Your Image

As we gaze into the bright future of Canada, some defining trends are coming into focus. Among these is the substantial rise in the country’s population over the next 20 years. According to Statistics Canada, Canada’s population is currently approximately 40 million, and is poised to cross the 50-million mark by 2043. 

This demographic shift, driven by a combination of natural growth and immigration, is expected to have ripple effects throughout the nation’s economic landscape as well. Three sectors in particular, stand poised to reap the benefits of these developments: technology, life sciences, and agriculture.

Ontario’s Technology Industry

Ontario boasts one of North America’s largest tech hubs. It’s a province where industry powerhouses such as Amazon, IBM, Google, Cisco, and Shopify grow alongside tech startups like Wave, Wealthsimple, Applyboard, Wattpad, Ecobee, Ritual, and more. 

IT, AI, Cleantech, and Fintech are amongst the booming tech sub-sectors.

The tech industry in Ontario is mostly centred around the Toronto, Waterloo and Ottawa regions creating an unparalleled concentration of tech workers. Tech job creation in Toronto outpaces the Bay Area, Seattle, and New York City combined. 48% of Canada’s IT workers are in Ontario, and the province adds 63,500 new STEM grads to the workforce every single year.

Government Incentives to Help Your Tech Business Grow in Ontario

Ontario’s Agriculture Industry

Ontario’s agriculture industry is an essential pillar of its economy. This sector encompasses firms that cultivate crops and rear animals, including managing farms, orchards, greenhouses, and ranches. In 2021, this sector provided employment for 67,400 individuals, making up nearly 1% of the province’s workforce and injected a robust $9.2 billion into Ontario’s economy. This signifies a growth of 9.0% from the previous year.

Ontario stands tall in the national agricultural business. It has the highest number of farms and farm operators across the country and ranks second in farm operating revenues. The province leads the production of soybean, corn, and greenhouse products. As per the latest census, Ontario is home to 48,346 farms, with the most dominant presence in the oilseed, grain, beef, and dairy sectors. 

As the population increases in Canada, Ontario is primed to benefit and thrive. The trends that are taking over the agriculture industry are Agritech, Sustainable Agriculture, and related sub-sector Food and Beverage Manufacturing.

Government Incentives to Help Your Agriculture Business Grow in Ontario

Ontario’s Life Sciences Industry

Ontario’s life sciences sector is thriving, spanning fields from medical device development, pharmaceutical research, to biotechnological advancements. Ontario has 1,900 life sciences firms (more than any other province in Canada), employing 70,100 individuals and contributing an annual revenue of CA $65.2 billion. Interestingly, pharmaceutical companies alone spearhead CA $45.4 billion in revenue and employ over 32,400 professionals. 

Ontario possesses a synergistic ecosystem that enables businesses to go from research to commercialization with ease. With a network of hospitals, research centres, universities, technology incubators, startups, renowned scientists, and multinational corporations, collaborations in Ontario are driving innovation everyday. 

Some of the life science sub-sectors headed towards rapid growth in Ontario are MedTech and Biotech.

Government Incentives to Help Your Life Sciences Business Grow in Ontario

Reasons to Consider Business Expansion in Ontario

  1. Workforce

Canada’s commitment to fostering talent is reflected in its impressive educational statistics. Canada has the #1 most educated workforce in the world. The OECD highlights that 62% of 25-34-year-olds in Canada possess tertiary education. 

Canada’s welcoming immigration policies have made it a magnet for global talent. Canada ranks #5 in the world for attracting international students.

Additionally, with universities emphasizing practical training and degrees with co-op requirements, Canada ensures its graduates are ready to tackle real-world challenges, making the workforce an attractive pool for businesses.

2. Market Access

Canada’s 15 trade agreements cover markets valued at over US$50 trillion with 1.5 billion consumers, across 51 countries. Canada has free trade agreements with the largest manufacturing markets in the world: the United States (USMCA), the European Union (CETA) and Asia-Pacific (CPTPP).

Your business can access 187 million consumers within a day’s drive of the Greater Toronto Area. Ontario, specifically, has 4 international and 300 regional airports, 250,000 km of roads and highways, a dozen border crossings and the 6th most internationally connected airport in the world.

3. Stability

Canada is globally recognized as stable, both economically and politically. Holding the position as the 3rd most stable economy worldwide, Canada has consistently ranked among the top three for Foreign Direct Investment (FDI) confidence for 5 consecutive years and stood fifth in FDI inflows in 2021.

4. Sustainability

Canada places significant emphasis on sustainability, reflecting its deep-rooted commitment to both its people and the environment. The nation has pledged to utilize advanced technologies and energy systems to achieve net-zero greenhouse gas emissions by 2050.

This commitment to sustainability is evident in its global rankings: Canada is the 2nd-most sought-after country for green energy projects, ranking  4th among G7 nations on the Green Future Index, and is recognized as one of the world’s most sustainable countries.

5. Competitiveness

Canada frequently tops global rankings to have the most conducive business environment in the G20 within the next 5 years. This prestige is built upon a foundation of competitive operating costs and a tax structure that resonates with global investors. 

Canada ranks 1st in the G20 for business operations and economically, it stands as the 2nd most competitive nation in the G20.

Several factors amplify Canada’s competitiveness:

Ontario’s growth across various sectors highlights its potential as a dynamic hub for business expansion. For businesses and investors eyeing strategic growth, Ontario presents a landscape rich with promise and potential.

Want to Start a Sustainable Business in Canada?

TBDC is the bridge you’re looking for! We are Canada’s premier startup incubator. Successful companies like Ibentos and Ayottaz have graduated from our programs and scaled through North America and the world. Are you ready to do the same and make your mark? To learn more, click here

More to Explore

You've got dreams
It's time to take action