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 Kingston and help you answer the following fundamental questions.
What is the business climate in Kingston?
We have compiled the most important aspects of Kingston’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.
Resident Indicator Population Growth Chart
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 Kingston and assistance available to Kingston businesses.
Provincial Tax Rates
Ontario's low corporate taxes and business-friendly environment are among the reasons the province is a popular choice for foreign direct investment.
Municipal Property Assessment & Tax Levy Look-up Tool
Quickly find out the assessed value of homes and other properties, as well as their taxes, by using the new Property Assessment and Tax Levy Lookup Tool.
More specific information on taxes in the Kingston CMA is available here: Kingston CMA Taxes
Development related charges are imposed by the City of Kingston to provide a viable capital funding source for infrastructure that is required to support future development in the municipality. Detailed information regarding development related charges are available here: City of Kingston Development Related Charges
Government of Canada Explore Careers Wage Report: Job Bank
Cost of living is an important consideration in any relocation decision. Kingston's housing market has a history of being stable and affordable for the buyer with a variety of options suited to all tastes and budgets. In July 2016, Kingston ranked 6th in the Huffington Post's report on the best cities in Canada for both jobs and affordable homes.
Kingston Economic Development facilitates the successful growth and expansion of local businesses. Both the provincial and federal governments offer programs and services to assist businesses with establishing and growing their operations. The professionals at the Kingston Economic Development Corporation will work with your business to determine which programs and services best meet your needs.
Provincial and federal ministries can provide market intelligence, lead generation, supply chain development, as well as offer assistance with exporting, importing, and market development. By connecting companies with proper ministerial departments, Kingston Economic Development ensures that local companies are taking advantage of the programs and services available to them.
How do I use this information?
Having access to business climate statistics and information is one thing, but it's quite another to use data effectively and in a way that will benefit your business. This next section will help you do just that. Learn how to use this information to make better business decisions.
Monitor the local business climate
On-going assessment of the business climate is an essential part of operating a competitive business. In any business climate, there are numerous factors outside your control that will impact your business, both positively and negatively. The health of the economy impacts all businesses, but small businesses usually feel the effect of economic changes faster than big businesses. Improvements in the economy typically provide a rapid increase in new opportunities for small businesses, while an economic downturn can have a significant and prolonged negative impact.
Unfortunately, you can’t influence the economy, but you can monitor the business climate indicators provided above and then take the necessary actions to minimize risks to your business. Staying up to date with the business climate can also help you identify new opportunities that your business can take advantage of.
Know your costs
All industries are unique and incur different types of costs when starting or operating. Understanding these costs is essential when it comes to setting prices, budgeting and planning for growth or downturns. We’ve provided some of the local costs associated with taxes, development and labour that often get overlooked by businesses. There may be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
Where can I learn more about the business climate?
While we are providing you with a range of valuable information about the business climate, the fact is that there's much more available. In this section we provide you with links to other websites that will supplement our information and help to keep your finger on the pulse.
There may also be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
Ontario Chamber of Commerce
Ontario Ministry of Finance