Economic Indicators

We believe Sidney is one of the most desirable places in the world in which to live and invest. Our business community is thriving, thanks to strong Provincial incentives, comparatively low business costs, the lowest unemployment rates in Canada, and gateway access to world trade. With consistent GDP growth, British Columbia's economy remains strong across economic sectors.

At the Municipal level, the Town continues to revitalize the downtown core and foster growth and innovation for the specialty manufacturing companies in our West Sidney Industrial Park. The Town's Economic Advisory Committee (EAC) provides a forum for potential collaboration and information sharing among Sidney's diverse business sectors and organizations. Additionally, the EAC reviews and provides feedback on matters at the request of Council and identifies specific objectives and initiatives to support economic aspects of the Town's Strategic Plan for Council's consideration.

• Prosperity Index Baseline Indicators Table (Prepared by South Island Prosperity Project)

Business Trends

Sidney is predominately made up of small businesses, defined in Canada as having less than 100 employees. Representing Sidney's largest segment are companies with less than 9 employees, with 53.4 % of local businesses made up of between 1 and 5 employees.

The Downtown Retail Gap Analysis provides a snapshot of how Sidney's population is served by these business segments, and identifies categories that may be over and under served. The study includes demographic trends, spending trends, and retail opportunities now and in the future.

Taxes

The graphs below outline corporate and personal income tax rates at both the Federal and Provincial level, with rates current as of 2021.

To review municipal property tax rates, visit the Town's Property Taxes page to see tax rates from the past ten years, broken down by business sector.

Source: Canada Revenue Agency, 2021

Source: Canada Revenue Agency, 2021

Source: Canada Revenue Agency, 2021

Source: Canada Revenue Agency, 2021

Tourism

In 2017, Sidney's visitor services welcomed over 40,000 tourists to the Town. Our tourism industry enjoys close proximity to the Swartz Bay Ferry Terminal, the Anacortes Ferry Terminal, and the Victoria International Airport, which welcomed a record 1.93 million passengers in 2017.

For more information on Sidney's tourism industry, please visit the Sidney Business Improvement Area website.

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