How it's done
The business climate is the general economic environment that local businesses operate in. Reviewing and understanding the local business climate provides valuable insights about the economy, costs, risks, and incentives that may impact the success of your business. This activity will guide you to better understand the business climate in Wetaskiwin and help you answer the following fundamental questions.
What is the business climate in Wetaskiwin?
We have compiled the most important aspects of Wetaskiwin’s business climate as an interactive dashboard below. This dashboard provides valuable economic, resident, household, dwelling and development indicators that may influence the success of your business.
What costs and assistance should I know about?
Whether you have a new or existing business it is critical to be aware of costs, incentives and grants that impact your business. This dashboard provides you with a snapshot of the major costs of conducting business in Wetaskiwin and assistance available to Wetaskiwin businesses.
In comparison to other provinces, businesses in Alberta enjoy a distinct advantage when it comes to corporate income taxes. With no provincial sales tax, no payroll tax, no health care premiums, lower personal income tax rates and the lowest fuel tax among provinces. Alberta continues to be a great destination to do business thanks to its infrastructure, strong urban growth centers, increasingly diverse economy, growing population and lucrative investment opportunities.
As of July 1, 2019, the general Alberta corporate income tax rate is 11 percent. The Alberta small business income tax rate is 2 percent for eligible small businesses with income up to $500,000.
The combined federal/provincial corporate income tax rate in Alberta is 26 percent for general businesses and 13 percent for small businesses, and a competitive corporate income tax rate is in place for manufacturers. Businesses also benefit from the fact that Alberta has no inventory tax, no machinery and equipment tax and no payroll tax, which are common in many other provinces and U.S. states. Learn More
The Alberta government also offers additional tax credits to encourage capital investment into a wide variety of sectors.
City of Wetaskiwin Mill Rates
2017 Residential Mills = 11.7564 (63.1% of assessment)
2017 Non-Residential Mills = 23.081 (36.9% of assessment)
To compare the mill rate between communities click here.
The City of Wetaskiwin charges NO offsite levies for South East Industrial Park.
Development permit fee schedule: http://wetaskiwin.ca/DocumentCenter/View/136
There is also no machinery and equipment tax.
Alberta’s wage and salary rates are competitive with the rest of Canada and with the United States. When total compensation rates are compared, Alberta provides a significant cost advantage compared to the U.S., largely because of publicly funded health care.
2017 Alberta Wage & Salary Review: http://work.alberta.ca/documents/wage-and-salary-survey-overview.pdf
Detailed wage and salary information for over 400 occupations in Alberta is available here.
Alberta is one of the most affordable places in Canada to live. Here’s a look at some of the financial benefits of life in Alberta.
Families in Alberta typically enjoy a higher family income than other parts of Canada. Median total single-family household income is $141,754.50. Also, 50.1% of household incomes are equal to or greater than $125,000.
Lower cost of living
Alberta offers many cost-of-living advantages:
- No provincial health-care premiums
- No provincial sales tax (PST). Residents in every other province pay up to 10 per cent in addition to the Goods and Services Tax (GST) paid by all Canadians.
- Tax rebates and credits are available to further help with your finances
You can compare how Canadians spend their incomes in major cities here.
Owning your own home is more affordable in Alberta than in many other Canadian cities. Alberta housing prices are among the lowest when compared to equivalent cities in British Columbia or Ontario.
Average rent in Wetaskiwin (2016, Canada Mortgage and Housing Corporation): $936/month
Average house price in Wetaskiwin (2016, StatsCanada): $254,000
- No offsite levies or machinery & equipment tax
- Housing less expensive than surrounding areas
- Municipality works with you for success
Small business matching grants are available in the following categories:
Equipment & Technology