The US & Canada’s Business History
The business relationship of the US and Canada is a long and heavily intertwined one. This relationship is certainly one of convenience to a very large degree since we share such a long stretch of common border. Both the US and Canada are highly developed technical and industrial nations that are capable of great innovation.
Canada has remained such a prime business partner for American companies since there are significant commonalities in our cultures. Our societies are culturally quite similar, and we enjoy similar values, many of the same recreational interests, and are integral to the success of the other. The economic partnership is the source of approximately $2 billion in commerce that flows between the partners every day.
The great migration to Canada
There are hundreds of companies that are tapping into Canada’s booming tech sector for new market share. This includes not only traditionally tech industries like peripheral and software companies but any company that can successfully navigate the new market and gives their audience the solutions they need and want.
For many industries that can pivot and work with any type of situation, from media hosting to advertising and SEO, it’s crucial to enter the Canadian market while it is still globally underleveraged. These industries and more can expect to enjoy a long period of significant business and revenue growth.
The benefits of bringing your solutions to the Canadian Market
There is an incredible number of benefits to either entering or growing in the Canadian business market that will apply to nearly every industry or application.
The corporate tax rate is very amicable, and let’s face it, that has a big impact on the bottom line. It is one of the primary reasons that many businesses either move to or expand to Canada. The high corporate tax rates in many other first-world countries can dissuade existing companies from expanding into those markets.
This can be particularly attractive for companies that want access to a market that is incredibly similar to the US market, without the relatively high corporate tax that can exceed 20%.
Canada is known for having one of the most stable countries. Despite being incredibly similar, doing business in a Canadian province puts your business at a far lower risk of shutdown due to pandemic activity or unapproved government budget bills.
The relatively low corporate tax rate contributes in a significant way to the stability of the economy and allows businesses and industries operating in Canada to recover quickly from most economic crises. The intervention of the Bank of Canada is also key to the stability of their economy.
Owing largely to the highly lauded Canadian educational system, as well as the various institutes for vocational job training, Canada is able to offer a large number of highly skilled workers. In fact, one of the conditions of operating in the Canadian market is that your business must then gainfully employ Canadian citizens.
Canada has more than 500 ports that ship to crucial locations around the globe. Many of the largest airports in North America are in Canada and connect them to supply chain locations in hundreds of countries.
Canada is consistently ranked as one of the most enjoyable countries to live in around the world. The quality of life its residents enjoy is extremely high, and they boast a clean and beautiful environment, modern cities, and a high chance of success for industry.