Canada’s Technology Triangle (CTT)
Canada’s Technology Triangle (CTT) is a non-profit organization that looks to attract foreign investors and business opportunities to the Kitchener-Waterloo Region. We have previously talked about CTT’s Business Expansion Objectives; however, we did not completely cover all of the Canada Technology Triangle’s beneficial attributes. The CTT offers a wide variety of other services and valuable resources for the businesses that choose to operate within it. These may include the valuable research resources and talent pools provided by their Post-Secondary Educational Institutes or the potential for networking and collaboration with large manufacturers and corporations due to their close proximity. These are the attributes and features that will attract businesses and allow them to prosper within the region.
CTT – Waterloo Region’s Global Marketing Association
Companies who operate within Canada’s Technology Triangle possess many advantages over their competitors. Some of these advantages are sourced through business funding grants which attract foreign investment and others are due to the nature and capabilities of the surrounding establishments.
Businesses within the CTT possess competitive advantages in terms of:
- Lowest new business taxes and investment taxes of the Countries in the G7
- 2nd Lowest Corporate Tax Rate Among the world’s top ten automotive countries
Business Funding Grants and Tax Incentives:
- Research and Development Tax Credits and SR&ED Funding Programs
- Wage and Salary Grants
- Materials and Capital Equipment Tax Credits
- Overhead and Collaboration Incentives
- Access to Canadian Health Care Programs
- Waterloo Region’s relatively low cost of living
Building and Land Purchases:
- Relatively low building/land costs compared to other metropolitan areas
- Surrounding Post-Secondary Institutions: University of Waterloo, Wilfred Laurier University, University of Guelph, Conestoga College Institute of Technology and Advanced Learning, Institute for Quantum Computing.
- Surrounding High-Tech Corporations: COM DEV, EA Sports, Google, Communitech, IBM, Intel, Open Text, RIM, Navtech, Christie Digital, Desire2Learn, McAfee, Northern Digital.
- Surrounding Manufacturing Corporations: Toyota Motor Manufacturing Company, Research in Motion Ltd., ATS Automation Tooling Systems, Rockwell Automation.
- Surrounding Insurance and Financial Service Providers: Manulife Financial, Sun Life Assurance of Canada, Deloitte, Ernst & Young, KPMG, and Gore Mutual Insurance.
Speed of Delivery:
- Close Proximity to the 401 .
- Access to Region of Waterloo International Airport.
- High density of manufacturers and exporting organizations in the area.
Highly Skilled Workforce:
- 282,300 workers in Waterloo region with specialized training (2010 Census).
- 50,000 Students/ 15,000 eligible for co-op positions.
- 3rd youngest median age of all Canadian urban centres.
- 5.1 million People within a 1-hour radius.
- Access to GO Train and Via Rail Transit.
- Close Proximity to 401.
Standard of Living:
- Ranked as fourth best place to do business in Canada (Canadian Business Magazine).
- Relatively low cost of living compared to other SW Ontario Regions.
- High quality education (elementary to post-secondary).
- Low un-employment rate.
Threats to Canada’s Technology Triangle
Waterloo Region’s primary competition comes from the surrounding regions that partake in the manufacturing and development of high-tech and IT communication technologies. These regions also have their own global marketing associations to assist them with their own development and expansion initiatives. These would include the Greater Toronto Marketing Alliance (GTMA), Ottawa Centre for Regional Innovation (OCRI), and The Boston/Detroit/Michigan chapters of the American Marketing Association (AMA). These regions must compete for potential contracts and investments from foreign corporations. Often the Federal or Provincial Government will offer Canadian business grants and tax incentives to encourage businesses’ decisions in their favour.
Resulting Prosperity and Innovation
As a result, the CTT manages to support businesses that produce a combined revenue stream of over $21.5 billion in Gross Domestic Product. Their GDP was even larger than several Canadian provinces. The Region of Waterloo has been nationally praised for their productive and prosperous nature and has quickly become one of Canada’s fastest growing communities. They have established a strong reputation as one of the nation’s hotspots for entrepreneurial business ventures in the technology and software industries. Businesses that choose to have their headquarters in Waterloo Region can gain access to a fresh and enthusiastic talent pool while opening opportunities for collaboration with other businesses. The Waterloo Region operates in a perpetual cycle of innovation and development which is what Canada’s Technology Triangle is trying to express to global markets.
Mentor Works, The Government Funding Experts
For those who are interested in learning more about the applicable business funding grants and potential benefits to organizations within the CTT, please contact one of our Government Funding Experts. To keep up to date with Canadian Business Grants, subscribe to Our Blog or sign up for our new E-Newsletter located on the right-hand side of the page.