If you’re thinking about starting a company, one of the first questions on your mind is probably: What’s the most profitable business in Canada? What industry offers the right mix of growth and protection from risks?
The truth is, there’s no one-size-fits-all answer. Profitability depends on demand, competition, and how well you run your business, as well as a ton of other factors (future demand, volatility, cost and availability of raw materials, etc.).
However, some industries consistently generate big returns, whether you’re a solo entrepreneur or building a full-scale company. If you’re unsure about your business trajectory and looking for a little guidance, here’s where the real money is in Canada.
1. Real Estate and Property Management
Canadians will always need places to live, work, and play, which makes real estate one of the most lucrative industries. Whether you’re buying and flipping properties, managing rentals, or investing in commercial spaces, there’s serious money to be made.
- Example: Property management companies in major cities like Toronto and Vancouver make a steady income from rental fees and maintenance services.
- Why it’s profitable: High property values and demand for rentals keep the cash flowing.
2. eCommerce and Online Retail
Selling products online is booming, and it’s easier than ever to start an eCommerce business. And it’s only going to grow. Statista reports that the worldwide retail e-commerce revenue currently stands at $4.32tr US dollars, with an expected 9.82% CAGR in Canada through 2029. Whether you’re selling handmade goods, dropshipping, or running a full-scale online store, the profit margins can be impressive—especially if you keep overhead costs low.
- Example: Shopify, based in Canada, has helped thousands of entrepreneurs build profitable online businesses. But don’t limit your options. There are lots of other platforms depending on your focus.
- Why it’s profitable: Low startup costs, scalable growth, and the ability to reach a global market.
3. Construction and Home Renovation
With Canada’s growing population and ongoing demand for housing, construction and home improvement businesses are thriving. General contractors, home renovation specialists, and trades like plumbing and electrical work are all in high demand.
- Example: Custom home builders and renovation companies in booming provinces like Ontario and Alberta are making strong profits. You can get involved almost anywhere in the industry, from new construction to renovation to flipping homes, and everything in between. Plenty of companies blur the lines between those areas.
- Why it’s profitable: High-value projects and repeat business from property owners.
4. Healthcare and Senior Care Services
Canada’s aging population has created a massive demand for healthcare and elder care services. Whether it’s private home care, medical clinics, or wellness-focused businesses, this sector is highly profitable.
- Example: Private physiotherapy clinics and senior home care agencies generate steady revenue from ongoing client needs. You’ll find a ton of niches here, too, from home care staffing agencies to companies that supply senior care facilities with medical supplies.
- Why it’s profitable: Recurring customers and government-backed funding for healthcare services.
5. Financial Services and Accounting
Every business and individual needs help managing money, which is why financial services like bookkeeping, accounting, and financial advising continue to be highly profitable. Plus, you can specialize in working with a particular type of client (new business owners, high-net-worth individuals, etc.).
- Example: Small accounting firms and independent financial advisors make solid profits, especially during tax season.
- Why it’s profitable: Essential services with high client retention and recurring income.
6. Technology and Software Development
Tech is Canada’s fastest-growing sector, with high demand for software development, cybersecurity, and IT services. Whether you’re building apps, offering cloud solutions, or providing IT consulting, the potential for high profits is huge. Again, the potential for specialization is pretty significant here.
- Example: Companies like Shopify and Lightspeed started in Canada and now dominate global markets.
- Why it’s profitable: Scalability, high demand, and recurring subscription-based revenue models.
7. Food and Beverage (With a Twist)
The food industry can be tough, but businesses that focus on niche markets like specialty coffee, meal prep services, or organic foods can see impressive profit margins.
- Example: Local craft breweries and premium coffee roasters in cities like Montreal and Vancouver are thriving. But don’t forget the supply side of the equation. Earth-friendly coffee cups, waste grain recycling, and other supply businesses are also thriving.
- Why it’s profitable: Canadians are willing to pay more for high-quality, locally sourced food and drink.
8. Digital Marketing and Social Media Management
Businesses need online visibility to succeed, and that’s where digital marketing agencies come in. Whether it’s SEO, social media management, or online advertising, there’s a strong demand for these services.
- Example: Small agencies specializing in paid ads and content marketing can generate six-figure incomes.
- Why it’s profitable: Low startup costs and high return on investment for businesses that get results.
9. Renewable Energy and Green Businesses
Sustainability isn’t just a trend—it’s the future. Businesses that focus on solar energy, electric vehicle infrastructure, and green construction are seeing huge growth in Canada.
- Example: Solar panel installation companies and electric vehicle charging stations are thriving in eco-conscious provinces like British Columbia.
- Why it’s profitable: Government incentives and increasing consumer demand for sustainable solutions.
10. Personal Coaching and Consulting
Whether it’s business coaching, life coaching, or specialized consulting, people are willing to pay top dollar for expert advice. If you have industry expertise, starting a coaching business can be highly profitable with minimal overhead.
- Example: Business coaches helping entrepreneurs scale their companies charge thousands per session.
- Why it’s profitable: High-profit margins and recurring clients.
Choosing Your Path to Build the Most Profitable Business in Canada
There’s no single “best” business to start in Canada, but some industries offer higher profit potential than others. Whether you go into real estate, eCommerce, tech, or finance, success comes down to finding a profitable niche, keeping costs low, and delivering real value to your customers. And if you need funding to launch or scale your business, Bizfund can help you secure a cash advance based on your future earnings—so you can focus on growing, not just surviving.
