How it's done
Business climate is the general economic environment that local businesses operate in. Reviewing and understanding 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 Red Deer County and help you answer the following fundamental questions.
- WHAT is the business climate in Red Deer County?
- WHAT costs and assistance should I know about?
- HOW do I use this information?
What is the business climate in Red Deer County?
We have compiled the most important aspects of Red Deer County’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.
Average Household Size
Household Size Distribution
Dwelling Construction Period
What costs and assistance should I know about?
Whether you have a new or existing businesses 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 a business in Red Deer County and assistance available to Red Deer County businesses.
The tax rate in Red Deer County is one of the most favourable in Canada. This means:
- No provincial capital taxes or sales tax
- No business taxes in the Red Deer region
- County property taxes are school, municipal taxes and specific service requisitions
Find out more about tax rates and off-site levies in Red Deer County, and the about the government structure of Red Deer County. More information on Assessments and Taxes can be found here.
In some areas of the County, off-site levies / transportation contributions have been imposed to cover the costs incurred for infrastructure improvements (roads, water and sewer) in that area. One of the County's philosophies is that those properties benefiting from the infrastructure improvements should incur the respective costs. In other areas of the County where off site levies / transportation contributions have not been implemented, when development occurs, the expectation is that the developer will be responsible for construction and installation of all infrastructure to Red Deer County standards.
A list of the areas in Red Deer County with off-site levies can be found here.
With a population over 20,000, Red Deer County covers an area of 4,042 square kilometers. (1,575 square miles). Within the boundaries of Red Deer County are over 120,000 highly skilled residents, whom live in urban areas encompassed by Red Deer County. We are one of the fastest growing regions in Canada with:
- Exceptional training centers such as Red Deer College - with over 80 programs
- One of the youngest and most educated workforces in Canada
- Organizations like the Chamber of Commerce that can assist you with your labour needs
Businesses in Red Deer County benefit from:
No provincial sales tax
No payroll tax
No inventory tax
No machinery and equipment tax
No health care premiums
Lower personal income tax rates
The lowest fuel tax among provinces
Starting Jan. 1, 2017, the small-business tax rate in Alberta was cut from 3% to 2% — giving Alberta the second-lowest small-business tax rate in the country, tied with Saskatchewan.
Provincial corporate income tax rate of 12%
How do I use this information?
It is one thing to have data about the business climate, but quite another to have thought it through and know what it means, and what action you will take using it. Don’t worry, this section will help you use this information to make better business decisions.
Monitor the local business climate
On-going assessment of the business climate is an essential part of operating a competitive business. In any business climate, there are numerous factors outside your control that will impact your business, both positively and negatively. The health of the economy impacts all businesses, but small businesses usually feel the effect of economic changes faster than big businesses. Improvements in the economy typically provide a rapid increase in new opportunities for small businesses, while an economic downturn can have a significant and prolonged negative impact.
Unfortunately, you can’t influence the economy, but you can monitor the business climate indicators provided above and then take the necessary actions to minimise risks to your business. Staying up to date with the business climate can also help you identify new opportunities that your business can take advantage of.
Know your costs
All industries are unique and incur different types of costs when starting or operating (Know your industry). Understanding these costs is essential when it comes to setting prices, budgeting and planning for growth or downturns. We’ve provided some of the local costs associated with taxes, development and labour that often get overlooked by businesses. There may be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
Make the most of assistance
Getting good advice and adequate financing are two of the most challenging aspects of starting and operating a business. Here’s the good news – the find additional resources activity lists a large number of programs and organizations that can provide the help you need to start, grow and fund your business.
Where can I learn more about the business climate?
While we are providing you with a range of valuable information about the business climate, the fact is that there's much more available. In this section we provide you with links to other websites that will supplement our information and help to keep your finger on the pulse.
There may also be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
Alberta Economic Dashboard
Alberta's Treasury Board and Finance