The Real Cost of running an office in Canada 

PROMANIA
02.06.21 03:00 PM Comment(s)

  The Real Cost of running an office in Canada  

Canada ranks the second-best country in the G20 to do business. With a highly educated workforce, stable and peaceful political environment, and most importantly, transparent policies and strong infrastructure, it all seems lucrative to take the chance to start a business. Nevertheless, and similar to many OECDs (Organisation for Economic Co-operation and Development) member countries, AKA developed nations, it is costly to run a business due many factors, for instance: High taxation, High minimum wages, and Costly running bills. Overall operating expenses. 

 

There is no doubt that every minute an office runs costs money. From electricity bills for running computers to gas expenses for warming up employees during the famous cold days of the Great White North, the workspace cost is a reality all businesses need to face and economize efficiently, especially during recession and depression stages of business cycle. Covid pandemic for instance. 

Space is a financial cost in many first world countries. A rent per square foot of class (A) office space in Toronto charges around 23.32 Canadian dollars. (Statistica)

One of the main hurdles for startups and mid-size businesses is to lease proper office space to generate impressive productivity without spending a big share of the budget. 

Counting all the odds of prices in big cities, it requires a Ca$700 minimum to rent an office anywhere in Canada.

Hiring by itself is a long process. It takes at least two months between job posting, talent search, shortlisting, and conducting interviews to evaluate and employ the candidate. The whole process charges up to $3,000, by the Society of Human Resource Management (SHRM). On the other hand, with every hire comes the chance of bad hires and turnover. For this reason, many business solutions advocates suggest outsourcing, especially when it comes to non-core business activities.

 

PROMANIA