CARM: What all importers need to know about CARM

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Terminology

L

L/C, Letter of Credit

A method of payment for goods in which the buyer establishes his credit with a local bank, clearly describing the goods to be purchased, the price, the documentation required, and a time limit for completion of the transaction. Upon receipt of documentation, the bank is either paid by the buyer or takes title to the goods themselves and proceeds to transfer funds to the seller.

Quick Tip #31
Act Quickly to resolve non-compliance issues and avoid increasing fines

Most monetary penalties issued by the Canada Border Services Agency (CBSA) under the Administrative Monetary Penalty System (AMPS) escalate with repetition.

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