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 New Westminster and help you answer the following fundamental questions.
What is the business climate in New Westminster?
We have compiled the most important aspects of New Westminster’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 New Westminster and assistance available to New Westminster businesses.
Each year, properties in the City of New Westminster are assessed property taxes that help pay for City services such as recreation facilities, parks and trails, City streets and sidewalks, police, fire & rescue, libraries, development service, parking, cemetery and animal control. Some property taxes are based on the assessed values, while other taxes are a flat amount for each parcel.
New Westminster property taxes are calculated and billed annually using the property’s assessed value, as found on your property assessment notice, and the City Council-approved property tax rate. The current property tax rates are provided in the following table:
|Prov. School Tax Credit||-2.8800||0.0000||-2.8800|
City of New Westminster Development Cost Charges (DCCs)
DCCs are charges levied on new development to assist in funding the cost of upgrading or providing transportation, drainage, water and sanitary infrastructure as wells as developing parkland needed to support new development. DCCs are collected prior to issuance of a building permit. The DCC guide can be found here: Development Cost Charges
More information on Building Permit fees can be found here: Building Permit Fees
Greater Vancouver Sewerage and Drainage District (GVS&DD) Development Cost Charges
The City collects Greater Vancouver Development Cost Charges on behalf of Metro Vancouver. These funds are used to pay for regional sanitary sewer and drainage works. GVS&DD Development Cost Charges apply to all new development and are collected prior to issuance of a building permit. Details can be found here: GV&DD Charges
Are you new to B.C. or thinking of moving here? Need help deciding where to locate a business? The Cost of Living Calculator can help you to make the right moves!
- Canada Business Network
- Western Economic Diversification
- Business Development Bank of Canada
- Innovation, Science and Economic Development Canada
- Canada Small Business Financing Program
- National Research Council - Industrial Research Assistance Program (IRAP)
- Scientific Research and Experimental Development Incentive Program
- British Columbia Tax Credits
- BC Tax Credit for Venture Capital
- BC Training Tax Credit Program
- Small Business Grants & Loans