How it's done
Business climate is the general economic environment that local businesses operate in. Reviewing and understanding 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 Campbell River and help you answer the following fundamental questions.
- WHAT is the business climate in Campbell River?
- WHAT costs and assistance should I know about?
- HOW do I use this information?
What is the business climate in Campbell River?
We have compiled the most important aspects of Campbell River’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.
Average Household Size
Household Size Distribution
Dwelling Construction Period
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 Campbell River and assistance available to Campbell River businesses.
Each year, properties in the City of Campbell River are assessed property taxes that help pay for city services such as recreation facilities, parks and trails, city streets and storm drain systems. Some property taxes are based on the assessed values, while other taxes are a flat amount for each parcel.
What is the tax rate? When the annual budget is adopted by Council for the current year, Council passes a bylaw. This bylaw sets a levy rate for every taxable parcel of land, as defined on the BC Assessment Roll. This levy must be sufficient to raise revenue to pay all debts and obligations of the City falling due within the year. This rate applies to each $1,000 of net taxable value by property class. This rate is referred to as the General Tax Levy. The City of Campbell River is not the only authority that taxes properties in the City. Seven other taxing authorities derive a portion of their annual revenue from the property base:
- BC Government – for school purposes (School)
- Strathcona Regional District
- Regional Solid Waste
- BC Assessment (BCA)
- Municipal Finance Authority (MFA)
The City of Campbell River has little or no control over other taxing authorities’ levies nor the way they are distributed to properties in the City. However, to reduce the administrative cost of billing and collecting these other property taxes, the City of Campbell River is the designated collector and includes these levies on the tax bill sent to property owners each year.
2016 property tax rates can be found here: City of Campbell River 2016 Tax Rates
The Development Permit Handbook provides a detailed summary of the application requirement and the form and character guidelines. The goal is to provide clear and consistent information to the development community while streamlining the application review process. The handbook can be found here: Development Permit Handbook
The City of Campbell River has competitive development application fees. Fee schedule can be found here: Development Application Fees
You will need a business licence if you carry on any business venture within city limits. Business Licence fees art $150 a year, or $75 for a seasonal six-month licence. More information about Campbell River Business Licences can be found: Business Licence Brochure
If your business does work or provides services throughout communities in the Central Vancouver Island area, then an Inter-Municipal Business Licence may make it easier and more cost effective to do business. The cost of a primary Business Licence in the City of Campbell River is $150, and the Inter-Municipal Business Licence an additional $150.
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!
Downtown Revitalization Tax Exemption
The City of Campbell River has a Downtown Revitalization Tax Exemption Bylaw that is intended to promote revitalization of specified areas in the downtown core by providing a tax break for new construction or redevelopment of existing buildings. Any renovation or new construction of multi-family or commercial projects within the defined areas are eligible for some portion of tax exemption from the municipal portion of taxes. The Downtown Façade Improvement Program applies to commercial storefronts located within a special revitalization area of downtown Campbell River and provides grants to renovate, restore, or redesign commercial building façades. The program encourages investment in building upgrades to create a more interesting and appealing streetscape, thereby attracting people and businesses to the Downtown area. Grants are available for up to 50% of eligible project costs, to a $10,000 maximum. The Program aims to continue the rejuvenation of our Downtown core by updating physical appearance of storefronts, therefore making it a more interesting and inviting place to shop, walk, live and play.
Applications will be accepted throughout the calendar year while funds remain. To qualify for a grant, construction projects may not be started prior to grant approval, and must be completed within one year.
Downtown Façade Improvement Grant
The City has initiated a downtown façade improvement program to help revitalize and attract more people and businesses to the downtown core by providing grants – to a $10,000 maximum – for property owners to refresh the look of buildings with storefront improvements.
Municipal Broadband Network
A new-era economic climate is in store for the City of Campbell River with the implementation of an open access Municipal Broadband Network in the city’s downtown core. Investment in this fibre network will allow current entrepreneurs and future technology start-ups access to affordable and reliable enterprise level internet connectivity to compete in today’s knowledge-based economy. The downtown broadband fibre initiative will be available in summer 2017. This significant economic driver will attract new investment and expand businesses that will provide good jobs, increase commercial real estate values as well as related tax revenues.
How do I use this information?
It is one thing to have data about the business climate, but quite another to have thought it through and know what it means, and what action you will take using it. Don’t worry, this section will help you 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 (Know your industry). 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.
Make the most of assistance
Getting good advice and adequate financing are two of the most challenging aspects of starting and operating a business. Here’s the good news – the find additional resources activity lists a large number of programs and organizations that can provide the help you need to start, grow and fund your business.
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