Toronto, ON - M5E 1J8
ONTARIO, is Canada’s most populated province being 40% of the country’s population. It is the second largest province in total area. Five of the Great Lakes are found in its southern border with the U.S. and the Hudson Bay in its northern border, not counting the 250 thousand smaller lakes within this province. Ontario contains one-fifth of the world’s fresh water.
Climate. The climate is classified as continental humid, having three climatic regions. In summer the temperature can rise to more than 30°C (86°F) but in winter drop below 40°.
People. Ontario has the most culturally diverse population in Canada. Every year more than 100,000 newcomers join the population, almost half of all immigrants to the country. With a population of 14.2 million. Ontario is home to 2 of every 5 Canadians.
Language. English is Ontario’s official language, though there are several French-speaking communities across the province. French language rights have been extended to the province’s legal and educational systems. Government services are provided in English and French in many designated regions across the province. Languages other than English often spoken at home in Ontario include Chinese, Italian, German, Polish, Spanish, Punjabi, Ukrainian and Portuguese. Toronto is considered the most multicultural city in the world, where more than one hundred languages and dialects are spoken.
Ontario is at the forefront of innovation, whether developing the next generation of autonomous vehicles or creating advanced robotics and automation for processes manufacturers in the aerospace industry and in the processing of chemicals in food. It has a 400-kilometre runner of an automotive supply chain; financial services, health sciences, mining, tourism, information technology, industrial automotive and robotics, as well as chemical and biochemical production (40% of the country’s total).
The mining industry in Ontario is a world leader in productivity and has global environmental standards in the same way. The province is also an important producer of gold, copper, zinc, cobalt and silver.
Economic Sectors (taken from www.statcan.gc.ca)
- Film and Entertainment
- Natural Resources (Forestry, Fishing, Mining, Extraction, Gas and Oil)
- Public Services
- Services-producing sector
- Wholesale and Retail
- Transportation and storage
- Finance, Insurance, Real Estate, Rental & Leasing, Professional, Scientific Technical Services
- Educational Services
- Health Care and Social Assistance
- Information, Culture and Recreation
- Accommodation and Food Services
- Other Services (except Public Administration)
- Public Administration
- Technology and Innovation
Why is it called Silicon Valley North?
The corridor covered by Highway 401 that connects Toronto and Waterloo is called Silicon Valley North due to its characteristics as an ecosystem of innovation that resemble the innovative Silicon Valley cluster located in California connecting San Jose and San Francisco.
These are some of the reasons why it is known as Silicon Valley North:
1- Access to Capital
Numerous venture capital funds (venture capital) have built its base in the Silicon Valley North region, including some important names such as Fidelity Investments, Intel Capital and additionally, funds established by Canadian technology entrepreneurs such as founders of Blackberry, Mike Lazaridis and Jim Balsillie.
2-Multinational technology companies
originating in Silicon Valley, have established operations in the Waterloo and Toronto region including Google and Facebook.
3- It is the emerging cradle of most Canadian
Technology companies such as Hootsuite, and Kik. Although Shopify, has its origins in Ottawa, it has also played an important role in the construction of the ecosystem in the region.
4- Access to talent:
The University of Waterloo and the University of Wilfrid Laurier represent a pool of important talent consolidating as several of the main suppliers of employees in the technology sector companies of Silicon Valley in California hire Waterloo graduates almost in the same proportion as the flagship universities of their state: Stanford and Berkeley.
Canada is a tolerant and open country to immigration principally of qualified talent. Based on this, Canada is seen as a country that offers a better quality of life where immigrants are accepted.
Here are the main reasons why Ontario continues to attract companies looking to grow and diversify markets.
Operative costs in Ontario are the lowest among the G7 nations (Canada, France, Germany, Italy, Japan, United Kingdom and the United States) and can be even 15% lower than the U.S. As far as the corporate income tax goes, Ontario has a 13% rate lower than the United States and 4% lower than the average G7 countries. Besides, the social security costs for employees are a third lower than the U.S.
Ontario is among the first places worldwide as far as percentage of adult population with higher studies (68%). This is the highest among 35 countries that form the OECD – Organization for Economic Cooperation and Development. The average for the U.S. is 45% and Mexico has an average lower than 20%. Not only that, but due to the great cultural diversity found in Ontario, it’s not unusual to find employees that speak more than one language. More than 200 languages are spoken in the province and only in the GTA (greater Toronto area) there are more than 185,000 inhabitants of Latin American origin. It’s important to highlight that Canada’s opening to immigration and different cultures and origins makes it easier to establish a business in Ontario than other countries.
The Ontario Companies are innovative because the province has an extensive network of universities and research and development centers focused on a wide variety of topics. In Ontario, $14 trillion Canadian dollars are invested annually in research and development, and the cost for Company that performs this activity in Ontario is lower than in any of the countries of the G7 and up to 27.8% more than in the United States. In addition, the provincial government has generous incentives in the form of tax credits that can vary between $39 to $63 Canadian dollars for every $100 Canadian dollars invested in research and development.
Access to potential customers.
Ontario is bordered by the states of New York, Michigan, Minnesota, Ohio and Pennsylvania. Because of this geographic proximity, companies located in Ontario take only 24 hours to move their products to 142 million consumers in Canada and the United States by land transport.