Alberta is a great home for life sciences companies
“A thriving and competitive life sciences industry that fuels key sectors of Alberta’s economy is our vision.”
Ensuring Alberta’s economy is as diverse as its landscapes. In Alberta, you can make it happen.
Alberta has long been a powerhouse of life science research and is committed to building a strong industry. It is home to more than 200 life science companies and growing. According to the Deloitte and BioAlberta Life Sciences in Alberta State of the industry 2021 report:
Twenty-six percent (25.9%) of companies in the industry were established over the last two years. The majority of companies (59.1%) were established in the last six years (since 2015), showcasing increased market demand for life sciences companies and solutions.
Similar to previous BioAlberta SOI reports, the majority of life sciences companies are located in Calgary (50.2%) and Edmonton (40.5%), the remainder of companies are scattered throughout Alberta, such as in Red Deer, Lethbridge, and Drayton Valley
Similar to the 2019 SOI report, a majority of fiscal revenue was earned within Alberta (55.4% in 2020, 50% in 2018), followed by the United States and the rest of Canada with near identical rates (16.9% and 16.6% respectively).
Assuming a combined induced and indirect economic multiplier of four, the life sciences industry is expected to contribute approximately 12,400 jobs in Alberta in 2021.
Lowest Corporate tax rate in Canada, 8%
Lowest Provincial and Federal combined tax rate
Highest real GDP per hour worked of Canada’s 4 largest economies
$1 Billion in revenues generated by life sciences industry
35% of the revenue and investments from USA and international markets comes from Alberta
Support for INNOVATION
The Alberta Technology and Innovation Strategy will help position Alberta as an internationally recognized technology and innovation hub that attracts talent, business and job-creating investment from across Canada and around the world. This will diversify Alberta’s economy as the world recovers from the COVID-19 pandemic and economic downturn, increase productivity and create a more resilient economic future for all Albertans.
Competitive TAX ENVIRONMENT
Alberta has one of the most competitive business tax environments in North America – and it keeps getting better for companies of all sizes.
The Job Creation Tax Cut (Alberta Corporate Tax Amendment) Act reduced the tax burden on job creators.
The corporate tax rate was lowered from 12% to 8% as part of Alberta’s Recovery Plan.
Alberta is now the most tax-competitive business jurisdiction and among the most attractive investment destinations in North America.
Exceptional INFRASTRUCTURE and PEOPLE
Researchers in Alberta have access to some of the leading technology in the world, housed at some of the world’s strongest universities and research institutions. The province invests millions of dollars into infrastructure on an on-going basis to ensure the sustainability and long-term success of Alberta research. This infrastructure results in the province attracting and retaining top talent.