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 Camrose and help you answer the following fundamental questions.
What is the business climate in Camrose?
We have compiled the most important aspects of Camrose’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 Camrose and assistance available to Camrose businesses.
The City of Camrose does not charge a corporate tax or a machine and equipment tax, making Camrose a highly competitive environment for business. Camrose is a great destination to do business also due to its infrastructure, strong urban growth, an increasingly diverse economy, growing population, and lucrative investment opportunities.
As part of Alberta’s Recovery Plan, the provincial government has accelerated the Job Creation Tax Cut, reducing the general corporate income tax rate to 8% on July 1, 2020, a year and a half sooner than originally planned. Alberta’s Recovery Plan also introduces the Innovation Employment Grant (IEG), a program that will help create jobs for Albertans by supporting small and medium-sized businesses that invest in research and development.
The Alberta small business income tax rate is 2 percent for eligible small businesses with income up to $500,000 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
2019 Camrose Property Taxes
The City of Camrose has one of the lowest mill rates for businesses in the region at 13.30. For every $100,000 in non residential assessment, the municipal taxes are $1,330, as of the 2019 tax year.
Want to compare the mill rate between communities? Click here
Off-site levies are charged for the purpose of reimbursing municipalities for the capital costs associated with new developments where subdivision of land is required. For a complete list of off-site levies according to City area, please click here.
Development levies are charged with respect to any proposed development within a municipality that have not been subject to a previous servicing agreement. Please contact us at firstname.lastname@example.org to find out if a specific property or project is subject to development levies.
|Accessory Building (other than residential)||
Per meter squared gross floor area, whichever is greater
|Change of Use||$200.00||Per Application|
|Commercial||$1.00||Per Application, per meter squared gross floor area|
|Hotel||$200.00 + $50.00 per unit||Per Application|
|Industrial||$1.00||Per Application, per meter squared gross floor area|
|Institutional*||$1.00||Per Application, per meter squared gross floor area|
|Parking Lot||$400.00||Per Application|
|Stripping & Grading||$150.00||Per Application, per hectare|
|Deck Permit||$40.00||Per Application|
|Home Occupation||$100.00||Per Application|
|Land Title Search Free||$20.00||Per Title|
|Multi-Unit Development||$200.00 + $75.00 per unit||Per Application|
|Residential Driveway Addition||$75.00||Per Application|
|Secondary Suite||$150.00||Per Application|
|Single Detached Dwelling||$200.00||Per Application|
General License Categories
|Country Residential Business||$250.00||Annual|
Specific License Categories
|Cannabis Production Facility||$1200.00||Annual|
|Cannabis Retail Store||$1200.00||Annual|
|Mobile Food Vendor||$150.00||Annual|
|Payday Loan Business||$300.00||Annual|
Other License Fees
|License Replacement Fee||$15.00||Per Licence|
|License Amendment Fee||$15.00||Per Licence|
|Appeal Fee||$200.00||Per Licence|
|Development Agreement||$1500.00||Per Agreement|
|Subdivision Agreement||$2500.00||Per Agreement|
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.
Detailed wage and salary information for over 400 occupations in Alberta is available here.
Camrose is one of the most affordable places in Alberta to live. Here’s a look at some of the financial benefits of life in Camrose.
The average total household income is in Camrose is $93,372. Also, 35% of households earn more than $100,000/year (Statistics Canada, 2015).
Lower cost of living
Camrose has affordable housing costs, with 66% or households owning their own homes and 77% of households spending less than 30% of their income on housing costs.
Camrose benefits from Alberta’s 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.
Every year, people from across Canada and all over the world choose Alberta as an ideal place to work and live. Alberta's high standard of living, diverse and welcoming communities, and beautiful landscapes make it a wonderful place to call home.
Businesses in Alberta benefit from:
No provincial sales tax
No payroll tax
No inventory tax
No machinery and equipment tax
No health care premiums
Free provincial health care insurance
Lower personal income tax rates
The lowest fuel tax among provinces
Small business income tax rate of just 2%
Corporate income tax rate of 11%
The Workers Compensation Board (WCB) of Alberta was created by government to administer the Workers Compensation Act for the province’s workers and employers. Funded by employers the WCB provides cost-effective disability and liability insurance for work related injury and illness. The WCB compensates workers for lost income and coordinates the health care and other services that may be required to recover from a work-related injury.
Learn More: Workers’ Compensation Board of Alberta
|Average Cost for All Manufacuring (per $100 Payroll)||(Per $100 of insurable earnings)||$0.24 - $2.94|
|Average Rate for Office Workers||(Per $100 of insurable earnings)||$0.13 - $0.25|
|Maximum Weekly Benefit||(90% of maximum insurable earnings $98,700)||$1,225.61|
Source: WCB rates by sector and industry
The Canadian Revenue Agency (CRA) is the governing federal body for all legislation related to employment insurance (EI) in Canada. Businesses must deduct employment insurance from an employee’s insurable earnings if that employee is in insurable employment during the year. Insurable employment includes most employment in Canada under a contract of service (employer – employee relationship). There is no age limit for deducting EI premiums.
|Taxable Base||Annual maximum insurable earnings||$51,300.00|
|Rate %||Employer contribution rate||2.282%|
|Average Among Existing Employers||Annual maximum employer contribution||$1,170.67|
Source: Payworks Payroll Legislation