The various trade agreements signed between Canada and multiple countries aim to promote and facilitate international trade. However, it is important to follow the rules to avoid any penalties. W2C can help you in these steps, whether in the form of advice, assistance, verifications or audit simulations.
Our experts offer customs consultancy services that will allow you to develop or maintain good customs compliance practices within your company and prepare you for possible customs audits.
As a Canadian importer, it is essential to ensure that all your practices follow Canada customs regulations to avoid penalties that could prove costly. Therefore, it is very important to make sure that your import documentation is compliant.
There are basically four pillars of customs compliance: customs classification (“harmonized code” or “HS code”), determination of origin, determination of value and audit trails. These have a direct impact on the duties and taxes to be paid and penalties that the customs authorities may impose on you if, during an audit, there is reason to believe that your transactions are incorrect and that these were not rectified within the prescribed timeframe.
Customs audits are a reality, and it is best to prepare yourself to reduce your level of risk. Generally, the customs authorities will establish the sectors of activity covered by the audits throughout the following year. Audits can also be triggered by the discovery of an erroneous transaction in a specific sector of activity. The customs authorities will then locate a checklist of importers likely to follow this type of transaction. Therefore, it is essential for any importer to find out how to declare in-bond goods.
Our customs consultants can help you reduce your risk level by conducting a pre-audit of your customs transactions, which will allow you to identify weaknesses in the classification of your goods, establish their value and their origin. Moreover, customs compliance can save you a lot of money in duties and taxes. Make sure you determine the correct HS codes for your import and export goods. Declared values must be accurate, as well as the origin of the goods. The more emphasis you put on customs compliance, the more you will reduce your level of risk.
Here are some of the customs compliances services that our custom consultants offer:
Note that W2C also offers customs compliance and classification training that can be very beneficial to you. Visit our customs training site to learn more.