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- Corporate operating profits in 2007 increased for the fifth consecutive year to $302.4 billion. Profits in the financial industries rose 13.4% to $92.4 billion while those in the non-financial industries were up 1.8% to $210.0 billion.
- The top contributors in the non-financial sector were energy-based industries, construction and real estate. Companies engaged in oil and gas extraction and support activities, utilities operators, construction, petroleum and coal product manufacturers and real estate earned combined profits of $76.0 billion. They accounted for more than one-third of the non-financial operating profits.
- Overall manufacturing profits slipped $1.5 billion to $44.0 billion in 2007 despite petroleum and coal product manufacturers posting profits of $12.1 billion, up $1.4 billion from 2006. Faced with strong global competition, an appreciating Canadian dollar relative to the US dollar and a softening US housing market, wood product manufacturers had another difficult year. Their profits were down almost one billion dollars to eight million dollars.
- Profits for banking and other depository credit intermediaries increased 11.6% to $31.7 billion, accounting for about one-third of the financial industries’ total.
- Corporations involved in securities and commodity exchanges and other financial investment activities also reported stronger results. Operating profits increased for the fifth consecutive year, rising 19.1% to $24.3 billion.
- Taxable income rose 2.1% to $175.9 billion, generating $55.7 billion in corporate taxes payable to government treasuries. The federal portion amounted to $37.9 billion, while the provinces claimed $17.8 billion.
