Small Business Week | Interesting Facts About SMEs in Canada

Oct 16, 2023 | Chamber News, Front Page

  1. There are over a million SMEs in Canada

There are approximately 1.23 million employer businesses in Canada. Of these, 1.2 million (97.9%) are small businesses.

 

  1. Most exporters are SMEs

Out of the 48,325 Canadian establishments that exported goods in 2020, the vast majority (97.5%) were SMEs. They produce 43% of the total value of Canadian exports.

 

  1. As of 2020, SMEs are responsible for 10 million jobs in Canada.

SMEs employ 88.3% of Canada’s working individuals in the private labour force.

 

  1. Over half of SMEs have fewer than four employees

More than half of Canadian businesses (55.3%) have fewer than four employees. They are known as “micro-enterprises.” 73.9% have fewer than 10 employees.

 

  1. Businesses owned equally by men and women have the highest survival rates

10 years after their creation, the survival rate for majority female-owned business lower compared to majority male-owned businesses (57.5% and 61.9% respectively). However, equally owned businesses have the highest rate at 68.6%.

 

  1. Most firms survive longer than five years

More than two-thirds (67.9%) of new businesses in Canada survive to see their fifth year of operations.

 

To read BDC’s full article on small business facts, click here.

You can also find more charts and data on SMEs here.

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