The last quarter of 2021 saw an increase in pandemic related infections, as well as containment measures. Omicron, the fifth variant of concern of the coronavirus, was identified in Canada at the end of November 2021 and in December the number of COVID-19 cases grew to its highest level since the onset of the pandemic, in March 2020.
Despite this backdrop, Canadian corporations reported a quarterly increase of 3.8% in net income before taxes (NIBT) in the fourth quarter of 2021. The non-financial sector led the increase, recording a growth of 7.7% in NIBT. The financial sector saw a decline in NIBT of 2.7% during the quarter.
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