Olds

Review the Business Climate

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 Olds and help you answer the following fundamental questions.

What is the business climate in Olds?

We have compiled the most important aspects of Olds’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.

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 Olds and assistance available to Olds businesses.

Alberta has one of the most competitive tax environments in North America and is the only province that does not have a provincial retail sales tax. Alberta has no provincial capital or payroll taxes, and the Town of Olds has no local business tax.

Starting January 1, 2017, the small business tax rate in Alberta was cut from 3% to 2% - giving Alberta the second lowest small business tax rate in the country, tied with Saskatchewan. The Alberta government also offers additional tax credits to encourage capital investment into a wide variety of sectors.

Alberta Investor Tax Credit (AITC)

Capital Investment Tax Credit (CITC)

Specific information on Assessments and Tax in Olds can be found here

To compare the mill rate between communities click here

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.

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Contact us

Town of Olds
Larry Wright
Strategy and Technology Officer
Phone: 403-507-4803, Cell: 403-559-6451
Larry.Wright@Olds.ca
4512-46 Street, Olds, AB, T4H 1R5
www.olds.ca

Olds Institute for Community & Regional Development/Everything Olds Information & Entrepreneurship Centre
Mitch Thomson
Executive Director
Phone: 587-796-0743, Cell: 403-559-4900
MThomson@OldsInstitute.com
PO Box 4210, Olds, AB, T4H 1P8
#1, 5102 - 51 Street, Olds, AB
www.oldsinstitute.com
www.everythingolds.ca