While Canada can be a great place to start a business, certain cities are just a bit better than others. Many factors come into play, like the region’s economy, the number of highly skilled employees, and the place's progressiveness when it comes to business development. That said, no matter where you choose to start a business in Canada, the Canadian government offers grants and other incentives to get you started.

Toronto, Ontario

One of the best places to start a business is Toronto. It is one of Canada’s largest cities and close to Canada’s fourth largest city (Ottawa). It’s also the capital city of the largest province in Canada, one of Canada's tech hubs, and home to globally competitive companies adding to the fact that it’s a diverse city. Toronto has a lot of talent, and due to the amount of competition around, it has a fantastic business climate. There is also a lot of support for small businesses in Toronto.

Not only is Toronto one of the fastest growing places in all of North America, but it also has a diverse number of languages spoken, and it is home to 8 of the most world-renowned universities including Toronto Metropolitan University and York University. With over 6.4 million different people and well over $4 million in investments in 2020 alone, it is a fantastic environment for those looking to work for a tech company. Its also a great environment for entrepreneurs worldwide. 

Another reason that Toronto attracts so many business professionals is that it’s the home of Canada’s key stock exchange. You may know it as the TSX or Toronto Stock Exchange, which also includes national and international markets as well as other major markets. This is just one of the many reasons why many Canadian companies are headquartered here, plus that fact that it’s the only city in Canada that holds these markets which influence the city’s economy. 

Edmonton, Alberta

Another tremendous Canadian city for a start-up is Edmonton. This may come as a surprise to many because it has always been known for being in the oil and gas industry and the energy sector. These sectors make up a large portion of the entire country's financials, but with the decline in industrial development and the drop in oil prices, Edmonton has opened up to allow for a more diverse economy.

Alberta’s growing economy and higher-paying jobs, as well as lower housing prices, are attracting many Canadians to this area. Edmonton has 10 different post-secondary schools. With that many graduates every year, there are plenty of workers, which is always a bonus for any new business. There are also plenty of gas companies headquartered here. 

Calgary, Alberta

Like Edmonton, Calgary is one of the most popular cities right now since the cities diverse economy boasts about it tourism. Not only does Calgary have an average population between 25 and 54, but it also has one of the highest average household incomes at $ 104,530 annually. On top of all of this, Calgary is a tourist hot spot, which makes it a prime location for businesses and business growth. 

Calgary has many extremely popular consumer markets, which can range from auto and transportation to consumer products. The city itself is super supportive of the small business community and often offers grants and other benefits to small business owners. On top of that, it’s also an attractive destination for tourists. 

Vancouver, British Columbia

There are many reasons why Vancouver is one of the best places for business professionals to start a business. The first is that it is one of the most popular cities to live in. Just like Calgary, they provide a lot of support in the form of grants and tax write-offs for start-ups and business environments. This startup business foundation really helps new entrepreneurs and leaves them high on the startup index. They add significant value to the job market that has so much talent.

As mentioned above, there are a lot of talented people in Vancouver, but they have some of the most talented software developers. Also, over half of the city's population has a college or university degree. Depending on the type of business you start, this can be very beneficial. On top of all of this, there is more of a work-life balance in Vancouver than in most other Canadian cities, and it is close to Silicon Valley.

Even though Vancouver is considered to be a rainy city since it’s located in a rainforest and one of the most popular western cities, it’s considered to be one of, if not the largest business city. It’s home to many major corporations and closely rivals Toronto which headquarters many financial institutions. Essentially you could say that Vancouver is the hub of start up companies on the west coast. 

Waterloo, Ontario

While Waterloo isn’t as large as Toronto, it is still located in the largest province in Canada and is one of the fastest-growing communities. There are so many high-value companies in this area that it is nicknamed “Silicon Valley of the North.” With so many Universities in the region, it is also a prime location to look for qualified employees.

Another reason Waterloo is such a hot spot is that it is so diverse. No specific industry is currently booming; it’s a combination of many. This is great for small businesses because it increases their chances of success.

Another reason that many choose to go to Waterloo is because a lot of the larger businesses are in Ottawa. This is because Ottawa’s strategic location makes it a hot spot for entrepreneurs. However, after Toronto and Ottawa, many successful businesses choose to come to Waterloo because of its supportive business community and the fact that it’s considered one of the most liveable cities on the North American continent. 

Winnipeg, Manitoba

Winnipeg is starting to become a trendy city for starting a business. This is mainly due to the low cost of living. Manitoba is one of the less expensive provinces, so it is attracting a lot of new talent. Another advantage Winnipeg has is that it is located in the heart of North America. This location advantage can make a significant difference when it comes to shipping.

Winnipeg is not only a strong business choice but also a great city for work-life balance. It is a great place to experience things, and it thrives off of its business, artistic, and community development. It provides a great mix of quality of life and affordability, which is perfect for starting a business.

Kelowna, B.C

This traditional vacation spot is now an up-and-comer in the business industry. Since a lot of businesses have started transitioning to a remote platform, living and creating a business in a more outdoor-based environment, Kelowna is also relatively affordable for living and commercial expenses and it’s home to a highly skilled workforce. 

The industries in Kelowna are very diverse. There is everything from tech to construction to agriculture and it aslo has an energy industry. . They even have their own airport, which just happens to be one of the busiest airports in Canada, making international and domestic travel easy to access.

Halifax, Nova Scotia

Halifax is the capital of Nova Scotia and Canada’s largest city. It has a population of over 370,000, which is a great selling point if you are thinking about starting a business in this area. It is one of the largest cities on the East Coast, which makes it a central point for a lot of people. There is plenty of transportation in Halifax that connects it to the rest of the world. It also has the Port of Halifax, which is one of the leading ports in the world. This makes Halifax a well-connected international city. Well, this is home to a major airport.

In recent years, Halifax has experienced significant growth in the areas of Science, Industry, and education. People in Halifax love the fact that they have a great quality of life, a well-educated workforce, and world-class business parks. All of these things make starting a business in Halifax a great idea.

Saskatoon, Saskatchewan

There are plenty of reasons to start a business in Saskatoon, the first being that they offer plenty of grants and funding. They have plenty available to entrepreneurs seeking assistance; the kind of assistance depends on the industry you choose to enter. On top of this, there are plenty of banks and lending institutions that focus on helping small businesses get their start. Often, you can even get grants and loans from the Canadian government to start your small business.

The lower cost of living in Saskatoon also makes a significant difference. The less you spend on a start-up, the more money you can make. There are plenty of tax credits to help with your business, and a lot of support is provided. The fact that Saskatoon is also in the center of Canada helps with travel. Being centrally located is always ideal.

Victoria, British Columbia

If you have ever been to Victoria, BC, it makes sense why people would want to start a business there. Like many of the other places we have mentioned, Victoria is beautiful and offers a fantastic quality of life. Victoria is also close to Vancouver and Seattle. This makes it a prime location for a global business opportunity, and the fact that it is a tourist hotspot doesn’t hurt.

Best Province For Doing Business in Canada

While there are plenty of business opportunities throughout Canada, the best province in which to do business is Ontario. Ontario is the largest province in Canada, has the largest population, and is home to the second most expensive city in the country. This in itself shows you the popularity of the province. It is extremely diverse in cultures, which is also a plus when starting a business. There are plenty of small towns close to the city that are considered to be highly affordable but are also close enough to the business sector. Overall, if you are looking for it, you can find it in Ontario.

Best City to Run A Business

Out of all the places mentioned above, Toronto is the best city in which to run a business. While it is a huge tech hub with a well-educated workforce, it is also well-known for its food scene. This is huge for those who are looking to open a restaurant. Given the diverse cultures in Toronto, one of the many businesses that is great to open is a restaurant. Overall, Eastern Canada is the best part of Canada for doing business.

Cheapest Place to Start A Business

Ultimately, either Calgary or Edmonton are the cheapest places to start a business. They have some of the lowest corporate taxes and no provincial sales tax. Even though they are one of the cheaper provinces with the lowest cost of living, they have a robust economy.

Part of Canada That Has The Most Start Ups

While there are plenty of other major startup cities, Vancouver is one of the most important. Its closeness to Seattle and Silicon Valley is a big plus for those looking to start a business. There is great office space, and it has a high caliber of life. It also attracts people with the fact that it is one of the top five places to live.

Starting A Business in Canada

Overall, Canada is a great place to start a business. There are different places for all walks of life, and the top 10 cities where you can start a business are spread out all over the country. Not only that, some places are even much cheaper to start a business than the states. Many central cities in Canada make conducting business throughout the world simple, and the new era of working remotely really helps with enjoying the quality of life that Canada has to offer.

Final Thoughts

No matter where you choose to start a business in Canada, there are plenty of world class cities to choose from. Each city offers vibrant culture, and startup growth since many of the residents support businesses in their diverse economy. This is why venture capitalists tend to gravitate towards some of these cities in Canada. 

Whether you’re looking to create some of the fastest-growing business software or start video game franchises, there’s a city in Canada for all business types.