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.
Resident Indicator Population Growth Chart
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 a 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
Government of Canada Explore Careers Wage Report: Job Bank
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
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 minimise 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.
British Columbia Ministry of Finance