Comparison of Provinces in Canada in 2022

Comparison table of large consumer markets in Canada

LARGE CANADIAN CONSUMER MARKETS Ontario Quebec British Columbia Alberta New Brunswick
OUR RANKING IN ORDER OF PREFERENCE 1 2 3 4 5
Summary at a Glance
Total year 1 engagement set up costs? US$14,750 US$14,750 US$14,750 US$14,750 US$14,750
Total year 2 costs (incl. audit and tax)? US$5,300 US$5,300 US$5,300 US$5,300 US$5,300
Annual nominee director fees US$7,850 US$7,850 US$7,850 US$7,850 US$7,850
Our Client must travel during the engagement? No No No No No
Total engagement period? (weeks) 12 weeks 12 weeks 12 weeks 12 weeks 12 weeks
Total population? (million) 14m 8m 5m 4m 1m
Annual purchasing power per person? (USD) 696m 363m 230m 338m 32m
Corporate tax rate on net profits? 0.15 0.15 0.15 0.15 0.15
How many tax exempt free zones available? 0 0 0 2 0
Average hourly employee salary? US$11 US$10.35 US$10.25 US$10.2 US$10.3
Average monthly office rental per sq m? US$23 US$24 US$30 US$18 US$10
Average monthly warehouse rental per sq m? US$12 US$18 US$22 US$14 US$6
Incorporation requirements
How long to set the company up? 3 weeks 3 weeks 3 weeks 3 weeks 3 weeks
Minimum number of shareholders? 1 1 1 1 1
National shareholder required? No No No No No
Individual and corporate shareholders allowed? Yes Yes Yes Yes Yes
Minimum number of directors? 1 2 1 1 1
Resident director required? Yes No No Yes No
Minimum paid up share capital? US$1 US$1 US$1 US$1 US$1
Corporate director(s) allowed? No No No No No
Public register of shareholders & directors? No Yes No No No
Tax and accounting considerations
Corporate tax payable? 0.15 0.15 0.15 0.15 0.15
Withholding tax on dividends paid overseas? 0.25 0.25 0.25 0.25 0.25
Withholding tax with treaty countries? 0-25% 0-25% 0-25% 0-25% 0-25%
Annual audited financial statements required? Yes Yes Yes Yes Yes
Average customs duty of export products? 0-25% 0-25% 0-25% 0-25% 0-25%
Average import duty for imported products? 0.13 0.15 0.12 0.05 0.13
Local GST or HST? (%) 0.13 0.15 0.12 0.05 0.13
Tax incentives for manufacturing start-ups? Yes Yes Yes Yes Yes
Access to how many double tax treaties? 91 91 91 91 91
Tax exempt free zone mainly used for? N/A N/A N/A Manufacturing N/A
Corporate bank account considerations
Healy Consultants’ preferred bank? RBC BMO HSBC Scotiabank TD Canada
How long to open bank account? 4 weeks 4 weeks 4 weeks 4 weeks 4 weeks
Do I travel to open the bank account? Yes Yes Yes Yes Yes
Minimum bank deposit (USD)? 0 0 0 0 0
Multi-currency corporate bank account? Yes Yes Yes Yes Yes
Multi-currency corporate visa debit cards? No No No No No
Our rating of the e-banking facility? Good Good Good Good Good
Corporate ATM card available? Yes Yes Yes Yes Yes
Bank rating by World Economic Forum? 1/144 1/144 1/144 1/144 1/144
Ease of getting credit? (by WEF) 18/144 18/144 18/144 18/144 18/144
Employment considerations
Average skilled labour monthly salary? US$3,100 US$2,800 US$2,950 US$3,800 US$2,800
Average unskilled labour monthly salary? US$1,400 US$1,300 US$700 US$1,150 US$1,200
Average pension and insurance benefits %? 0.25 0.25 0.25 0.25 0.25
Minimum national salary? US$11 US$10.35 US$10.25 US$10.2 US$10.3
Labor productivity %? 0.738 0.738 0.738 0.738 0.738
Mandatory labor unions? No No No No No
Minimum notice to dismiss employees? 1 week 1 week 1 week 1 week 1 week
Minimum redundancy indemnity? 1 week 1 week 1 week 1 week 1 week
Quotas on foreign workers? Yes Yes Yes Yes Yes
How long to get work permit approved? 1 – 2 months 1 – 2 months 1 – 2 months 1 – 2 months 1 – 2 months
Logistical considerations
Preferred city for incorporation of the company? Toronto Montreal Vancouver Edmonton Fredericton
Proximity of sea port in kilometers? 5.2 263 1.7 0.35 108
Proximity of airport in kilometers? 30.8 18.9 13.3 30.6 133
Proximity of rail in kilometers? 1.1 262 2.3 4.4 155
Local market size (in millions) 14m 8m 5m 4m 1m
Local purchasing power (GDP per capita)? 696m 363m 230m 338m 32m
Number of international tourists? (million) 1.3m 4.7m 4.3m 1.5m 1.4m
Average annual inflation rate? 0.012 0.013 0.01 0.013 0.012
Average unemployment rate? 6.8%` 0.08 0.058 0.06 0.101
Ease of doing business index 2/189 2/189 2/189 2/189 2/189

Contact us

For additional information on our America company incorporation services, please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal