Wednesday, August 25, 2010

Cheapest places to live and do business

I was reading this morning on my newsfeed and this article from Canoe caught my eye. It's titled, " Beat the Taxman - the Cheapest Places to Live and Do Business" Now how could I resist reading that! and of course passing on the hidden gems to you!

This article is about living in Canada and talks about the wide variation in taxes as they affect your income and cost of living from one province to the other. It's rally quite the same in the states and certainly worth looking at. Check out my post a few weeks back about the Cheapest City to Live in. It gives a similar comparison for cost of living in U.S. cities.

Anyhow, in the Canoe article they state that people who make pretty good coin ($70,000 a year) are best to live in British Columbia from a tax perspective. Ontario comes up as second best so if you make the big bucks you may want to think about a condo in Toronto. Now if you really make the big bucks ($150K +) than Alberta is your spot. Corporate tax is also lowest there. I was just in Calgary a few weeks ago and they have a beautiful downtown which is just in the process of re-gentrification. There appear to be some really nice condos being built. The downtown is clean, quiet and interesting with fantastic dining and entertainment options.

Back to the tax man. Ontario is a great place if you are into R&D or the entertainment / media business. Good tax incentives for those industries. Quebec is also a good place for film makers and anyone looking to set up manufacturing.

For new home buyers New Brunswick tops the list with the lowest land transfer tax plus their income tax rate is in decline.

Back to Calgary where one tax expert says personal and corporate tax rates are lower in Canada than virtually anywhere in the U.S. Interesting comment but he backs it up with stats - Corporate rates in Canada range from 28 to 30% whereas in the U.S. they often push 45%.

You can see the article here Cheapest places to live and do business

No comments: