Business Operating CostsIn Lethbridge, lower business costs in day-to-day operations – especially in areas like labour, supplies and services, transportation, utilities and telecommunications – gives business here a competitive advantage.
In 2016, Alberta Venture Magazine’s Best Communities for Business survey ranked Lethbridge second in the entire province. The latest edition of the Competitive Alternatives Study by KPMG ranked Lethbridge as the 12th most affordable city globally for biotechnology, and tenth among Canadian cities.
Alberta has one of the lowest combined average federal/state corporate income tax rates in the country, as well as no payroll tax, sales tax, provincial capital tax or tax on financial institutions in the province. Businesses in Lethbridge benefit further from the lack of a Machinery and Equipment Tax. Canada has the added advantage of a publicly- funded healthcare system with no additional health care premiums charged in Alberta.
Businesses operating in Canada also have access to Scientific Research and Educational Development (SR&ED) tax credits. The Federal government offers SR&ED credits worth up to 20% of a company’s eligible expenditures while Alberta offers an additional 10% up to $4 million.
The City of Lethbridge offers incentives for business and residential development in the downtown core. The Heart of Our City Housing incentive offers up to $30,000 per new housing unit built downtown. The Targeted Redevelopment Incentive Policy offers tax breaks for new commercial, office, retail or mixed use buildings that enhance the core.
Industries operating in the Lethbridge area report that our lower cost of living allows them to offer more flexible salaries and benefit rates. Employees are more likely to stay in our city and contribute to our dynamic community because of the quality of life that Lethbridge has to offer.
For businesses that choose Lethbridge, these low costs and savings contribute to a healthy bottom line. Economic Development Lethbridge can make the connections your business needs to get set up and provides support and information tailored to your unique needs to help pave the way for long-term business success Call 403-331-0022 to meet with us!
Did You Know?
Lethbridge based Richardson Oilseed Ltd. was the first company in the world to market canola oil.