Ontario and Alberta will foster the most growth in small businesses in Canada over the next five years due to immigration and developments in the energy sector, according to a new study by Canadian Imperial Bank of Commerce (CIBC) released Monday (29 September).
"A combination of factors have propelled Ontario and Alberta to the top of the pack, namely above-average economic growth, favourable demographics and a higher concentration of industries that are conducive to small business growth," said Benjamin Tal, senior economist at CIBC World Markets.
The CIBC report, Canadian Small Business: A Growing Force, pointed to Ontario as the province with the best environment for small-business growth, with Alberta just slightly behind.
"Ontario's fast-growing business services and retail sectors will spawn much of the province's small business activity, as these sectors are 'small-business friendly’," the report said.
