The CanAm and Logistics & Transportation Councils toured a Foreign Trade Zone that’s right in Buffalo’s backyard at WP Warehousing.
Canada and the United States have a strong connection that goes beyond our close proximity. We share the longest mutual border in the world, which we use to support the largest bi-lateral trade relationship between any two nations.
It is for this reason, the Partnership is committed to bringing the business communities on both sides of the border together. With our strategic location, the Buffalo Niagara region offers benefits to companies throughout our Bi-national Golden Horseshoe.
Last week, our CanAm and Logistics & Transportation Councils visited WP Warehousing in St. Catharines, ON to hear more about the available opportunities in the Southern Ontario region. Throughout the visit, attendees learned about the newly inaugurated Niagara Foreign Trade Zone and toured the impressive warehousing facilities.
WP Warehousing is a full service third-party logistics company that specializes in inventory management and movement systems. Providing a variety of services, including trucking and warehousing and inventory management, the Canadian company works with companies to reduce overall costs and streamline production.
Recently, WP Warehousing became a partner of the Niagara Foreign Trade Zone. A Foreign Trade Zone offers companies import and export services. These include:
- Duty Deferral Programs – Deferral of duties on imports stored, processed, or used to manufacture other products, provided the goods are later exported within 4 years of importation.
- Export Distribution Centre Program – No payment of GST/HST on most imported goods or domestic purchases of goods worth $1000 or more.
- Exporters of Processing Services Program – Relieves participants of obligation to pay GST/HST on imports of goods belonging to non-residents, provided the goods are imported for processing, distribution, or storage and are subsequently exported.
- Export Trading House Program – Allows qualified GST/HST registrants who are engaged exclusively (90% or more) in export trading activities to purchase goods in Canada without paying GST/HST as long as the goods are exported in the same condition as purchased.
- Zero-Rated Export Provisions – Number of provisions exist in the Excise Tax Act which relieve GST/HST from being charged on exports.
Attendees had the opportunity to speak with Niagara Foreign Trade Zone representatives from WP Warehousing and learn how the company has integrated the programs into their operations.
By exposing our members to the programs that exist on the Canadian side of the border, the Partnership hopes to continue building a strong regional economy that transcends the border. Meetings such as this, help forge those bonds and help our regional economic vitality.