Canadian Business AI Spending Increases Twelve-Fold Since 2024

Canadian businesses have increased their monthly spending on artificial intelligence more than twelve-fold over the last two years. According to the Canada’s AI Spending Snapshot 2026 report by Float, 47% of companies now purchase at least one AI product, up from 27% in 2024. The median annual spend has reached $92 per employee.

Adoption has spread beyond the technology sector into finance, education, manufacturing, retail, and construction across all provinces. Many companies are now building AI stacks by utilizing multiple vendors; 51% of businesses using either ChatGPT or Claude now pay for both services.

Financial volatility has accompanied this growth, with over 70% of AI-buying businesses experiencing monthly spending spikes exceeding 50%. Finance teams also face increased costs due to currency conversion, as approximately 77% of AI spending is billed in U.S. dollars. Rob Khazzam, CEO and Co-Founder of Float, noted that while individual employees can adopt AI quickly, the financial implications for the broader organization follow rapidly.