Canada year after year continues to welcome entrepreneurs and real estate development groups; such as ReDev Properties, continue to attract retail investors to its new retail development projects.
There are many advantages of investing and doing business in Canada as a whole. Those advantages include high incentives, low taxes, great infrastructure, export and trade opportunities and more. However, doing business in Saskatchewan has its competitive advantages in key sectors of the economy including agriculture, agri-value, energy, manufacturing and so on; and with Retail sales being the last stage of product distribution; retail commercial real estate investors have a lot to gain out of this strong economic activity.
Here are the three advantages to investing and doing business in Saskatchewan.
Number #1: Location, Location, Location
Saskatchewan is centrally located in Canada and operates on the central time zone, which makes its location easy to do business throughout the continent. The total number of retail stores in Saskatchewan is 4,882 with retail jobs roughly at 67,455. The total retail sales in Saskatchewan is $19.6 billion as of April 2019 and it’s growing.
By land within one day from Saskatchewan its businesses have access to a market of 60 million people and within two days 270 million people in Canada and the U.S. With the boom in manufacturing and retail in the area, plus export trade and destination markets; the Saskatchewan province is accessible to its clients, markets, retail services and technology.
Number #2: Taxes + Incentives to Invest
Of all the provinces, Saskatchewan has the lowest sales tax of six per cent. Additionally, Saskatchewan does not have employee payroll tax and there are no health premium levies.
To further incentivize business growth, innovation and investment in Saskatchewan the government has kept the income tax rate as low as 10 per cent on manufacturing and processing profits. If manufactures decide to establish a facility in Saskatchewan they can be eligible for six percent refundable investment tax credit on their capital purchases and the manufacturing process is exempt from provincial sales tax.
Best of all, the small business income tax rate is only two per cent for the first $600,000 earned in business income by Canadian-controlled private corporations. The incentives to invest in Saskatchewan alone are good enough reason to contact ReDev today.
Number #3: Labor, Population and Infrastructure
Saskatchewan’s population was at 1,174,462 as of July 2019, which is an all-time high. It has been growing for 53 consecutive quarters, increasing by more than 183,000 people and this province has the third largest percentage of workers aged 15 to 24 in Canada.
Saskatchewan is also home to two universities, two tech schools and seven regional colleges resulting in almost 60 per cent of employed people of this province having either a post-secondary education or skilled training.
Furthermore, Saskatchewan boasts that it has the most productive workforce amongst all of the other provinces at $79.90 output per hour worked, along with 2400 trucking companies, two international airports, two major rail lines and 13 shortline railroads. With a solid infrastructure and a young educated population, now is the time to open your retail business in Saskatchewan.
Saskatchewan economic dashboard shows employment and population figures, gross domestic product, capital investment data and so on that are steadily growing. Their competitive investment incentives, a young educated workforce and being strategically located have been attracting billions in new investments.
Contact ReDev Properties today and join the list of 4,882 retailers in Saskatchewan with $19.6 billion in retail sales.