...

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• 6. Iron & Steel Manufacturing in Canada

  Business Environment Risk for 2026: 7

  The Canadian steel industry is currently facing a challenging period marked by a projected 2.0% contraction in 2025, with total revenues falling to $16.3 billion. Although the industry posted a 3.9% five-year CAGR over the current period, this figure is largely due to strong gains in 2021, followed by subsequent declines. This downturn is primarily driven by the imposition of a 25.0% US tariff on Canadian steel imports, which has sharply reduced export volumes and reduced profit, leading to l...

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• 7. Foreign Currency Exchange Services in Canada

  Business Environment Risk for 2026: 7

  Pressures from external competition from banks offering foreign exchange services have limited growth. More foreign currency exchange houses provide services to financial institutions by participating in the supply chain of foreign exchange, supplying banks with banknotes wholesale, or providing the service directly as an outsourced agent. Alongside favorable economic trends during the majority of the five years and the proliferation of online services, operators have expanded demand by exten...

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