CARM Set to Transform Canada Imports
AAFCPAs would like to make clients aware of a significant new requirement related to Canada customs. The Canada Border Service Agency (CBSA) Assessment and Revenue Management (CARM) is a new initiative, which is expected to notably transform how importers interact with Canada Customs.
Importers should be aware that CARM will shift financial liability to the importer of record, which is an entirely new approach. Both residents and non-residents importing into Canada will be required to register and obtain surety bonds prior to CARM’s anticipated go-live in May 2024. All importers of commercial goods are required to participate in CARM, register on the portal, and obtain a customs surety bond once live. The portal has already been established and is available to importers, brokers, and consultants. It is critical that the amount of your bond covers the estimated duties and taxes against your highest month of import activity. Importers failing to comply will not be allowed to import commercial goods into Canada.
Due to the magnitude of this change and the number of importers affected, AAFCPAs highly recommends that businesses begin the registration process sooner rather than later. If you have questions, please contact Kelly Zack, MST, Director, State & Local Tax at 774.512.4001 or kzack@nullaafcpa.com—or your AAFCPAs Partner