CARM: What all importers need to know about CARM

Universal Logistics - Take The Right Route Logo with 70 Years Badge

Duty and GST Deferral to June 30, 2020

On Friday March 27, Canadian Prime Minister Justin Trudeau announced the extension of timeframes for the payment of customs duties and the Goods and Services Tax (GST) until June 30, 2020. This includes importers’ March Statements of Account (SOA), which are otherwise payable April 1.

Extension timeframes and the Prime Minister’s announcement are outlined in

Customs Notice 20-11.

If you are already registered for a CBSA duty and/or GST deferral program with Universal Logistics (i.e. through a Release of Goods bond or a GST Letter of Undertaking) then you are already set to take advantage of this further deferral option. You may choose to continue with monthly scheduled payments to CBSA, or you may choose to defer your duty and GST payments up to June 30, 2020. Specific details of deferral options were sent to these clients on the afternoon of March 27.

If you have not yet done so and would like to take advantage of these deferral options, Universal can help. The deferral of duty needs to be secured through a Release of Goods bond, while the deferral of GST can be secured with a Letter of Undertaking (no bond required to secure GST for Canadian importers). Non-resident Importers can also take advantage of these deferral options; however, a bond is required to secure both duty and GST.

To learn more about CBSA’s direct payment options for duties and GST, visit our

website

or contact your Client Care representative.

Mark Glionna
Vice President – Client Relations & Business Development

More Trade Alerts:

January 2024

January 17, 2024
Ocean carriers have increased rates substantially across all lanes from Asia to North America upwards of $1,800.00 USD per container, with some lanes trending even…

December 2023

December 14, 2023
All Canadian offices of Universal Logistics will be closed from 2:00 p.m. Friday, December 22nd through to Tuesday, December 26th.  Normal business hours will resume…

Switch to a Logistics
Partner Who Cares

Click the button below to find out why we’ve been Canada’s most trusted freight forwarder and customs broker for over 75 years.

Professional business people team meeting and working in corporate office concept

Register now to learn more about our

101 Logistics Quick Tips

Available exclusively from Universal Logistics