Canada ranks 2nd among 10 countries for cost competitiveness: KPMG
Loonies in Vancouver, on Sept. 22, 2011. (THE CANADIAN PRESS / Jonathan Hayward)
The Canadian Press
Published Wednesday, March 30, 2016 7:44AM EDT
TORONTO - Accounting giant KPMG says Canada has proven to be second most competitive market in a comparison test of 10 leading industrial countries.
In its report, KPMG says Canada lags only behind Mexico when it comes to how little businesses have to pay for labour, facilities, transportation and taxes.
The report, which compared the competitiveness of a number of western countries along with Australia and Japan, found that a high U.S. dollar has helped Canada stay affordable despite rising office real estate costs and lower federal tax credits.
When it comes to corporate income taxes, it found that Canada, the U.K. and the Netherlands had the lowest rates overall due to tax incentives to support high-tech and research and development.
KPMG also looked at the competitiveness of more than 100 cities worldwide. It ranked Fredericton, N.B., as the most cost-effective city in Canada due to low labour costs and continued low costs for property leases.
Montreal topped the list among 34 major cities in North America, followed by Toronto and Vancouver. The three Canadian cities beat out all U.S. cities.
Following is the list of countries in order.
- The Netherlands
- United Kingdom
- United States