How to invest in Winnipeg

After incorporating your business, opening a business bank account is crucial for a strong financial foundation.

Choosing the right financial institution

Consider fees, services, convenience and reputation. Major Canadian banks and local credit unions offer business solutions, including digital tools for bill payments and transaction management. Economic Development Winnipeg can help by introducing you to reliable financial partners.

Types of business bank accounts

• Business Bank Account: Ideal for managing deposits, withdrawals and credit lines. These accounts can have multiple signatories and offer tailored services.
• Foreign Currency Account: Saves on foreign exchange costs by accepting payments in other currencies.

Specific notes

• Foreign Exchange Services: Make and receive payments in USD without a U.S. account.
• International Transactions: Handle payments in multiple currencies using Canadian accounts. Report international transactions over CAD $10,000 within 24 hours and keep accurate records for tax purposes.

Economic Development Winnipeg can connect you with trusted financial institutions.

The provincial and federal governments offer tax incentives and financial support to drive economic growth and create jobs through new businesses or expansions.

Incentives include tax rebates, subsidies and other financial benefits, either automatic or discretionary. Priority is given to businesses that create jobs, invest in employee training or develop new facilities.

Key areas of financial support:

• Business loans and capital investment
• Equipment purchase
• Export support
• Green energy investment
• New product innovation
• Research and development
• Workforce training and development

Traditional banks, credit unions, venture capital, private equity and industry-specific tax credits also provide financing solutions. For more details, contact Economic Development Winnipeg.

Corporate tax rates

Corporations can benefit from various Manitoba and Federal tax incentives and programs designed to support business growth:

• Canadian-controlled private corporations (CCPCs): Reduced federal tax rate of 9% on the first CAD $500,000 of active business income. Provincial rate is 0% on the first CAD $500,000.
• Businesses with income above CAD $500,000: Federal rate of 15% and provincial rate of 12%, totalling 27%.

Employer tax obligations

• Canada Pension Plan (CPP): 5.95% of employee's gross wages
• Employment Insurance (EI): 1.4 times the employee's rate (1.63% as of March 2025)
• Health and post-secondary education tax levy, for an employer with a total yearly payroll:
  • CAD $2.25M to $4.5M: on excess
  • Over CAD $4.5M: 2.15%
  • CAD $2.25M or less: Exempt

Sales taxes

• Manitoba Retail/Provincial Sales Tax (RST/PST): 7%
• Goods and Services Tax (GST): 5%

Businesses earning over CAD $30,000 annually must register for GST and RST/PST.

For specific tax questions, Economic Development Winnipeg can connect you with lawyers, accountants and other professionals.

Employers in Manitoba must follow employment standards for payroll, benefits and working conditions.

Key employment legislation

• The Employment Standards Code: Covers minimum wage, working hours, overtime, vacation and leaves.
• Income Tax Legislation (payroll deductions): Register with the Canada Revenue Agency (CRA) to withhold and remit income taxes, CPP and EI from wages.
• Workplace Health and Safety Legislation: Ensures a safe working environment.
• Human Rights Legislation: Prohibits discrimination based on race, gender, age, disability, etc.
• Workers Compensation Legislation: Provides insurance for workplace injuries and disability, and occupational diseases.

Employee benefits

Consider offering benefits like health and dental insurance, life insurance, disability insurance, retirement plans (e.g., employer-matched RRSPs), and flexible work arrangements.

For questions, Economic Development Winnipeg can connect you with lawyers, accountants and other professionals to support your needs.

Winnipeg boasts a skilled and diverse workforce, supported by institutions like the University of Manitoba, University of Winnipeg and RRC Polytech, ensuring a steady stream of talent in technology, engineering, life sciences, business and more.

Recruiting talent

• Use job boards like Work in Manitoba
• Leverage co-op placements and internships
• Connect with industry associations for networking

Workforce development programs

• Canada-Manitoba Job Grant for training
• Apprenticeship programs for technical fields
• Co-op opportunities with universities

Immigration programs for employers

• Temporary Foreign Worker Program (TFWP): Requires a Labor Market Impact Assessment
• International Mobility Program (IMP): No Labor Market Assessment needed
• Express Entry: Federal skilled programs for permanent residency
• Provincial Nominee Program (PNP): For skilled workers to immigrate to Manitoba and become a permanent resident.

Economic Development Winnipeg's Talent and Workforce Development team are experts ready to assist you in finding and developing your workforce.

Economic Development Winnipeg is your partner in investing in Winnipeg.

Our goal is to grow and strengthen Winnipeg's economy through the creation of new jobs and the attraction of top talent and capital investment. Our experts serve as a concierge for businesses, making it easy to grow and invest in Winnipeg through a suite of specialized services, market intelligence and business connections.

Economic Development Winnipeg is driven by a community of local leaders and responds directly to the needs of the industry.

Contact us today to learn how we can support your business growth and investment.