CARM – Understanding the New Financial Security Requirements
CARM is a multi-year initiative being implemented by Canada Border Services Agency (CBSA). CARM stands for CBSA Assessment and Revenue Management. Under CARM, importers of commercial goods will need to post their own financial security with the CBSA in the form of cash or bond to continue to benefit from Release Prior to Payment (RPP) privileges. This is a significant change that impacts importers and customs brokers. Prior to CARM, in most cases customs brokers would extend use of their own customs bond to their importer-clients; this will no longer be possible when CARM Release 2 goes into effect.
In this 90-minute training, W2C will focus on the importer’s obligation to post its own financial security with CBSA to maintain its RPP privilege and avoid having to pay duties and taxes before customs clearance once CARM R2 goes into effect in May 2022.
Our expert, Marc Ticehurst, who has over 27 years of experience in the Customs industry, will cover the following topics:
- What is the Release Prior to Payment (RPP) privilege?
- How is CARM changing this process?
- How can importers post financial security with the CBSA?
- Understanding the differences between the various security options.
- How to calculate your security coverage?
- Under CARM the CBSA will monitor your security coverage – What does this mean?
- How to get ready for CARM financial security requirements?
- The advantage of early participation in the existing Importer Direct Security option.
- Where do I get a Customs bond?
Note: While not obligatory, it is highly recommended to attend the Introduction to CARM training before participating in this webinar. Whether or not your company has already registered for a CARM Client Portal account with CBSA, this training will be very informative on the next step, which is to post financial security with CBSA.
Who is the training for?
Anyone involved in the Customs activities of your business, such as: logistics & transport agents, import-export analysts, accounting and payables staff, sales and business development employees, department heads, and business owners.
Please note that W2C also offers personalized (customer-adapted) online Customs training, upon request. If you wish to receive an in-house training on CARM, please contact our training department or your W2C representative.
Visit the W2C website regularly for additional training dates, other training events on CARM as well as supplementary CARM resources which W2C will make available.
For more information call : 1.514.368.2637 x112