Niagara’s international trade reach has expanded with the designation of the Niagara foreign trade zone (FTZ) point. The FTZ awarded on April 15, serves all 12 municipalities in Niagara expanding from east of Hamilton to the United States.
The federal government sees the designation as an opportunity to ‘foster a supportive business climate,’ a designation that will stimulate investment and innovation helping Niagara increase its importing and exporting economy.
Ontario’s foreign trade zone designation
The designation is the first in Ontario and one that was a decade in the making. There are six other foreign trade zones in Canada these include: Halifax, Sydney, Winnipeg, Calgary, Regina and Edmonton.
This unique and coveted designation puts Niagara at an economic advantage because of its new ability to offer tax and tariff incentives. These offerings are especially appealing to importing and exporting companies.
From FedDev’s official press release, Navdeep Bains the Minister of Innovation, Science and Economic Development had this to say:
"The expansion of trade opportunities across Canada is a key part of the Government of Canada's plan for job creation and economic growth. By designating this Foreign Trade Zone Point in Niagara, we are strengthening the region and all of southern Ontario as an international hub with world market accessibility."
Canadian Tax and Tariff Incentive Programs
The Government of Canada sees the FTZ point as a priority opportunity to help Canadian businesses integrate into international markets and ‘global value chains.’ The region and it’s warehouse spaces can now be used as a place within Canada for corporations to avoid duties and taxes on imported products and materials, effectively creating a supply chain through Niagara.
- Export Distribution Centre Program
- Exporters of Processing Services Program
- Customs Bonded Warehouse Program
- Duty Deferral Program
- Drawback Program
Land for sale Niagara
There are many plots of vacant employment land across Niagara that are available to industry to expand. To view available land for sale in the Niagara region click here. For more information on the various municipalities, their land and available incentives connect with Niagara commercial real estate agent, Greg Chew.
Niagara's official Foreign Trade Zone website can be found by clicking here.