This October, the Canada Border Services Agency (CBSA) is launching the Assessment and Revenue Management (CARM) initiative. Preparing for CARM implementation before its launch is essential. The CARM is a digital platform transforming the import process, starting October 21, 2024. In this article, our Director of Surety, Kari Davis covers what CARM is, why CARM matters, and how businesses can prepare for the upcoming changes.

What is CARM?

CARM is a groundbreaking digital project that modernizes how duties and taxes are assessed on imported goods into Canada. Initially set for a May 2024 launch, CARM will now be fully implemented by October 21, 2024. This centralized platform will enable importers, customs brokers, and trade consultants to manage accounts, estimate duties, and make secure payments.

Why Preparing for CARM Implementation Matters for Importers?

If your business imports goods into Canada, understanding and preparing for CARM implementation is more than just essential. Not only will this platform streamline your import operations, but it will also ensure you remain compliant with updated CBSA regulations. By digitizing processes, CARM reduces the risk of errors, improves transparency, and allows for better business forecasting.

How Can an Importer Prepare for CARM?

If you are a Canadian importer, preparation is key. Here’s how to start preparing for CARM implementation:

1. Register on the CARM Client Portal: Registering on the portal ensures your business is set up to manage imports through CARM’s system.
2. Authorize Your Broker: Authorizing a customs broker will sure they are authorized to act on your behalf. If you do not use a customs broker but would like to, click the link to see CBSA’s list of licensed customs brokers.
3. Understand Compliance: Attend CBSA training webinars and review CARM’s compliance features to ensure smooth operations. Click here to review CARM’s onboarding documentation.
4. Obtain a Customs Bond with Ferrari Insurance: Our team of surety specialists will help secure the right customs bond for your business’ needs.
   

Will Preparing for CARM Implementation Change the Future of Importing?

Yes, once CARM is fully implemented, Canadian businesses will experience a more efficient, transparent, and secure import process. With 24/7 access to real-time data, importers can track shipments, calculate duties, and stay compliant with relative ease. But for importers, preparing for CARM implementation means being prepared for the future of trade. We recommend registering on the CARM portal and attending CBSA’s training sessions.

This is the first in a series of blog articles aimed and creating awareness of CARM and helping Canadian importers prepare for CARM implementation. To learn more, you may click here to go to our Commercial Surety page with more CARM information, or, click the link to see all our articles related to CARM. Please reach out with any questions by emailing our team of CARM and customs bond experts.

*The information provided on this page is for information purposes only and should not be taken as insurance advice. For actual insurance advice, please contact Ferrari & Associates at 1-888-467-8989