On May 13, 2024, CARM (CBSA Assessment and Revenue management) digital system will become the office system of record that importers and other trade chain partners will use to pay for import duties and taxes.
What is CARM?
CARM stands for the CBSA Assessment and Revenue Management program. It is a new initiative by the Canada Border Services Agency (CBSA) that aims to modernize and streamline the process of importing goods into Canada. CARM will introduce a new electronic portal for importers and customs brokers to submit their trade data, process payments, and manage their accounts with the CBSA. The system will provide more transparency and accuracy in the assessment and collection of duties and taxes, as well as improve compliance with customs regulations. CARM will also introduce new risk assessment tools and features to enhance trade security, reduce processing times, and increase efficiencies in the customs clearance process.
Do I have to sign up for CARM?
As a business that imports goods into Canada, you will need to register for the Canada Border Services Agency’s (CBSA) Assessment and Revenue Management (CARM) system. CARM is a new system that was designed to modernize how the CBSA processes import/export data and collects revenue on goods entering Canada. You can register yourself or ask your Canaan sales representative to assist you.
Who does CARM apply to?
CARM, or the CBSA Assessment and Revenue Management project, applies to businesses and individuals who import goods into Canada. This includes importers, customs brokers, freight forwarders, and carriers who transport goods across the Canadian border.
Do I need a Canadian customs bond for CARM?
Yes, you do need a Canadian customs bond to participate in CARM. The bond is a financial guarantee that you will pay any fees or penalties that may be assessed by the Canada Border Services Agency (CBSA) for non-compliance with Canadian customs regulations. A customs bond can be obtained through a licensed customs broker such as Canaan Transport Group or a surety company that provides bonding services. The amount of the bond will depend on the type of business you have and the value and volume of the goods you import into Canada.