Comparison of Provinces in Canada in 2023
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$15,200 | US$15,200 | US$15,200 | US$15,200 | US$15,200 |
| 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? | 25% | 26.5% | 27% | 23% | 29% |
| 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? | No | No | No | No | 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? | 25% | 26.5% | 27% | 23% | 29% |
| Withholding tax on dividends paid overseas? | 25% | 25% | 25% | 25% | 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? | 13% | 15% | 12% | 5% | 13% |
| Local GST or HST? (%) | 13% | 15% | 12% | 5% | 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 |
