baystreet-taxdodge_thumb
baystreet-taxdodge_thumb
News

Two-Thirds of All Assets in Canada’s Economy Are Now Owned By Under 1% of All Companies

Multinational corporations currently own 67% of all assets in Canada's economy

April 1, 2019

Less than 1% of companies operating in Canada control over two-thirds of its assets,  new figures from Statistics Canada show.

On Monday, StatsCan released a study looking at aggregated data from the financial statements of all Canadian enterprises.

In 2016, the most recent year for which data is available, only 0.8% of companies operating in Canada were multinational enterprises (meaning they have facilities or other assets in a country other than the home country).

Half were majority domestically-owned and half were majority foreign-owned.

Statistics Canada

Nevertheless, the report noted, this 0.8% of companies held 67% of all assets in the Canadian economy, in both the “financial and non-financial sectors.”

The biggest share of the Canadian-owned half of non-financial MNEs were in manufacturing (39.3%) and extraction (33.4%).

StatsCan notes MNEs dominated these sectors, along with finance, utilities and others, due to their capital-intensity and greater-returns to scale. 

Statistics Canada

That is reflected by a big discrepancy in raw dollars — in extraction, the median value of assets held by MNEs was $14.4 million, versus $0.16 million for non-MNEs while in the utilities industry, the median value of assets held by MNEs was $17.34 million, versus $0.29 million.

As PressProgress reported previously, many experts and business groups have noted that most of the key sectors of Canada’s economy are oligopolies, dominated by a very small group of very large and powerful companies. 

 

SORRY, WE'RE NOT SHUTTING UP

Dear readers: Rebel Media is sending their lawyer after us. But we're not shutting up. Contribute to our journalism defence fund today so we can defend ourselves in court.

kenney-getson_thumb
kenney-getson_thumb
Exclusive

UCP Candidate Promoted Far-Right Conspiracy Claiming the United Nations is Taking Control of Canada’s Borders

‘First Alberta, then the rest of the country’: UCP candidate asked for votes so he could ‘stop’ Canada from ‘signing away its border’

March 31, 2019

One of Jason Kenney’s United Conservative Party candidates recently promoted a far-right conspiracy theory falsely claiming Canada has surrendered control of its borders to the United Nations.

As recently as a few months ago, Lac Ste. Anne – Parkland UCP candidate Shane Getson posted statements and shared content that originated on the far-right “Yellow Vest Canada” Facebook group about the UN’s Global Migration Compact, an international agreement focused on “safe, orderly and regular migration”

In reality, the…