For over two decades, Alberta has had Canada’s highest average annual economic growth, fueled by abundant natural resources, a diverse economy and a commitment to support innovation and entrepreneurship. From the stunning Rocky Mountains to the fertile plains of the south and the resources of the north, Alberta retains its appeal as a place to settle, invest and prosper.
- Competitive business tax environment
- No provincial retail sales tax (PST), no provincial capital taxes, no payroll taxes, no machinery and equipment taxes, and the lowest gasoline tax amongst Canadian provinces.
- Lowest combined federal and provincial corporate tax rate in the country at 25%.
- Publically funded healthcare system.
- Consistently the highest investment per capita among provinces.
- A diverse economy: As a share of provincial GDP ($334.4 billion), Energy represents 24.6%, followed by Finance and Real Estate (13.5%), Construction (10.7%), Business and Commercial Services (10.6%), Teatl and Wholesale (8.7%), Manufacturing (6.9%), Transportation & Utilities (6.0%), Health (5.0%), Tourism & Consumer Services (4.4%), Public Administartion (4.4%), Education (3.6%) and Agriculture (1.9%).
- Government commitment to fiscal responsibility. As of September 30, 2014, Alberta has:
- About $17.4 billion in Alberta’s Heritage Trust Fund (long-term savings).
- AAA Credit rating from rating agencies (Moody’s, Standard and Poor’s, and Dominion Bond Rating Service) since 2001.
- World class universities and research facilities and collaboration through Campus Alberta and Alberta Innovates
- Transportation infrastructure, featuring three international airports and extensive intra- and inter-provincial highways and railroad connections that support tourism, trade and investment.
- Abundant Resources:
- The third largest petroleum reserves in the world, after Saudi Arabia and Venezuela.
- One of the world’s most productive agricultural economies, with a total farm area of 50.5 million acres and 2013 shipments of food and beverage products totaling $12.6 billion.
- 58% or 38 million hectares of Alberta is forested, about 60% of which is considered suitable for harvest.
- A strong manufacturing sector that generated $14.0 billion in revenues in 2013 with more than 25% of shipments being exported.
- A growing financial services sector with 17 of the top 20 global investment banks having a presence in Alberta.
- World renowned Banff, Jasper, Waterton and Wood Buffalo National Parks, along with the province’s UNESCO World Heritage Sites, diverse landscapes and modern cities draw over 33 million person visits annually from across Canada and abroad.
- For more, see Alberta Economic Highlights
- A diverse workforce: Nearly one in five Albertans was born outside of Canada, making Alberta one of the most multi-national and multi-cultural provinces in the country.
- An educated workforce: In 2013, nearly 65% of Alberta’s workers 25 years and older reported holding a university degree, post-secondary diploma or certificate.
- A growing workforce: As of July 1st, 2014, Alberta’s population was estimated at 4,121,692, a 2.9% increase from a year earlier.
- A productive workforce: The second most productive workforce among Canadian provinces, driven in part by high investment ($27,617 per capita in 2013).
- Lowest corporate and personal taxes in Canada
- 10% refundable provincial tax credit for scientific research and experimental development encouraging research and development in Alberta. It is worth up to $400,000 annually per company.
- Alberta Innovation Vouchers worth $15,000 or $50,000 to help small early-stage technology and knowledge-driven businesses in Alberta get their ideas and products to market faster.
- The Climate Change and Emissions Management Corporation (CCEMC) provides funding for projects that focus on reducing greenhouse gas emissions.
- To find out more about investing in Alberta, see AlbertaCanada.com
- Aerospace and defence
- Building products and technologies
- Engineering and construction
- Environmental products and services
- Financial services
- Information and communication technologies
- Life sciences
- Metal manufacturing
- Oil and gas
- Refining, Petrochemicals and Biochemicals
- Transportation and international logistics