CARM
UPCOMING CHANGES FOR CANADIAN IMPORTERS
Canada Border Services Agency (CBSA – Customs) is modernizing the way it manages collection of Duty and GST, by automating manual processes. This initiative is the Assessment and Revenue Management (CARM) project.
This modernization includes every importer posting a Direct Security bond (ASEC – Account Security) with CBSA (almost exactly the same as commercial importers in the United States do). CBSA the time frame for the mandatory implementation is (tentatively) Spring 2021, with a ‘push’ starting fall 2020.
To facilitate the switch over, the following is a brief step by step guide:
Step 1
You post security with Canada Border Services Agency (form D120 CBSA) (obtained from your banking institution or bond company – W.G. McKay can refer reputable firms if need be)
Step 2
You inform CBSA that W.G, McKay Limited is your Customs Broker of Record, (letter) and complete EDI application form BSF815, to receive the Monthly Statement of Account (SOA – that shows the amount payable) through McKay
Step 3
You arrange Online Banking with your Financial Institution (at month-end, instead of paying Duty and GST to McKay, you would pay directly to CBSA electronically).
Online banking is currently offered by: Scotiabank / TD / National Bank / RBC / CIBC / BMO / HSBC / Laurentian / Citibank / Bank of America / Tangerine
Please contact us for further information or required documents and forms.
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