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 Cochrane and help you answer the following fundamental questions.
What is the business climate in Cochrane?
We have compiled the most important aspects of Cochrane’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 Cochrane and assistance available to Cochrane businesses.
No business tax
There is no business tax in Cochrane, but businesses do pay tax on the property they own. The taxation year runs from January to December. Annual tax notices are mailed at the end of May while payment is due by the end of June. More information can be found here.
The taxation year runs from January to December. Tax rates will be updated each year in May once the tax bylaws approved by Town Council. View Cochrane’s current tax rates here.
Off-site levies are charged for the purpose of reimbursing the Town for the capital costs associated with new developments where subdivision of land is required. More information on Cochrane’s off-site levies can be found here.
If you have questions or want to know more about the new rate structure, please contact us on 403-851-2500.
Cochrane’s wage and salary rates are competitive with the rest of Canada and with the United States. When total compensation rates are compared, Cochrane and Alberta provides even more of a cost advantage compared to the U.S., largely because of publicly funded health care. A summary of the average hourly earnings for the Calgary CMA is shown in the table below.
|Industry||Average hourly wage
rate in 2015
|Mining, quarrying, and oil and gas extraction||$44.80|
|Transportation and Warehousing||$30.97|
|Information and Cultural Industries||$28.47|
|Finance and Insurance||$32.69|
|Real Estate Rental and Leasing||$27.27|
|Professional Scientific and Technical Services||$40.66|
|Administrative and Support||$21.97|
|Health Care and Social Assistance||$30.24|
|Arts Entertainment and Recreation||$22.68|
|Other Services(except Public Admin)||$24.25|
Businesses in Cochrane 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 11%