As of October 21, 2024, the Canada Border Services Agency (CBSA) officially launched its CBSA Assessment and Revenue Management (CARM) platform — a move that significantly changes how importers, customs brokers and some transportation professionals manage duties, taxes and other obligations related to cross-border trade.
As part of this change, importers must now post their own financial security for duties and taxes; manage and submit electronic payments through the CARM Client Portal; and submit customs duties, GST on imports, anti-dumping and countervailing duties, excise duties, surtaxes and more. The objective is to create a more seamless process for managing customs-related financial responsibilities, while aligning Canadian practices with those of the U.S.
For businesses in the importing and transportation industries, the stakes are high. Over the next 180 days following CARM's go-live date, importers must ensure they’re fully registered and have their security posted in the portal. Failing to do so could result in delays, penalties or even halted operations.
What You Need to Know About CARM
For professionals in the trade industry, CARM compliance is mandatory. At NFP, we understand the challenges this new system presents. While this transition is significant, it also presents an opportunity for businesses to modernize their operations, streamline payments and increase their efficiency.
Our commercial surety team has been involved with CARM for the past three years, staying ahead of developments and preparing to guide our clients through the transition. As the leading provider of surety bonds for the Canadian Society of Customs Brokers, we’ve worked with countless importers and brokers to ensure they have what they need to meet their obligations.
How NFP Can Support Your Transition to CARM
Navigating these changes can be complex, but you don’t have to do it alone. NFP takes a personalized approach to ensure every client receives the support they need. Whether you need help to secure bonds, assistance understanding the new processes or general questions about CARM, our dedicated client managers are here to help. We have the expertise to make sure your business is set up for success. Contact us to discuss how NFP can support you business.
If your import business requires support with obtaining security for the CARM implementation or any other commercial surety assistance, contact Keith Sherwood.
