Real Estate

Family businesses own a bigger chunk of Canada’s economy than you think — way bigger

About $191.9 billion of family-owned GDP came from big businesses, the report says, firms such as Bombardier Inc. and Loblaw Cos. Ltd.Cole Burston/Bloomberg

Canada’s family-owned businesses are the real “backbone of the economy,” but more information about those firms is required to help keep that foundation from cracking, says a new report from the Conference Board of Canada and the Family Enterprise Xchange Foundation.

Family businesses were directly responsible for about $574.6 billion in goods and services produced in 2017, or more than 35 per cent of Canada’s real gross domestic product and 48.9 per cent of its private-sector output, says the report, to be released on Tuesday.

About $191.9 billion of that family-owned GDP came from big businesses, the report says, firms such as Bombardier Inc. and Loblaw Cos. Ltd.

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