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Cochrane continues to be attractive to small business

A strong sense of community. Close proximity to Calgary. Access to amenities and professional services such as accounting and banks. The fact that Cochrane doesn’t levy a business tax and has a business property tax rate of only 9.7 per cent.

A strong sense of community. Close proximity to Calgary. Access to amenities and professional services such as accounting and banks. The fact that Cochrane doesn’t levy a business tax and has a business property tax rate of only 9.7 per cent.

These are among the reasons, according to Maggie Armstrong, economic developer with the Town of Cochrane, that likely contributed to why the town made the top 25 communities to do business in Western Canada, as published in May, 2011 by Alberta Venture magazine.

“Small businesses are those between one and 49 employees,” explained Armstrong, adding that small businesses account for 96 per cent of all businesses in Alberta (according to albertacanada.com).

“Based on our business license data, the top five industry sectors are Retail Trade; Other Services (except Public Administration); Construction; Professional, Scientific and Technical Services; and Health Care and Social Services.”

‘Other Services’ would include such businesses as hair and nail salons.

With the Quarry site construction underway, it seems commercial growth will undoubtedly continue over the next five years, with particular respect to the retail sector.

“With respect to the number of commercial spaces, the site will accommodate several hundred thousand square feet of building space. How that will be broken down is still to be determined.”

Of course, being centrally located in Canada’s most booming province has a lot to do with Cochrane’s desirability for small business owners.

According to Alberta Canada’s website:

“Alberta has one of the most competitive tax environments in North America. It is the only province that does not have a provincial retail sales tax and there are no provincial capital or payroll taxes, which are common in many other provinces and U.S. states. . . The combined federal/provincial corporate income tax rate is 26.5 per cent for general businesses and 14 per cent for small businesses and a competitive corporate tax rate is in place for manufacturers (albertacanada.com).”

As of July, 2011, the small business income threshold in Alberta was marked at $500,000 annually.

For many in Canada, Alberta offers a buffer from the economic turmoil that the rest of the world is plighted by, as can be seen by growth in the province of 1.6 per cent in 2011.

Canada’s overall growth rate in 2011 was 1.0 per cent.

Where employment is concerned, Alberta Canada indicates:

“Alberta had the highest labour force participation rate among the provinces at 72.9 per cent in 2010, 5.9 per cent higher than the national average. At the same time, Alberta also had the highest employment rate among the provinces, at 68.1 per cent.”

With respect to the average cost of industrial/office and retail rental space in Cochrane, the average cost is between $21-$28 per square foot, according to Armstrong.

“Rates do vary depending on location, as they do in any community . . . Some tenants are better at negotiating the kind of lease they want and some are less skilled in that area.”

The annual cost for a business licence from the town of Cochrane ranges from $75 for a non-GST home-based business to $150 for all other resident business; the cost for non-residents is higher and the rate for seasonal businesses is reduced.

“Purchasing a business licence also has its benefits,” explained Armstrong. “In the consumer’s eye, it can give the business credibility, knowing that the town is aware of this business operation. When the town issues a bid opportunity, any licensed business that has indicated their interest will receive an email advising them of the opportunity.”

More information can be found at cochrane.ca under Business License Bylaw.

To learn more about Cochrane’s top 25 ranking of best Western Canadian communities to do business in, visit albertaventure.com.

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