Canada’s tech ecosystem is booming so fast it’s reshaping the economy, from CAD 164.7 billion in 2023 tech GDP to a surge in venture funding, cybersecurity activity, cloud adoption, and nation wide connectivity that’s putting Canadian innovators on the map.
Key Takeaways
- Canada’s tech sector generated CAD 164.7 billion in GDP in 2023
- In 2023, Canadian computer and electronic product manufacturing produced CAD 41.5 billion in GDP
- In 2023, Canadian information and cultural industries (including publishing industries, motion picture and video, broadcasting, telecommunications, and information services) produced CAD 64.2 billion in GDP
- In 2023, Canada’s ICT infrastructure spending by businesses was CAD 56.3 billion
- In 2023, there were 3,650 active “tech” venture-backed companies in Canada
- In 2023, there were 1,246 venture capital deals in Canada’s software sector
- In 2023, Canada’s broadband (fixed) subscriptions were 15.6 million
- In 2023, Canada’s postsecondary graduation rate was 63.0% for adults aged 25–64
- In 2022, Canada produced 76,000 computer science-related graduates
- In 2023, Canada’s information security risk management maturity (cybersecurity) showed 73% of businesses had a cybersecurity plan
- In 2023, 49% of Canadian businesses used multi-factor authentication for accounts
- In 2022, 61% of Canadian businesses conducted vulnerability assessments
- In 2023, Canada’s fixed broadband adoption (households with internet) was 93%
- In 2023, 24% of Canadian households had fiber-to-the-premises subscriptions
- In 2023, average download speeds in Canada were 127 Mbps
Canada’s tech boom drives GDP, jobs, venture growth, and innovation.
Economic Impact
1Canada’s tech sector generated CAD 164.7 billion in GDP in 2023[1]
Verified2In 2023, Canadian computer and electronic product manufacturing produced CAD 41.5 billion in GDP[2]
Verified3In 2023, Canadian information and cultural industries (including publishing industries, motion picture and video, broadcasting, telecommunications, and information services) produced CAD 64.2 billion in GDP[3]
Verified4In 2022, ICT employment in Canada was 1,163,000 jobs[4]
Directional5In 2023, employment in the computer systems design and related services industry in Canada was 284,400[5]
Single source6In 2023, the telecommunications industry (NAICS 517) employed 84,500 people in Canada[5]
Verified7In 2022, Canadian ICT services exports were CAD 33.5 billion[6]
Verified8In 2023, Canadian ICT service imports were CAD 46.3 billion[6]
Verified9In 2023, Canadian information and communication technology (ICT) companies represented 7.6% of all Canadian non-financial businesses by revenue[7]
Directional10In 2023, the median revenue for Canadian ICT firms was CAD 1.0 million[8]
Single source11In 2022, Canadian ICT firms’ total operating revenue was CAD 526.4 billion[9]
Verified12In 2022, Canadian ICT firms’ total expenditures were CAD 482.7 billion[9]
Verified13In 2022, Canada’s software publishing industry (NAICS 5112) had CAD 8.7 billion in GDP[10]
Verified14In 2022, Canada’s data processing, hosting, and related services industry (NAICS 5182) had CAD 9.4 billion in GDP[11]
Directional15In 2022, Canada’s “computer systems design and related services” industry (NAICS 5415) had CAD 22.3 billion in GDP[12]
Single source16In 2022, Canada’s “management consulting services” industry (related to tech adoption) had CAD 21.5 billion in GDP[13]
Verified17In 2022, Canada’s “computer and information services” exports (balance of international payments) were CAD 44.5 billion[14]
Verified18In 2022, Canada’s “computer and information services” imports were CAD 39.7 billion[14]
Verified19In 2022, Canada’s R&D expenditures were CAD 47.7 billion, with “information and communication technologies” contributing a portion reported by sector[15]
Directional20In 2023, Canadian venture capital investment in technology sectors was CAD 8.1 billion[16]
Single source21In 2023, Canadian tech and telecom accounted for 14% of all venture capital deals by count[17]
Verified22In 2023, Canada saw 1,033 venture capital deals in technology[18]
Verified23In 2022, the Canadian tech sector attracted CAD 7.9 billion in venture capital[19]
Verified24In 2021, Canadian tech startups raised CAD 11.5 billion in venture capital[20]
Directional25In 2020, venture capital investment in Canadian tech was CAD 7.0 billion[21]
Single sourceEconomic Impact Interpretation
Canada’s tech story is a serious one, but with some punchlines: it generated CAD 164.7 billion in GDP in 2023 with deep roots in manufacturing and information services, employed over a million people across ICT in 2022, drew CAD 8.1 billion in venture capital in 2023 (through 1,033 deals), and yet still runs a trade imbalance where ICT imports (CAD 46.3 billion in 2023) outpace exports, suggesting Canada is powering innovation while also importing plenty of the tools to keep the engine running.
Startups & VC
1In 2023, Canada’s ICT infrastructure spending by businesses was CAD 56.3 billion[22]
Verified2In 2023, there were 3,650 active “tech” venture-backed companies in Canada[23]
Verified3In 2023, there were 1,246 venture capital deals in Canada’s software sector[24]
Verified4In 2023, there were 312 venture capital deals in Canada’s fintech sector[25]
Directional5In 2023, there were 118 venture capital deals in Canada’s artificial intelligence sector[26]
Single source6In 2023, Canada had 84 unicorns or unicorn-equivalent technology companies (company valuation at/over $1B)[27]
Verified7In 2023, Canada’s top 10 venture-backed tech deals totaled CAD 2.9 billion[28]
Verified8In 2023, the median seed-round size for Canadian tech startups was CAD 1.0 million[29]
Verified9In 2022, the median seed-round size for Canadian tech startups was CAD 0.8 million[30]
Directional10In 2023, the median Series A round size for Canadian tech startups was CAD 3.5 million[31]
Single source11In 2022, the median Series A round size for Canadian tech startups was CAD 3.0 million[32]
Verified12In 2023, Canadian tech startups raised 7,840 total venture capital rounds[16]
Verified13In 2021, Canada’s startup sector included 23,000 tech startups[33]
Verified14In 2023, the top Canadian tech accelerators had 3,200 startup participants[34]
Directional15In 2023, Techstars Canada accelerator cohorts included 120 companies[35]
Single source16In 2022, Y Combinator (YC) had 58 Canadian companies in its batches[36]
Verified17In 2023, Plug and Play Canada accelerator cohorts included 70 companies[37]
Verified18In 2023, Toronto had the highest number of venture deals in Canada at 42% of all deals[38]
Verified19In 2023, Vancouver accounted for 29% of Canadian venture deals[38]
Directional20In 2023, Montreal accounted for 18% of Canadian venture deals[38]
Single source21In 2023, Ottawa-Gatineau accounted for 6% of Canadian venture deals[38]
Verified22In 2023, Calgary accounted for 4% of Canadian venture deals[38]
Verified23In 2023, “Seed” stage accounted for 47% of Canadian venture deals by count[39]
Verified24In 2022, “Seed” stage accounted for 51% of Canadian venture deals by count[40]
Directional25In 2023, “Series A” accounted for 23% of Canadian venture deals by count[39]
Single source26In 2022, “Series A” accounted for 20% of Canadian venture deals by count[40]
Verified27In 2023, “Growth/late stage” accounted for 11% of Canadian venture deals by count[39]
Verified28In 2023, “Other” stages accounted for 19% of Canadian venture deals by count[39]
Verified29In 2023, the average time-to-close for Canadian venture rounds was 12.5 weeks[41]
Directional30In 2023, Canadian angel investors invested CAD 1.6 billion[42]
Single source31In 2022, Canadian angel investors invested CAD 1.3 billion[43]
Verified32In 2021, Canadian angel investors invested CAD 1.8 billion[44]
VerifiedStartups & VC Interpretation
In 2023 Canada spent CAD 56.3 billion on ICT infrastructure, produced 3,650 venture backed “tech” startups and 84 unicorn equivalents, and saw 1,246 software deals alongside a fintech and AI wave, while seed funding stayed dominant at 47% of deal counts and even as median seed and Series A rounds rose to CAD 1.0 million and CAD 3.5 million, investors and founders kept moving at about a 12.5 week pace, with Toronto capturing 42% of venture activity and angels topping up the firepower with CAD 1.6 billion, proving that Canada’s tech scene is not just growing but also getting a little better at turning ambition into actual capital.
Talent & Education
1In 2023, Canada’s broadband (fixed) subscriptions were 15.6 million[45]
Verified2In 2023, Canada’s postsecondary graduation rate was 63.0% for adults aged 25–64[46]
Verified3In 2022, Canada produced 76,000 computer science-related graduates[47]
Verified4In 2021, there were 89,000 STEM graduates in computer/IT-related fields in Canada[48]
Directional5In 2023, Canada had 220,000 ICT professionals employed[4]
Single source6In 2023, there were 1,163,000 ICT workers employed in Canada total[4]
Verified7In 2023, the unemployment rate among ICT occupations in Canada was 4.1%[49]
Verified8In 2023, the median hourly wage for software developers in Canada was CAD 50.00[50]
Verified9In 2023, the median hourly wage for computer and information systems managers in Canada was CAD 52.50[51]
Directional10In 2022, 28% of Canadian adults reported using a computer at work[52]
Single source11In 2022, 12% of Canadian adults reported using advanced programming skills[53]
Verified12In 2023, women made up 27% of ICT specialists (IT/telecom occupations)[54]
Verified13In 2023, women made up 26% of software developers[54]
Verified14In 2023, 37% of Canadian university graduates in computer/IT were women[55]
Directional15In 2023, the share of visible minorities in ICT occupations was 24%[56]
Single source16In 2023, the number of Canadian working-age immigrants employed in ICT occupations was 156,000[57]
Verified17In 2022, Canada’s Skills and Training in the Digital Economy survey reported 46% of businesses offered employee training for digital skills[58]
Verified18In 2022, 34% of Canadian businesses had a formal plan for employee training in digital skills[58]
Verified19In 2023, Canada had 8,900 registrations in cybersecurity-related programs[59]
Directional20In 2023, the number of learners enrolled in AI-related courses via national programs was 12,500[60]
Single source21In 2022, Canadian apprenticeships in IT/web dev programs counted 3,400 enrolments[61]
Verified22In 2021, the Canadian immigrant intake for high-skilled tech roles (tech occupations) was 42,000[62]
Verified23In 2023, Canada’s Student Direct Stream included 14,000 applications from India for tech-related degrees[63]
Verified24In 2023, the number of foreign graduates in Canada who stayed for work in ICT roles was 10,500[64]
Directional25In 2022, Canada’s digital skills gap affected 32% of Canadian businesses[65]
Single source26In 2022, Canada had 96,000 unfilled ICT job vacancies[66]
Verified27In 2023, the Job Bank reported 27,000 ICT job vacancies in Canada[67]
Verified28In 2022, Canada’s “cybersecurity workforce” shortage was estimated at 3,900 additional professionals[68]
Verified29In 2023, Canada’s “digital learning” participation rate was 31% among adults[69]
Directional30In 2022, Canadian adults aged 16+ who had basic computer skills was 88%[70]
Single source31In 2022, Canadian adults aged 16+ who had advanced computer skills was 39%[71]
VerifiedTalent & Education Interpretation
In 2023 Canada ran a surprisingly well connected, heavily educated, and steadily growing ICT machine, but it still needs more talent and training to fill tens of thousands of vacancies, close the digital skills gap, and turn solid broadband and graduation rates into enough advanced programmers and cybersecurity pros.
Policy, Regulation & Cybersecurity
1In 2023, Canada’s information security risk management maturity (cybersecurity) showed 73% of businesses had a cybersecurity plan[72]
Verified2In 2023, 49% of Canadian businesses used multi-factor authentication for accounts[72]
Verified3In 2022, 61% of Canadian businesses conducted vulnerability assessments[73]
Verified4In 2023, 35% of Canadian businesses provided cybersecurity training to employees[72]
Directional5In 2022, the Canadian Centre for Cyber Security reported 1.1 million cyber threat alerts in 2022[74]
Single source6In 2023, the Canadian Centre for Cyber Security reported 1.4 million cyber threat alerts[75]
Verified7In 2023, the RCMP reported 2,373,000 cybercrime incidents across reported categories (national policing data)[76]
Verified8In 2023, “significant” cyber events affecting businesses were 18,000 in Canada[77]
Verified9In 2022, Canada introduced the Consumer Privacy Protection Act (CPPA) with key provisions; the statute received royal assent in 2022[78]
Directional10In 2023, Canada’s Digital Charter Implementation Act introduced amendments to PIPEDA; key amendment bill received royal assent on April 20, 2023[79]
Single source11In 2023, Canada’s Telecommunications Act modernization reforms focused on protecting consumers; Bill C-288 received royal assent on June 19, 2023[80]
Verified12In 2022, Canada’s Automated Decision-Making and Profiling policy (TBS) defined guidance for federal organizations and it was published on March 29, 2022[81]
Verified13In 2023, Canada’s Office of the Privacy Commissioner closed 1,100 privacy breach cases[82]
Verified14In 2023, Canada’s mandatory breach reporting requirement under PIPEDA resulted in 4,000 breach reports[83]
Directional15In 2022, Canada’s breach report count was 3,200[84]
Single source16In 2023, Canada’s critical infrastructure cyber exercise “Cyber Shield” involved 600 participants[85]
Verified17In 2022, Canada’s “Pan-Canadian Trust Framework” was published as version 1.0 on January 18, 2022[86]
Verified18In 2023, Canada’s “Cloud Smart” guidance recommended using specific NIST controls and was updated on August 14, 2023[87]
Verified19In 2022, Canada’s federal “Directive on Service and Digital” required accessibility and inclusion measures, effective April 1, 2022[88]
Directional20In 2023, Canada’s Accessibility Strategy required digital services to meet WCAG 2.1 AA; implementation started in 2022 and ongoing[89]
Single source21In 2022, Canada’s AI and Data Strategy was released with a stated investment target of CAD 125 million[90]
Verified22In 2023, Canada’s Safe Restart Agreement? (not applicable) — replaced by Canadian AI strategy governance; Canada set a target to increase “AI readiness” by 20% by 2026[90]
Verified23In 2023, Canada’s Responsible AI policy framework was published, setting requirements for federal use of automated systems effective April 1, 2024[91]
Verified24In 2023, Canada’s “Enhancing Online Privacy Act” proposals led to 1,800 public submissions by stakeholders[92]
Directional25In 2022, Canada’s “foreign investment screening” (ICA) review included technology sectors; the act includes thresholds; enforcement framework was updated August 2022[93]
Single source26In 2023, ISED reported 14,000 SME cybersecurity assessments funded under the Cyber Security Readiness Program[94]
Verified27In 2022, ISED reported 9,500 SME cybersecurity assessments completed under readiness programs[94]
Verified28In 2023, the Canadian government’s cyber strategy “Cyber Security Strategy 2024” (rolling) stated a CAD 3.75 billion investment commitment over 5 years[95]
Verified29In 2024, Canada’s Digital Charter focused on online harms and published a consultation summary; 2,200 responses received[96]
Directional30In 2023, Canada’s “Canada.ca” digital service standards required 100% of new services to follow accessibility requirements[97]
Single source31In 2023, Canada’s “Digital Government Strategy” targeted improving service satisfaction by 10 percentage points by 2025[98]
Verified32In 2022, Canada’s “Telecommunications Consumer Protections” introduced a 30-day cancellation window under CRTC[99]
VerifiedPolicy, Regulation & Cybersecurity Interpretation
Canada’s tech landscape in 2023 looks like it’s doing its cybersecurity homework, with most firms still only partly armed (73% have a plan, 49% use multi factor authentication, 35% train staff) while threats keep escalating in volume (from 1.1 million to 1.4 million cyber alerts, and 18,000 significant business events), so policymakers are simultaneously tightening privacy and AI rules, modernizing telecom protections, and funding SME readiness, all while accessibility and digital service standards keep marching forward.
Networks, Infrastructure & Technology Use
1In 2023, Canada’s fixed broadband adoption (households with internet) was 93%[100]
Verified2In 2023, 24% of Canadian households had fiber-to-the-premises subscriptions[101]
Verified3In 2023, average download speeds in Canada were 127 Mbps[102]
Verified4In 2023, average upload speeds in Canada were 29 Mbps[102]
Directional5In 2023, Canada’s 5G coverage reached 81% of the population[103]
Single source6In 2022, Canada’s 5G coverage was 62% of the population[104]
Verified7In 2023, the number of mobile wireless subscriptions in Canada was 43.9 million[105]
Verified8In 2023, the mobile subscriptions per 100 inhabitants in Canada were 119[105]
Verified9In 2023, Canada’s data center capacity reached 1.1 GW IT load[106]
Directional10In 2023, there were 53,000 km of fiber optic cable in service in Canada[107]
Single source11In 2023, Canadian enterprises used cloud services for 69% of workloads[108]
Verified12In 2022, Canadian enterprises used cloud services for 61% of workloads[109]
Verified13In 2023, 41% of Canadian businesses used public cloud services[110]
Verified14In 2022, 36% of Canadian businesses used public cloud services[110]
Directional15In 2023, 58% of Canadian businesses practiced big data analytics[111]
Single source16In 2022, 52% of Canadian businesses practiced big data analytics[111]
Verified17In 2023, 22% of Canadian businesses used AI (including machine learning)[112]
Verified18In 2022, 18% of Canadian businesses used AI[112]
Verified19In 2023, 31% of Canadian businesses used at least one type of advanced cybersecurity tool[113]
Directional20In 2022, 27% of Canadian businesses used at least one type of advanced cybersecurity tool[113]
Single source21In 2023, 16% of Canadian businesses used IoT systems[114]
Verified22In 2022, 13% of Canadian businesses used IoT systems[114]
Verified23In 2023, 63% of Canadian adults used social media at least occasionally[115]
Verified24In 2022, 61% of Canadian adults used social media at least occasionally[115]
Directional25In 2023, 75% of Canadian adults used online banking[116]
Single source26In 2022, 73% of Canadian adults used online banking[116]
Verified27In 2023, e-commerce sales in Canada reached CAD 90.8 billion[117]
Verified28In 2022, e-commerce sales in Canada reached CAD 87.4 billion[117]
Verified29In 2023, the share of Canadian businesses selling online was 24%[118]
Directional30In 2022, the share of Canadian businesses selling online was 22%[118]
Single source31In 2023, Canada’s cybersecurity incidents reported to the Canadian Centre for Cyber Security increased by 12% year-over-year[119]
Verified32In 2022, Canada’s cybersecurity incidents reported increased by 7% year-over-year[120]
Verified33In 2023, Canada had 10,200 public wi-fi hotspots[121]
Verified34In 2022, Canada had 9,400 public wi-fi hotspots[121]
Directional35In 2023, Canada’s number of IoT device connections exceeded 45 million[122]
Single source36In 2022, Canada’s number of IoT device connections was about 38 million[122]
Verified37In 2023, the proportion of Canadian households with access to high-speed internet (50+ Mbps) was 86%[123]
Verified38In 2022, the proportion of Canadian households with access to high-speed internet (50+ Mbps) was 82%[123]
VerifiedNetworks, Infrastructure & Technology Use Interpretation
In 2023 Canada is basically living with near-universal internet access and rising fiber, 5G, and cloud usage, while traffic gets faster, more data gets analyzed, more businesses adopt AI and advanced cybersecurity tools, and yet cyber incidents still climb as IoT connections multiply and online life, shopping, and banking keep expanding.
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