Beaumont

Review the Business Climate

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 Beaumont and help you answer the following fundamental questions.

What is the business climate in Beaumont?

We have compiled the most important aspects of Beaumont’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.

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Resident Indicator Population Growth Chart

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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 Beaumont and assistance available to Beaumont businesses.

As of January 1, 2017, the general Alberta corporate income tax rate is 12%. The Alberta small business income tax rate is 2% for eligible small businesses with income up to $500,000. This is the second lowest rate across the nation and is the same as in the Province of Saskatchewan.

The combined federal/provincial corporate income tax rate in Alberta is 27% for general businesses and 14% for small businesses. 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.

Alberta Investor Tax Credit (AITC)

Capital Investment Tax Credit (CITC)

Growth and Diversification Act

Interactive Digital Media Tax Credit (IDMTC)

Alberta is known for its low tax rates and Beaumont is no exception. Beaumont businesses benefit from the savings realized from no provincial sales tax, no capital or payroll taxes and no machinery and equipment taxes.

No Business Tax

Beaumont does not charge a business tax. When compared with municipalities who do charge such a tax, this can save a business thousands of dollars a year.

Property Tax & Assessment

Beaumont offers a competitive tax environment, when compared to the taxes in Edmonton. Beaumont will be launching cost effective future development in the municipality. View Beaumont’s current non-residential property tax rate here.

Mill Rates

Beaumont

2017/2018 Non-Residential Mill Rate Comparison

2018 Rank City Municipal
1 Stony Plain 5.7780
2 Leduc County 6.8700
3 Morinville 6.9724
4 Chestermere 7.7579
5 Devon 8.4150
6 Spruce Grve 8.4727
7 Strathcona County 8.5192
8 City of Leduc 8.5680
9 Beaumont 8.8044
10 Fort Saskatchewan 9.0380
11 St. Albert 10.7382
12 Edmonton 17.4354

If you want to compare the mill rates between other Alberta communities click here

Municipal Development Plan

A Municipal Development Plan is a statutory planning document that sets out a clear vision for our community’s future and serves as an important decision-making tool for Council, Administration and all stakeholders. It’s the primary document that guides the future development and growth for the entire community.

Our new Municipal Development Plan is currently with the Edmonton Metropolitan Region Board and we are planning for approval in early 2019.

To view the current Municipal Development Plan click here.

Land Use Bylaw

To view the current Land-Use Bylaw click here

Permitting

For detailed information on Business Licenses and Permits in Beaumont click here.

If you would like to download permit reports or lot availability reports please click here or contact the Building Department at 780-929-8782 or email

Off-site levies

Off-site levies are charged for reimbursing the municipality for the capital costs associated with new developments and growth. Transportation, wastewater, and water are examples of off-site projects that are necessary to provide appropriate off-site services to development areas.

https://www.beaumont.ab.ca/DocumentCenter/View/2802/Offsite-Levy-Bylaw-Comparable-Table

https://www.beaumont.ab.ca/DocumentCenter/View/380/Off-Site-Levy-Bylaw?bidId=

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.

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.

Higher incomes 

Families in Alberta typically enjoy a higher family income than other parts of Canada. Median total single-family household income is $141,755.  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% 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.

Businesses in Beaumont 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

Provincial small business income tax rate of just 2%

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%

WORKERS COMPENSATION

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

Workers Compensation  

Average Cost for All Manufacturing                 (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

 

EMPLOYMENT INSURANCE

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.

 Learn More: Canada Revenue Agency, Employment Insurance for Employers

 

 Employment Insurance

 

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

How do I use this information?

Having access to business climate statistics and information is one thing, but it's quite another to use data effectively and in a way that will benefit your business. This next section will help you do just that. Learn how to 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. 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.

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.

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