CARM

Financial Security

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How to Post Security for CARM

Importers will be required to post financial security in October 2024. Release Prior to Payment (RPP) security will become the responsibility of the importer after R3 is implemented.

RPP enrolment with posted security will allow importers to:

Obtain the release of goods from the CBSA before paying duties and taxes;
Defer payment of duties and taxes.

There are two RPP options:

Cash Deposit – Importers will be required to pay 100% of the anticipated highest monthly duty and tax obligation to the CBSA.
Surety Bond (Renew Annually) – Importers are required to post 50% of their highest anticipated monthly duties and tax obligation to the CBSA. Each RM15 e.g. (123456789RM0001, 123456789RM0002), must have a minimum of $5,000 posted for the surety bond option. A BN9 is able to post one bond for multiple BN15’s provided the security amount reflects the required $5,000 minimum for each BN15.

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CARM Financial Security Explained

Confusion exists on Release Prior to Payment (RPP) bonds, also called Financial Security Agreements (FSAs). Our mission is to provide clarity.

Pro-Tip (GHY Can Assist)

GHY has a solution to assist in securing a bond that includes special negotiated rates, easy administration, and implementation when required.

To join the growing list of clients benefiting from our support, please reach out to us at bonds@ghy.com.

Note: GHY does not provide bonds, but assists importers in obtaining from a surety company.

DOWNLOAD FINANCIAL Security OPTIONS [INFOGRAPHIC]

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CARM Testimonials

“I had the pleasure of collaborating with the GHY CARM team, and their guidance has proved invaluable. Their expertise regarding requirements for the Canadian government’s initiative ensured our company is well-prepared for upcoming changes. We’re grateful for such a knowledgeable partner.”

Laurie Montizambert, CCS, Price Industries

“Sarah, a big thank you for being on the call and providing your CARM expertise. Paul and I will want to stay in touch with you so we can get it right. And certainly, we want to bring the new assistant controller on and train them right away. I wish our other brokers were as open to meet and walk us through this thing.”

Cynthia Dixon, LCB , Roquette America

“Let me start with saying that the CARM Open Mic webinar was really helpful. I know it wasn’t the exact content that you intended (thank you CBSA…lol), it was still very impactful. Great job!”

Krista Grzandziel, National Gypsum

Guiding You Through CARM

Need More Information? Book a meeting with Sarah.

Led by Sarah Marcotte, our expert CARM team at GHY ensures seamless integration of the CBSA CARM program into your business, avoiding disruptions to your imports. Trust us to navigate the complexities with confidence.

CARM Updates

White Paper:

Getting on Board with CARM: How It Will Impact Your Supply Chain

Dive into this White Paper and learn everything you need to know about CARM. We unpack all the details as to why CBSA is making this monumental change, timelines you need to be aware of, why this matters to all importers, steps in setting up your CARM account, and how to minimize your compliance risk and maximize your business opportunities. This is a go-to for all importers and members of the trade community; an invaluable resource to guide you through one of the biggest changes that CBSA has ever made.

Download White Paper

FAQs

We’re here to take the guesswork out of CARM compliance and make sure you’re on top of things. Read our answers to the most pressing questions that importers asked during our previous CARM webinars.

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Webinars

We regularly host CBSA officials and trade industry experts to discuss CARM updates and questions. Get access to our previous webinar recordings and stay tuned for our upcoming events.