Comparison of large Canadian markets

Comparison of major markets in Canada

Comparison table of large consumer markets in Canada

LARGE CANADIAN CONSUMER MARKETSOntarioQuebecBritish ColumbiaAlbertaNew Brunswick
Summary at a Glance
Total year 1 engagement set up costs?US$8,150US$8,150US$8,150US$8,150US$8,150
Total year 2 costs (incl. audit and tax)?US$4,600US$4,600US$4,600US$4,600US$4,600
Our Client must travel during the engagement?NoNoNoNoNo
Total engagement period? (weeks)3 weeks3 weeks3 weeks3 weeks3 weeks
Total population? (million)14m8m5m4m1m
Annual purchasing power per person? (USD)696m363m230m338m32m
Corporate tax rate on net profits?
How many tax exempt free zones available?00020
Average hourly employee salary?US$11US$10.35US$10.25US$10.2US$10.3
Average monthly office rental per sq m?US$23US$24US$30US$18US$10
Average monthly warehouse rental per sq m?US$12US$18US$22US$14US$6
Incorporation requirements
How long to set the company up?1 week1 week1 week1 week1 week
Minimum number of shareholders?11111
National shareholder required?NoNoNoNoNo
Individual and corporate shareholders allowed?YesYesYesYesYes
Minimum number of directors?12111
Resident director required?YesYesYesYesYes
Minimum paid up share capital?US$1US$1US$1US$1US$1
Corporate director(s) allowed?NoNoNoNoNo
Public register of shareholders & directors?NoYesNoNoNo
Tax and accounting considerations
Corporate tax payable?
Withholding tax on dividends paid overseas?
Withholding tax with treaty countries?0-25%0-25%0-25%0-25%0-25%
Annual audited financial statements required?YesYesYesYesYes
Average customs duty of export products?0-25%0-25%0-25%0-25%0-25%
Average import duty for imported products?
Local GST or HST? (%)
Tax incentives for manufacturing start-ups?YesYesYesYesYes
Access to how many double tax treaties?9191919191
Tax exempt free zone mainly used for?N/AN/AN/AManufacturingN/A
Corporate bank account considerations
Healy Consultants’ preferred bank?RBCBMOHSBCScotiabankTD Canada
How long to open bank account? 3 weeks 3 weeks 3 weeks 3 weeks 3 weeks
Do I travel to open the bank account?YesYesYesYesYes
Minimum bank deposit (USD)?00000
Multi-currency corporate bank account?YesYesYesYesYes
Multi-currency corporate visa debit cards?NoNoNoNoNo
Our rating of the e-banking facility?GoodGoodGoodGoodGood
Corporate ATM card available?YesYesYesYesYes
Bank rating by World Economic Forum?1/1441/1441/1441/1441/144
Ease of getting credit? (by WEF)18/14418/14418/14418/14418/144
Employment considerations
Average skilled labour monthly salary?US$3,100US$2,800US$2,950US$3,800US$2,800
Average unskilled labour monthly salary?US$1,400US$1,300US$700US$1,150US$1,200
Average pension and insurance benefits %?
Minimum national salary?US$11US$10.35US$10.25US$10.2US$10.3
Labor productivity %?0.7380.7380.7380.7380.738
Mandatory labor unions?NoNoNoNoNo
Minimum notice to dismiss employees?1 week1 week1 week1 week1 week
Minimum redundancy indemnity?1 week1 week1 week1 week1 week
Quotas on foreign workers?YesYesYesYesYes
How long to get work permit approved?1 – 2 months1 – 2 months1 – 2 months1 – 2 months1 – 2 months
Logistical considerations
Preferred city for incorporation of the company?TorontoMontrealVancouverEdmontonFredericton
Proximity of sea port in kilometers?5.22631.70.35108
Proximity of airport in kilometers?30.818.913.330.6133
Proximity of rail in kilometers?1.12622.34.4155
Local market size (in millions)14m8m5m4m1m
Local purchasing power (GDP per capita)?696m363m230m338m32m
Number of international tourists? (million)1.3m4.7m4.3m1.5m1.4m
Average annual inflation rate?0.0120.0130.010.0130.012
Average unemployment rate?6.8%`0.080.0580.060.101
Ease of doing business index2/1892/1892/1892/1892/189

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client relationship officer - Karen