Key Source of Economic Growth in Canada May Be Overlooked, New Research Reveals

New Tangerine Bank and PwC Canada report finds more than half of Canadian entrepreneurs no longer relate to the traditional label, signalling a disconnect between how entrepreneurship is evolving and how business owners are supported.

TORONTO, Sept. 23, 2026 /CNW/ -- As Canada looks to strengthen growth, attract investment and build a more resilient economy, new research from Tangerine Bank and PwC Canada suggests a growing source of the country's economic potential may be hiding in plain sight.

The Modern Entrepreneur Report found that 52% of business owners surveyed do not identify with the traditional definition of an "entrepreneur," despite actively building businesses, generating income and contributing to their communities.

The findings suggest as more Canadians build businesses through independent work, multiple income streams, digital platforms and lean operations, traditional models of recognition and support have not kept pace.

That matters because entrepreneurs are playing an increasingly important role in Canada's economy. Statistics Canada data shows non-employer businesses have grown by 24% since 2020, compared to just 4% growth among employer businesses. Yet only 50% of entrepreneurs surveyed said their bank sees them as a business client rather than simply an individual customer.

"In an environment where Canada is focused on where the next wave of opportunity will come from, we can't afford to think about entrepreneurship through yesterday's lens," says Terri-Lee Weeks, President and CEO of Tangerine. "The modern entrepreneur is building differently, growing differently and defining success differently. The opportunity is not simply to recognize that change, but to respond with effective solutions so we can support them to drive economic momentum."

Key insights from the Modern Entrepreneur Report:

• Outgrowing the Label: 52% of respondents said the traditional definition of "entrepreneur" no longer fits them, and only half feel their bank sees them as a business. Together, the findings suggest entrepreneurship increasingly extends beyond conventional models of business ownership and may be overlooked by the systems designed to support it.
• The Economy of Everyday Ambition: 73% of respondents said they're proud of their business's contribution to Canada, while 75% feel their business makes a positive impact locally. This suggests entrepreneurs drive economic activity, innovation and growth long before their businesses reach traditional measures of scale.
• We're Only Seeing Part of the Scoreboard: While 93% of respondents said they are proud of the business they've built, fewer than half (45%) expect their businesses to grow, and only 22% identified long-term financial security as a primary motivation. This suggests that modern entrepreneurs define success differently--through freedom, flexibility, and personal fulfillment, not just traditional markers like revenue or headcount.
• The Invisible Village: 87% of respondents said they value advice from people who have built businesses themselves, highlighting the important role of community, confidence and connection throughout the entrepreneurial journey. In short: modern entrepreneurs want support that extends beyond financial products.

"Across every sector we serve, we see a common challenge emerging: customers are evolving faster than the models built to serve them – and entrepreneurship is no exception," says Yair Weisblum, National Sector Leader, Banking and Capital Markets, PwC Canada. "The organizations that recognize entrepreneurial potential early on, understand customers more holistically, and reduce complexity rather than add to it, will be best positioned to earn the trust of Canada's modern entrepreneurs."

Insights from the Modern Entrepreneur Report reinforce Tangerine's transformation to reimagine banking through intuitive digital tools and effortless experiences that meet Canadians' evolving needs. As more Canadians embrace entrepreneurship in ways that extend beyond traditional business models, Tangerine is responding with more flexible and inclusive solutions. The upcoming launch of Tangerine Business marks the next milestone in that journey, designed to support modern entrepreneurs in moving forward.

Read the full Modern Entrepreneur Report here.

The Modern Entrepreneur Report is provided for general informational purposes only and is based on information believed to be reliable as of the date of publication. Readers should consult their own professional advisors regarding their specific circumstances including for legal, tax or financial advice. The report was developed by PricewaterhouseCoopers LLP ("PwC") in collaboration with Tangerine Bank for clients of Tangerine Bank.

Methodology

Research findings are based on an online survey of 552 Canadian entrepreneurs, conducted by PwC on behalf of Tangerine between July 2 and 14, 2026. Respondents included business owners, self-employed workers, freelancers, independent contractors, side-business owners and gig workers from across Canada, spanning a broad mix of industries and stages of development, from businesses less than a year old to those operating for more than a decade. The survey explored how these entrepreneurs manage their finances, the challenges they face, their evolving banking and digital expectations, and how financial institutions can better support them, with findings supplemented by qualitative interviews and economic analysis.

About Tangerine Bank

Tangerine is one of Canada's leading digital banks, empowering over two million clients with the momentum to move their financial lives forward. From everyday saving and spending to borrowing and wealth building, Tangerine's products are designed to meet the unique needs of Canadians. Tangerine's commitment to putting Clients first has earned the bank recognition as the #1 Bank in Canada by Forbes in 2025 and 2026** and the most awarded midsize Bank by the J.D. Power Canada Retail Banking Satisfaction Study for 14 consecutive years as of 2025**. Tangerine Bank was launched as ING DIRECT Canada in 1997. In 2012, Tangerine was acquired by Scotiabank and operates independently as a wholly owned subsidiary. For more information, visit www.tangerine.ca or connect with us on social on Instagram, LinkedIn, or TikTok.

About PwC Canada

At PwC Canada, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We're a tech-forward, people-empowered network with more than 6,500 partners and staff in offices across the country. Across audit and assurance, tax and legal, deals and consulting, we help build, accelerate and sustain momentum.

PwC refers to the Canadian member firm and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. Find out more by visiting us at: www.pwc.com/ca 

SOURCE Tangerine Bank

For Media Inquiries: Kyla Pearson: [email protected]; PwC Canada Media Inquiries: Heather Neale: [email protected]