Canada boasts the second most cost competitive market among 10 leading industrial countries.
That’s the verdict of a report from accounting giant KPMG which places the country only behind Mexico in terms of how little must be paid for facilities, labour, taxes and transportation.
The report, revealed by the Canadian Press
, examined the competitiveness of a host of western countries, as well as Japan and Australia, and found that the level of the US dollar has helped keep Canada affordable even with lowered federal tax credits and increases in real estate costs.
In terms of corporate income taxes, meanwhile, Canada, the Netherlands and the UK had the lowest rates overall, primarily due to tax incentives meant to support research and development.
Meanwhile, in an examination of more than 100 cities around the world, Fredericton, New Brunswick, was named as the most cost effective city in the country thanks to its low property lease costs and low labour costs. Meanwhile, Montreal came top among 34 major cities in North America with Toronto and Vancouver also beating out all US cities.
According to KPMG, the low Canadian dollar has helped drive Canada’s competitiveness and has assisted in attracting business.
Here is the top 10 country list in its entirety:
3. The Netherlands
7. United Kingdom
10. United States