Looking to start a business but afraid of all of the red tape, taxes and other administrative nightmares that come with owning your own business?
Check out Canada, a great place to start a business and a safe place for small businesses.
Canada has a reputation as a high tax country, while there is some truth to that, there are many favourable tax advantages of starting a business in Canada.
If you are a small business, doing under 500k a year in profits, your federal income rate is set at a 15% flat rate, which is great compared to some other countries. Most Provinces have high sales tax rates, but these sales taxes are what’s called a pass through tax for businesses, meaning you pass along any sales tax you pay to the end consumer.
Another major advantage is healthcare. For many businesses, health care costs for employees represent a large portion of their overall expenses. In Canada, there is universal healthcare, so the government, not businesses fund basic health care costs for employees.
The economy is Canada is also booming, especially the real estate market. Many major cities like Toronto and Vancouver are growing rapidly and real estate is very pricey. Justin York of York Construction Company, a home renovation company in Toronto, says any industries related to real estate are booming as most markets are very hot right now with lots of activity.
Canada also has a highly educated and trained workforce, making it easy to find top talent for just about any industry. Canada is also immigration friendly, having fair rules for talented individuals who want to immigrate to Canada.
One emerging trend in Canada is ecommerce, which is still years behind the US in terms of online sales. This is in part to a dispersed population and high shipping costs. These shipping costs are coming down fast and local businesses are jumping on the ecomm scene. The Arts Music Store, a music store located in the York Region of Ontario, is an example of a local retail store hopping on the ecomm bandwagon and hoping to expand their business without the added expenses of additional store fronts.
So even if you don’t live in Canada, immigrating here and starting your own business is not out of reach. It is a friendly country with friendly terms for small business. Come check us out!