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 300 life science companies and growing. According to the Deloitte and BioAlberta Life Sciences in Alberta State of the industry 2023 report:
More than a third (35.8%) of respondents were established since 2019. In terms of company life cycle, a similar percentage (34.3%) are at the emerging phase, while nearly half (48%) identify as growth phase companies.
Similar to previous BioAlberta SOI reports, the majority of life sciences companies are located in Calgary (43.6%) and Edmonton (38.7%), the remainder of companies are scattered throughout Alberta, such as in Red Deer, Lethbridge, and Drayton Valley
Surveyed companies forecast 55.5% growth this year,
Counting direct, indirect and induced Alberta employment, the sector is expected to be responsible for 23,300 jobs this year.
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.