Business Costs

It is important to consider the cost of business prior to selecting an appropriate site.

Our team has identified the core costs that may impact a decision on investment.

To operate a business in the Province of Ontario with a name that is different than a personal legal name, it must be registered.  A Master Business License confirms that a business name has been submitted to the Ontario Ministry of Services, Companies, and Personal Property Security Branch for registration on the public record.  This license can be used as proof of registration for a business name at a financial institution and is required to set-up a business bank account.  A business can be registered as a sole proprietor, general or limited partnership, or under an existing corporation.  The fee for a Master Business License is $60 and must be renewed every five years.

In order to operate a business in Timmins Ontario, certain businesses are required to secure a business license from the City of Timmins.  Licenses cost $145 per year required approvals or inspections will vary dependent upon the sector the business operates within.

The following property tax rates are for Timmins, Ontario as of 2020.

Note: Timmins property tax rates do not include commercial water and sewer rates.

Type of PropertyRate
Commercial
Occupied4.479
Vacant & Excess Land3.290
Large Industrial
Occupied5.295
Vacant & Excess Land3.861
New Large Industrial
Occupied5.295
Vacant & Excess Land3.861

The following commercial water and sewer rates are for Timmins, Ontario as of 2020.

Useage2020 Quarterly Rate
Up to 72,737 Litres$111.47
Over 72,737 Litres$1.56 per 1,000 litres

The City of Timmins Planning Department assists developers with zoning amendments as necessary and ensures conformity with the City of Timmins Official Plan. Development projects require the establishment of a site plan control agreement to ensure that development principles of the Official Plan are addressed at the site planning stage.

The City of Timmins charges building fees based on the construction value (CV) of a project. The table outlines building fees for developments within the city.

Fee Classification2020
Base Application Fee (BAF)$75
New Building, Alterations, Repairs,
Renovations, Moving Building, Trailers
BAF + 1.1% CV
Above Ground Tanks and Tanks
Constructed on Site***
BAF + 1.1% CV
Demolition$125
SignsBAF + 1.1% CV

The Province of Ontario has a combined corporate tax rate of 26.5% (Federal rate of 15%; Provincial Rate of 11.5%).

The Federal and Provincial tax structure is uniquely designed to nurture development across all industries. Ontario’s business tax system is amongst the most competitive internationally. Out of the 13 Canadian Provinces and Territories, Alberta is the only Province with a lower corporate tax rate than Ontario. Among G7 countries, Canada’s corporate tax rate is lower than Germany, Italy, France, and Japan.

CountryPercentage(%)
United States25.8
Ontario26.5
OECD26.6
Canada(Provincial Avg.)27.2
G727.6
South America32.3

The Province of Ontario uses a harmonized sales tax (HST) system that is a combination of the Federal Canadian goods and services tax (GST) and Provincial sales tax (PST) . HST is essentially a consumption tax paid at the point of sale by the consumer and business. The HST in Ontario is 13%.

Connect with our team for more information on business costs in Timmins.