On behalf of the government of Canada, it gives me great pleasure to welcome readers of the 2015 edition of Location Canada magazine.
With a strong economy and solid business fundamentals, Canada remains one of the best places in the world for international business and foreign direct investment. Canada’s combined federal-provincial corporate income tax rate is among the lowest in the industrialized world. Over the past decade, Canada has continually outperformed most of its G-7 peers in the growth of its economy, employment, and per capita income. Our sound economic policies have drawn high praise from some of the world’s most influential financial organizations. According to KPMG’s 2014 Competitive Alternatives report, overall business costs in Canada are the lowest in the G7, 7.2 percent lower than those in the U.S. Forbes and Bloomberg both rate Canada as the best country in the G-20 to do business, and for the past seven years, the World Economic Forum has rated our banking system as the soundest in the world. We are also among just a handful of nations with a triple-A credit rating. Our government is proud of these accolades, which provide assurance to business investors for the success and security of their investments in Canada.
Canada’s economy is already well integrated into key global economies. Through the North American Free Trade Agreement, we offer businesses established in Canada preferential access to a North American market of more than 480 million consumers. This number will increase to nearly one billion consumers when the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) enters into force. Additionally, the Canada-Korea Free Trade Agreement (CKFTA), which came into force on January 1, 2015, provides a gateway into the dynamic and fast-growing Asian marketplace. CETA and the CKFTA are major achievements for Canada under our government’s pro-export and pro-investment Global Markets Action Plan (GMAP). We are confident that they will deliver profound benefits to the Canadian economy and to those who invest here.
Investing in Canada clearly makes excellent business sense. We offer a strong, stable financial system; low taxes; one of the highest standards of living in the G-20; a business-friendly environment; world-class infrastructure; easy access to markets; ?and a workforce that is highly educated, innovative, and fully committed to economic success.
I invite you to learn more about Canada’s world-leading business advantages — and why Canada continues to be a top destination for investment — within these pages and at www.investincanada.com.
The Honourable Ed Fast
Minister of International Trade