The Canadian population has positive attitudes towards entrepreneurial skills, which are associated with intentions to start a business. Canadians appear much more optimistic about starting a business in 2021 compared to 2020. Canada’s ‘perceived opportunities’ score has increased to its highest level since 2016, showing that 7 out of 10 Canadians see good opportunities to start a business in 2021. Canada’s ‘perceived capabilities’ score has also risen to its highest level since 2016, but remains lower than the USA. Canada has the highest level of ‘intention to start a business’ amongst G7 economies. This result may reflect the significant increase in ‘perceived opportunities,’ increase in ‘perceived capabilities’ and lower ‘fear of failure’ rate. However, Canada’s ‘fear of failure’ is still the highest in the G7, and 3rd highest of 47 GEM economies in 2021. Canada maintains its leading position amongst innovation-led economies for its total early-stage entrepreneurial activity (TEA), but is middle-ranked for its established business activity (EB). Canada’s TEA level increased in 2021, placing it 8th among 47 GEM economies. This is the highest TEA level for Canada since it began participating in GEM. Canada’s EB level increased slightly from 2020, placing it lower than USA and 16th overall.