CARM Facts: Everything you Need to Know
CARM Today: What You Need to Do Right Now
Financial (Importer) Security
Importers will be required to post security to qualify for Release Prior to Payment (RPP) privileges as of CARM’s Release 2 (May 2022). Security may be posted in the form of a Cash Deposit or as a Surety Bond. Without security, an importer will be required to pay in advance via the CARM Client Portal (CCP).
CARM Payment Cycles
As of Release 2, new billing cycles and payment due dates will be introduced. Here are the new CARM payment cycles.
COMMERCIAL ACCOUNTING DECLARATION (CAD)
Importers or their delegated customs broker/trade consultant will be required to submit their Commercial Accounting Declaration by the 24th day of month 2.
STATEMENT OF ACCOUNT (SOA)
The Statement of Account (SOA) will be generated on the portal on the 25th day of month 2. This SOA accounts for all commodities crossing the border in month 1.
PAYMENT DUE DATE
Payments will be due 10 business days (holidays included) after the 17th of the calendar month. Please note that the 18th day of month 2 is considered Day 1.
The Correction Period allows for interest-free corrections to your Commercial Accounting Declaration (CAD). It starts on CAD submission day and ends on payment due date.
The Adjustment Period starts on payment due date. Please note that adjustments to your CAD at this stage (after the Correction Period) may be subject to CBSA review.
Your CARM Ambassadors
How GHY can help you navigate CARM
We’re more than trade specialists. We’re Certified Trade Compliance Specialists (CTCS) and CARM Ambassadors, and we share ideas and insights that originate from the importers we serve to shape outcomes that better suit your business and its unique needs.
The CBSA Assessment and Revenue Management (CARM) program is challenged by diverse trade dynamics, including eCommerce and multiple transport modes. While the CBSA attempts to standardize business and accounting practices through this project, it becomes more challenging for individual businesses to navigate these changes. At GHY, we understand just how unique your business needs are. That’s why we’re committed to develop a tailored solution to suit your journey as you adopt CARM and embrace the changes in your importing process – without affecting your operations or delaying your imports.
Book a Meeting with GHY
Our CARM experts are here to answer your questions and guide you through CARM. We can’t do it for you, but we will do it with you.
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.
Get in Touch
We’re here to guide you every step of the way. If you have any questions or concerns, please reach out to us.
Call Us: 1-833-GHY-CARM