Locally, this sector includes a diverse production of goods, such as: farm equipment, transportation equipment, trailers, petroleum products, glass beads for industrial use, asphalt and concrete batch plants, gravel pits, clothing, jewelry, etc.
OIL REFINERY Moose Jaw Refinery is a petroleum processing plant that produces products for asphalt road construction and roofing flux for asphalt shingle industry, along with other products used in the oil and gas sector.
CANADIAN MANUFACTURING 10-YEAR INCENTIVE provides manufacturers with a ten-year tax incentive to boost productivity-enhancing investment by providing an accelerated capital cost allowance (CCA) at a rate of 50 per cent on a declining-balance basis for machinery and equipment used in manufacturing and processing. This is a substantially faster write-off than the standard 30 per cent rate, allowing businesses to defer taxes and recover the cost of their capital investments more rapidly. The measure will apply to capital assets acquired after 2015 and before 2026. New investments will help position them to meet both present and future economic challenges, while creating jobs and growth. The ten-year term will provide businesses with more planning certainty for larger, long-term projects.
CANADIAN MANUFACTURING GRANTS also Include Industrial Research Assistance Program (IRAP) that assists manufacturers to overcome technical challenges by reducing the payroll cost of employees and contractors. Other grants include CanExport, SD Tech Fund and Hiring Grants to name a few.
SASKATCHEWAN MANUFACTURING AND PROCESSING TAX INCENTIVE The Province has introduced two new non-refundable tax credits to eligible manufacturing and processing corporations. To be eligible the company must:
- Expand the number of M&P full time employees above the number employed in 2014. The incentive offers tax credits of $3,000 in respect to each incremental full-time employee for each of the 2015 through 2019 taxation years, and/or
- Expand the number of full time employees who primarily conduct activities typically considered “head office” functions, such as strategic planning, marketing, legal, finance, IT, HR, procurement, and communications. This portion of the incentive offers $10,000 in respect to each incremental full-time “head office” employee for each of the 2015 through 2019 taxation years. To qualify the company must have a minimum of 10 employees with a payroll over $1 million and demonstrate a 20 per cent increase over the 2014 base level of employment.