Our surety experts understand the phased approach of CARM rollout and will walk you through what CARM is, how it will impact your business, and how you can prepare—particularly concerning surety bonds and financial security requirements.
CARM is more than just an administrative change—in fact, it will digitize the entire process; from accounting to payment, and introduce new requirements, especially for surety bonds, like tax and excise bonds, licence and permit bonds, and customs bonds.
For importers, the CARM Client Portal will provide a streamlined way to:
Under CARM, importers must post their financial security. This security can be in the form of a surety bond (covering 50% of the highest monthly accounts receivable over the past 12 months) or a cash deposit (100%). As stated above, importers can no longer rely on a customs broker’s bond.
With the CARM Client Portal, importers gain real-time visibility into their duties, taxes, and transactions. You’ll be able to monitor accounts, review payments, and ensure compliance at any time, 24/7. The system will also notify you when your bond or security limit is nearing its capacity, helping you avoid disruptions. Before CARM, an importer might not realize they’re approaching their security limit until they face a delay in releasing goods. Now the portal will automatically notify importers when they need to increase their security to avoid interruptions.
The Commercial Accounting Declaration (CAD) will replace the current paper-based customs coding forms (e.g., B3 forms). This automation will reduce manual errors and speed up processing times.
The digital-first platform creates efficiencies and eliminates cumbersome paperwork, ensuring that your import process is faster and more reliable. The portal automates calculations and compliance checks, making it easier to adhere to CBSA’s updated regulations. Finally, you’ll be able to track everything from duties, taxes, and payment statuses, 24/7 and in real-time.
For example: A mid-sized business importing electronics into Canada used to rely on manual processes to estimate duties. They often faced delays due to human errors in calculations. The business now receives automated duty estimates and real-time notifications, significantly speeding up their import timeline.
There are three steps to obtain a Customs Bond from Ferrari & Associates.
Preparation is crucial to avoid disruptions to your business. The October 2024 deadline is fast approaching, and unprepared businesses may face delays in customs clearance. Click the link below to read our blog article on how to prepare for CARM.
By preparing now, your business can take full advantage of the new efficiencies and safeguards that CARM offers. Let Ferrari & Associates guide you through the transition.
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*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
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