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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

November 23, 2023

In Q3 2023, Canadian enterprise net income before taxes (seasonally adjusted) increased by $7.17 billion from the previous quarter to $160.27 billion. Net income before taxes was down $4.55 billion for non-financial corporations to $118.79 billion and was up $2.62 billion to $41.48 billion in finance and insurance corporations.

All individual industries reported positive income before taxes in Q3 2023.  Among individual industries, the largest values of net income before taxes were reported in real estate, miscellaneous financial intermediation, banking, oil/gas extraction, construction, securities/commodities exchanges/portfolio management and professional/technical services.

Measured as a share of revenue, income before taxes averaged 11.2% across all industries; 24.1% for financial industries and 9.1% for non-financial industries. Although income as a share of revenue increased in the last quarter for all broad categories, it has been trending down in recent years.

Measured as a share of revenue, income before taxes was highest in miscellaneous financial intermediation, followed by securities/commodity exchanges/portfolio management and other non-depository credit intermediation.  Outside of financial industries, income before taxes as a share of revenue was highest in: real estate, education/health/social assistance (including daycares), alcohol/tobacco/cannabis manufacturing, rentals/leasing, oil/gas extraction and utilities.  Motor vehicle manufacturing reported the lowest income as a share of revenues.

Source: Statistics Canada. Table 33-10-0226-01 Quarterly balance sheet and income statement, by industry, seasonally adjusted (x 1,000,000)

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