The Canada Border Services Agency (CBSA) Assessment and Revenue Management (CARM) project is a multi-year initiative that will transform the collection of duties and taxes for goods imported into Canada. Through CARM, the CBSA will modernize and streamline the process of importing commercial goods.
If your business relies on importing products into Canada to function, being prepared for CARM is a must.
It is mandatory for all importers who want to continue acting as the importer of record in Canada to adhere to the following 4 steps, before October 2023:
1. Identify a minimum of 2 Business Account Managers (BAM) within your company
i. Financial Contact – Choose a person who has access to your CRA account and will manage your regular statements and payments to CBSA
ii.Operational Contact – Choose a person within your organization who interfaces with your customs broker.
2. Register your business in the CARM Client Portal (CCP)
Select one of the following login credentials; either can be used by the BAM to create an individual user account:
A business account can only be registered once, but its BAM can delegate authority to a customs broker and assign other users as a BAM (or other user roles) through the employee management page.
3. Delegate authority to your customs broker
Once the BAM has secured access to the CCP, they can then delegate portal access to other employees and third-party service providers.
To delegate authority to Universal Logistics, please select access to “All Programs” with “Business Management” status and check all 3 boxes under the Transaction Visibility Rules. This will allow Universal Logistics the ability to handle your Customs requirements and the visibility to manage your monthly Statement of Account.
4. Secure a Release of Goods Bond
CARM requires all importers to post security with CBSA to guarantee the payment of duties and taxes before goods will be customs released (Release Prior to Payment – RPP).
An importer must post security using one of the following two options to be eligible for RPP:
- A surety bond for 50% of their highest monthly accounts receivable (duty and GST) with a minimum bond amount of $25,000; or
- A cash security for 100% of their highest monthly accounts receivable (duty and GST)
Need Help Getting Ready for CARM? We Can Help!
Universal’s expert team can help you seamlessly transition into CARM and hit the ground running before it is too late!
Click the link below to get started today!