Compared internationally we do, but that's largely a function of the underdevelopment of the industrial sector in this country, and the amount of research financed by the corporate sectors is proportionately less in Canada than in other countries. Historically that's been due to the large percentage of foreign ownership: major transnational corporations tend to do the bulk of their research and development in their home country, so the big American corporations do the bulk of their R and D in the U.S. Canada, because it has been relatively underdeveloped in that regard, has had to rely more than other major developed countries on academic-based research.
On February 12th, 2008. See this statement in context.