Doing Business in Kamloops
Moving your businesses to Kamloops can be the smartest decision your company makes. Lower taxes and an affordable cost of living enable you to do more with the money you make and maintain a higher standard of living. The incentives for doing business in Kamloops go far beyond your quality of life. Kamloops’ strategic location, transportation infrastructure, agreeable climate and logistics network all make Kamloops a great place to do business.
Kamloops has many organizations and associations geared toward helping business prosper. The City’s Business and Client Services Division will unravel red tape, deal with contractual matters, and conduct business liaison and best-practice research, making it a more streamlined service. Other associations include FrontCounterBC, Ministry of Economic Development, Business Improvement Associations, Tourism Kamloops, the Kamloops Home Based Business Association, Kamloops Chamber of Commerce, and the Accommodation Association just to name a few.
When it is time to relocate your business, consider incentive programs that may be available in addition to the other great benefits that a location like Kamloops has to offer. Kamloops and the Government of British Columbia provide a wide variety of incentives to help eligible businesses realize their goals. Governments utilize incentives such as tax reimbursements, tax credits, payroll rebates and R&D tax credits to encourage desirable businesses to move or expand. Kamloops also ranks 10th in the Top 10 Micro American Cities of the Future 2013/2014 for Cost Effectiveness (FDI).
If you need additional information about the incentive packages available, relocation specialists at Venture Kamloops can help. Contact Cindy Dueck for more information cindy@venturekamloops.com or call 1-888-526-5667.
| Property Taxes 2024 - City of Kamloops Real Property Tax Rates per $1,000 of Assessed Property (Land and Buildings) – Municipal |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Levy | Residential | Utilities | Supportive Housing | Major Industry | Light Industry | Business/Other | Managed Forest Land | Rec/Non-Profit | Farm |
| Municipal | 4.17 | 40.00 | 5.60 | 45.14 | 14.93 | 11.27 | 15.24 | 13.95 | 15.98 |
| School | 1.5024 | 12.11 | .1000 | 1.3600 | 3.3900 | 3.3900 | 15.2400 | 13.9500 | 15.9800 |
| BC Assessment | 0.0347 | 0.4359 | 0.0000 | 0.4359 | 0.0963 | 0.0963 | 0.2268~ | 0.0347 | 0.0347 |
| TNRD | 0.2343 | 0.8206 | 0.2243 | 0.7973 | 0.7973 | 0.5743 | 0.7030 | 0.2343 | 0.2343 |
| TRHD (Hospital) | 0.3046 | 1.0665 | 0.3046 | 1.0360 | 1.0360 | 0.7463 | 0.9138 | 0.3046 | 0.3046 |
| MFA (Other) | 0.0002 | 0.0007 | 0.0002 | 0.0007 | 0.0007 | 0.0005 | 0.0006 | 0.0002 | 0.0002 |
| Total Tax Rate Per $1,000 Assessed Value | 6.2462 | 54.4337 | 6.2391 | 48.7699 | 20.1503 | 16.0774 | 18.9542 | 16.6338 | 23.7038 |
| Other Rates | |
|---|---|
| North Shore BIA | NA1 |
| Central BIA | NA |
| Provincial and Federal Tax - 2023 | |||
|---|---|---|---|
| Small Business | Manufacturing | Non-Manufacturing | |
| Federal | |||
| • Rate | 9% | 15% | 15% |
| • Formula (i.e. Sales, Property & Payroll) | n/a | n/a | n/a |
| • Permitted | Yes | Yes | Yes |
| Provincial - 2020 | |||
| • Rate | 2% | 12% | 12% |
| • Formula (i.e. Sales, Property & Payroll) | n/a | n/a | n/a |
| • Permitted | No | No | No |
| • Local Tax | No | No | No |
| Total Federal & Provincial Corporate Tax | 11% | 26% | 26% |
Source: Corporate Income Tax (As of Jan. 1, 2019)
| Employment Insurance - 2023 | ||
|---|---|---|
| Rate | Notes | |
| Employee Premium | Max Annual Insurable Earnings - $61,500 Rate 1.63% | Maximum annual insurable premium $1,002.45. |
| Employer Premium | 1.4 time employees premium | Employer premium annual max of $1,333.84 |
| Payrool and Benefits - 2023 Social Insurance (Canada Pension Plan – CPP) |
||
|---|---|---|
| Rate | Notes | |
| Taxable Base: | Based on annual gross salary up to $66,600, basic exemption of $3,500. Both employers and employees are required to contribute to CPP. | |
| Employee/Employer Contribution Rate | 5.95% | Employer premium equal to employee premium. |
| Maximum Annual Employer Contribution: Per Employee | $3,754.45 | Employer premium equal to employee premium. |
| Maximum annual self-employed contribution | $7,508.90 | |
Source: Government of Canada
| Sales/Use Tax B.C. | ||
|---|---|---|
| Rate | Notes | |
| Goods and Services Sales Tax | 5% | GST on business inputs is fully recoverable |
| Provincial Sales Tax | 7% | GST on business inputs is fully recoverable |
| Local | 0% | BC has no local sales tax |
Note: BC does not have personal property taxes
Note: BC does not tax Gross Receipts
Source: Government of Canada
Workers Compensation B.C.
WorkSafeBC collects insurance premiums from employers to cover the cost of workplace insurance. As an employer, you are required to pay premiums, just as you would for any other insurance. Premiums are based on the assessable earnings of your workers. The premiums we collect from you pay the costs associated with work-related injuries and diseases, including health care, wage loss, rehabilitation, and administration. Visit WorkSafeBC to find out more.
Office Space Rental Rates 2017
| Location | Price Per Sq. Ft. |
|---|---|
| Metro Vancouver (Avg Asking Net Rent) | $24.87 |
| Kelowna | $10 - $26 |
| Kamloops (Regional) | $9 - $22 |
Source: Colliers Canada. Report titles
Colliers Canada - THOMPSON-OKANAGAN OFFICE - Second Quarter 2017
METRO VANCOUVER - OFFICE MARKET - Second Quarter 2017
Retail Space Rental Rates 2017
| Location | Price Per Sq. Ft. |
|---|---|
| Vancouver (Regional) | $20 - $60 |
| Kelowna | $14 - $38 |
| Kamloops (Downtown) | $10 - $25 |
| Kamloops (North Shore) | $10 - $17 |
| Kamloops (Neighbourhood/Power Centres) | $15 - $45 |
Source:
Colliers Canada - THOMPSON-OKANAGAN RETAIL - Second Quarter 2017
Colliers Canada - National Retail Report Canada - SPRING 2017 EDITION
Average Income by Occupation 2022 - Thompson/Okanagan Region
| Occupation Title | Average Full Time Hourly Wages |
|---|---|
| MANAGEMENT | Median wage 2020 ($/Hour)($CDN) |
| Manager, Financial (0111) | $50.00 |
| Manager, Administrative services (0114) | $48.087 |
| Manager, Construction (0711) | $39.42 |
| Manager, Engineering (0211) | $51.10 |
| Manager, Human Recourse (0112) | $51.79 |
| BUSINESS, FINANCE & ADMINISTRATIVE OCCUPATIONS | |
| Insurance, real estate and financial brokerage managers (0121) | $51.28 |
| Accounting technicians & bookkeepers | $25.00 |
| HEALTH | |
| Registered Nurses (3012) | $42.00 |
| Licensed practical nurses (3233) | $30.62 |
| Home Support Worker (4412) | $21.00 |
| Nurse Aides, Orderlies and Patient Service (3413) | $24.00 |
| Dental hygienists and dental therapists (3222)) | 45.18 |
| SALES & SERVICES | |
| Graphic Designer | $30.00 |
| Retail Salespersons | $15.75 |
| Software engineers and designers (2173) | $52.88 |
| Purchasing Agents and Officers | $34.62 |
| Chef (6321) | $21.35 |
| TRADES, TRANSPORT & EQUIPMENT OPERATORS AND RELATED OCCUPATIONS | |
| Plumbers | $31.00 |
| Welder and related machine operators (7237) | $30.00 |
| Carpenters | $29.00 |
| Railway and Yard Locomotive Engineers (7361) | $40.16 |
| Heating, refrigeration and air conditioning mechanics (7313)n | $31.50 |
| Automotive service technician, truck & bus mechanics (7321) | $30.00 |
| Transport drivers (7511) | $26.00 |
| Heavy Equipment Operator (Except Crane) (7521) | $32.00 |
| Construction Trades Helpers and Labourers (7611) | $20.00 |
| Labourers in wood, pulp and paper processing (9614) | $28.63 |
Source: https://www.workbc.ca/Jobs-Careers/Explore-Careers.aspx
Focus on Canada – Results for Canadian Cities
The International Report features results for 107 individual cities in 10 countries. Overall results for each of the cities in the Pacific US/Canada region. Kamloops rates #1 in the PacificUS/Canada for cost results as below:
| Rank | City | State/Province | Country |
|---|---|---|---|
| 1 | Kamloops | British Columbia | Canada |
| 2 | Vancouver | British Columbia | Canada |
| 3 | Boisie | Idaho | US |
| 4 | Spokane | Washington | US |
| 5 | Portland | Oregon | US |
| 6 | Las Vegas | Nevada | US |
| 7 | Riverside-San Bernardino | California | US |
| 8 | Sacramento | California | US |
| 9 | San Diego | California | US |
| 10 | Los Angeles | California | US |
Source: KPMG’s Guide to International Business Location Costs 2014 Edition
