CARM: What all importers need to know about CARM

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Grace period for undeclared exports

     Traffic sign at Mexico U.S. border, presented to remind exporters about the importance of voluntary disclosure of undeclared exports.

Exporters still have time to voluntarily disclose undeclared exports that passed through the U.S., but were destined for Mexico or another country.  Disclosure is required if the exported goods have a value of $2,000 CAD or more.

The Canada Border Services Agency (CBSA) have advised a large number of companies had not properly reported these exports and have provided a 6-month grace period (December 1, 2015 to June 1, 2016) to voluntarily disclose the unreported exports without penalty.  After the grace period expires, compliance verifications will be conducted by the CBSA and penalties may be issued for failure to report the exported goods.

If you need help with a Voluntary Disclosure of Unreported Goods, call us at (905) 882-4880 and ask to speak with Brian Rowe, General Manager – Customs Consulting Services.
 

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Quick Tip #51
The link between insurance premiums and risk

There are many factors which affect the pricing of your insurance premium, but all revolve around the risk involved. For example, the longer the transit time, the more time available for something negative to happen.

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