Canada: impact of COVID-19 on business profitability

According to a study conducted in the first quarter of 2021, a large share of businesses (43 percent) in Canada expected the profitability to stay about the same in the upcoming three months. However, the profitability of companies owned by immigrants as well as owned by visible minorities was believed to experience a decrease. Specifically, 56.2 percent of representatives of businesses owned by immigrants and 58 percent by visible minorities declared that in the next three months their profitability is expected to drop. Among the different four population groups taken into account, the most impacted companies by the pandemic seem to be those owned by the last two groups mentioned.

Business expectations of profitability over the next three months among specific populations' ownership in Canada as of 1st quarter 2021

Characteristic	Increase	Stay about the same	Decrease	Not applicable
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-	-	-	-	-
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Release date

March 2021

More information

Region

Canada

Survey time period

January 11 to February 11, 2021

Special properties

representatives from businesses

Method of interview

Questionnaire

Supplementary notes

Online questionnaire.
Majority ownership is defined at 51% or more. Majority-ownership was reported for private sector businesses only. Adapted from Statistics Canada, Impact of COVID-19 on businesses majority-owned by specific populations, first quarter of 2021, page 7, January 11 to February 11, 2021. This does not constitute an endorsement by Statistics Canada of this product.

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