Canadian enterprises had $155.9 billion in corporate income taxes payable in 2024, up $25.4 billion from 2023, according to Statistics Canada.
Of the overall corporate income taxes payable, $93.4 billion was to the federal government and $62.5 billion was to provincial governments.
Non-financial industries accounted for 75.7% of taxes payable by incorporated businesses.
Corporations received $134.1 billion in tax credits in 2024, including $55.9 billion in federal tax abatement and $19.4 billion from the small business deduction.
Canadian enterprises recorded a net income before taxes of $620.3 billion in 2024, up $17.5 billion from 2023. The increase was driven by micro-enterprises (with fewer than 10 employees), which rose $24.4 billion (15.2%), partly offset by a decline of $5.4 billion (-6.9%) in medium enterprises.
Net income before taxes increased in six of the 13 provinces and territories, with Ontario recording the highest increase of $14.9 billion (6.1%).
Businesses primarily engaged in trading financial contracts was the largest contributor to the increase in net income before taxes in 2024, rising $11.8 billion (19%), driven by higher gains from fair value adjustments that reflected stronger equity market performance.
Net income before taxes was partially offset by transportation, postal and courier services industry, which fell $9.5 billion (-33.8%). Small enterprises accounted for $4.4 billion of this decrease, with their median pre-tax profit margin falling 1.1 percentage points to 3.9% in 2024.
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