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March 11, 2026FINANCIAL STATISTICS OF ENTERPRISES, 2024 In 2024, Nova Scotia businesses reported net income (before taxes) of $10.613 billion, an increase from $10.477 billion in 2023. Measured per worker, Nova Scotia enterprises had net income before taxes of $32,067, which was 73.5% of the national net income before taxes per worker. Nova Scotia's net income before taxes was higher in finance and insurance industries ($198,101) than in non-financial industries ($22,865).
For most non-financial industries, Nova Scotia's net income before taxes per worker was generally lower than the national average for the industry. The exceptions were: culture/communications enterprises and professional/technical services companies.
Measured as a share of revenue, Nova Scotia's net income before taxes across all industries was 9.7% in 2024, just below the national average of 9.8%. Nova Scotia's financial and insurance industries had net income before taxes that amounted to 27.3% of revenues (highest among provinces). Non-financial industries in Nova Scotia reported net income before taxes amounting to 7.4% of revenues in 2024 (national average: 7.9%).
Among non-financial industries, net income before taxes as a share of revenues in Nova Scotia was lower than the national average for agriculture/forestry/fishing, manufacturing, wholesale trade, real estate/leasing, business support/call centres, arts/entertainment/accommodation/food and personal/repair services. Net income before taxes as a share of revenues in Nova Scotia was above national industrial averages for: construction, retail trade, culture/communications, professional/technical services and education/health/social.
In 2024, Nova Scotia enterprises had assets that were 4.143 times the size of equity - second highest ratio among provinces (after New Brunswick). Nova Scotia's asset:equity ratio was higher in financial and insurance industries than in non-financial industries. Nova Scotia's asset:equity ratio for non-financial industries was higher than any other province's non-financial industry average.
Among non-financial industries in Nova Scotia, assets:equity were above national industry averages for agriculture/forestry/fishing, construction (2nd highest among provinces), manufacturing (highest among provinces), real estate/leasing (highest among provinces by a wide margin), professional/technical services (2nd highest among reporting provinces), education/health/social and arts/entertainment/accommodation/food. Assets:equity ratios were lower than national averages for Nova Scotia's wholesale, retail, culture/communications, business support/call centre and personal/repair services industries.
Source: Statistics Canada. Table 33-10-0551-01 Financial and employment statistics for enterprises, by province, territory and region
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