Overall, Canada has an extremely stable economy. It ranks in the 95th percentile for government effectiveness and regulatory quality according to Worldwide Governance Indicators. It has an economic freedom score of 78.2, which puts it as the 9th freest worldwide according to the 2020 index.
Despite the challenges brought forth by COVID-19, the Canadian economy rebounded from the effects of it more strongly than many predicted. Their proactive approach to managing and containing the pandemic enabled them to maintain a reasonably healthy economy through this challenge. Deloitte Insights predicts a recovery to pre-pandemic levels by the third quarter of 2021.
Canada also offers a great value for North American companies looking to near shore their operations, with a favourable exchange rate which allows for companies to save costs while providing superior service to their customers.
Toronto has a robust technology infrastructure with broadband available to every household and business. The city has high-quality coverage for cellular broadband and recently introduced a 5G network, becoming one of the first cities in Canada to do so.
Toronto is also a rich market for sourcing tech professionals. In 2019, CBRE 0219 Scoring Tech Talent Research ranked Toronto as third among 50 top tech talent markets in the U.S. and Canada, based on its ability to attract and cultivate tech talent.
English is the official language in Toronto and Ontario in general. Census data shows that 51% of Toronto residents speak English as their mother tongue and 64% speak English at home. Other common native and home languages include:
- Tagalog (Filipino)
- Persian (Farsi)
In all, there are a total of 180 languages spoken in Toronto. This makes the city a robust talent pool for companies looking to establish call center operations.
Toronto has the third largest transit network in North America. The Toronto Transit Commission, or TTC, is a multi-modal system that includes four subway lines, 11 streetcar routes, and more than 150 bus routes. Four streetcar routes and 27 bus routes operate all night, so it’s easy for call center agents to get to and from work, no matter when their shift is.
Toronto is also home to Pearson International Airport, the largest and busiest airport in Canada. Welcoming more than 47 million passengers per year, Pearson is an attractive hub for business travel.
Culture and Education
Toronto is a vibrant and culturally diverse city. There are more than 250 ethnicities represented in the greater Toronto area, and 16 countries have more than 50,000 Toronto residents representing them.
Toronto embraces its multiculturalism and celebrates its global heritage. The city ranked fourth overall and top for tolerance on the Global Creativity Index, but that only proves what Toronto residents already know: that it’s one of the most welcoming and culturally rich cities in North America.
In general, Toronto residents are well-educated. More than 89% of adults aged 25 to 64 have at least a high school diploma, compared to 86.3% in Canada overall. Close to 41% have a bachelor’s degree or higher and 20% have a college or other non-university certificate or diploma. In the latter group, the most common type of credential is in business, marketing, or related services.
Canada has a universal healthcare system. Any citizen or permanent resident can qualify for public health insurance, which covers the full cost of most health services. This enables companies to mitigate costs of providing healthcare to employees. Saving costs while ensuring the well being of employees is one more reason why Canada is an attractive near shore destination for companies in North America.
The quality of medical care in Toronto itself is high. The city is home to one of the top 10 hospitals in the world according to Newsweek, which ranked Toronto General Hospital seventh on its list of leading medical centers. Toronto also has free medical care available even without a public health card. This is good news for new residents, who otherwise may need to wait an average of three months to receive insurance.
To register a business in Ontario, you need to register the company’s name with the Ministry of Government and Consumer Services (MGCS). Business names are available for public search.
Businesses can electronically complete most registration steps through ServiceOntario’s Integrated Business Services Application or use the Business Registration Online system. You can also register by mail. Ontario makes it convenient to complete the required steps.
What to Look for in an Outsourcing Partner
Nearshoring can be an effective strategy for expanding your company, but it’s difficult to go alone. Your chances of success are better with an experienced outsourcing partner. As you research potential partners, ask yourself the following questions:
- What services does the outsourcing partner provide? Can it provide you with inbound and outbound services, if necessary?
- Does the company have access to top-notch infrastructure including up-to-date equipment and sufficient internet bandwidth?
- What language expertise do you need call agents to have? Do you have any accent requirements?
- Does the outsourcing company have firsthand experience with the region and its culture?
ContactPoint360 is headquartered in Toronto, so we know the city extremely well. Learn more about how we can help you expand into Toronto and other cities around the world.