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Have you considered the Yukon for starting your business? There are many great reasons to choose the Yukon as the home for you and your business. From a low-competition landscape to a vast network of business support programs, it’s no wonder that the Yukon was recently rated by the Canadian Federation of Independent Business (CFIB) as the best mid-sized city to start and grow a business! In this article, we will go over a few of the key factors that make the Yukon fantastic for entrepreneurs.
The abundance of support offered in the Yukon sets the territory apart from the rest of Canada! The Economic Development Fund (EDF) offered by Yukon Government is a terrific source of funding for just about any business. In summary, the EDF funding is available for up to 75% of the eligible project costs and 50% of capital expenses. There are three tiers of funding with varying amounts and deadlines.
Yukonstruct’s Pathfinding Services provides free advice and support to new and growing businesses. For example, support to navigate the process of how to start a business in the Yukon (registration, licensing, taxes, business structure, etc.) and one-on-one coaching to help you identify your next steps, and the resources available to you.
Additionally, Yukonstruct also offers a reoccurring Business Bootcamp program. This focused, low-cost program is designed to connect you with a network of mentors, deliver training and mentorship, and teach you how to attract the capital you need to grow. You would be hard pressed to find the high quality and low cost of the program available anywhere else!
Finally, Yukon University’s IncubateNorth program is a 12 to 18 month incubation program available for Yukon businesses. The program is intended for growth-stage entrepreneurs and innovators, startups based in the Yukon, and high potential small and medium-sized Yukon businesses. Participants receive flexible workspace at NorthLight, customized skill and business development, one-on-one support from Yukon’s entrepreneurial network, and opportunities to attend workshops and events.
The Yukon offers a generous business investment tax credit for shareholders in eligible Yukon organizations. These organizations can issue shares to Yukon investors in exchange for an agreed upon return and an individual tax credit of 25% of the amount invested. The maximum claim for a taxation year is $25,000. And, unused amounts can be carried back 3 years or forward 7 years.
In terms of income tax, the Yukon has some of the lowest rates in the country. For example, at an employment income of $80,000, the average tax rate in the Yukon is 24.70% compared to 31.8% and 25.7% in Quebec and Ontario, respectively. On top of that, simply by living in the Yukon, you can claim the northern residents deduction. You can claim up to $11 per day if you lived in the Yukon and up to an additional $11 per day if you maintained and lived in a dwelling and you are the only person in your household claiming the basic residency amount.
Despite the cold, there are countless reasons why people enjoy a really high quality of life in the Yukon. With about 44,000 people living in 482,443 square kilometres, it is an understatement to say that you have a lot of space to roam. There are activities for everyone across the Yukon such as skiing, hiking, paddling, hunting, fishing, snowmobiling, and biking. For a more relaxed activity and to stave off the cold, the Eclipse Nordic Hot Springs is a great place to be outdoors without getting cold.
With the only university in the territories and world recording setting air quality, it is no surprise that a large study of wellbeing in the Yukon conducted by the University of Waterloo showed that 75% of Yukoners are satisfied or very satisfied with their lives overall. Having an active and fulfilling life will only benefit you on your entrepreneurial journey. Look no further than the Yukon for starting your own business!
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