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The Canada Border Services Agency (CBSA) recently conducted their annual review of importer security in order to ensure release prior to payment bonds meet the requirement of being equal to the average monthly duties and taxes owed over a 12-month period.
This review resulted in a number of importers receiving notices to increase their bond amounts as, over the last 12-month period, they were subject to surtaxes paid on USA origin goods which were subsequently terminated on May 19, 2019.
The CBSA has confirmed they are now reviewing the security requirements of those importers who did pay surtax last year and will be contacting each with further instruction. The deadline for posting release prior to payment security for 2019-2020 has now been extended until November 29, 2019.
For more information, contact Brian Rowe, Director – Customs Compliance & Regulatory Affairs.
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