Proceeds of Crime (Money Laundering) and Terrorist Financing Reporting of Goods Regulations — 4
Record keeping — imported goods 4 (1) Any person or entity that imports goods or causes or arranges for goods to be imported for a purpose referred to in subsection 39.02(6) of the Act must keep, until the sixth anniversary of the day on which the goods were imported, (a) all records relating to the origin, marking, purchase, importation, costs and value of the goods; (b) all records relating to payment for the goods; (c) all records relating to the sale or other disposal of the goods in Canada; and (d) all records and books of account that must be kept in respect of the goods under section 230 of the Income Tax Act . Record keeping — CSA importer (2) If the person or entity is a CSA importer , as defined in section 2 of the Accounting for Imported Goods and Payment of Duties Regulations , the person or entity must also keep, until the sixth anniversary of the day on which the goods were imported, (a) all records describing the goods or specifying their quantity; (b) all records relating to the receipt of the goods; (c) all records showing the credits and adjustments used to determine the amount paid for the goods; (d) all records relating to the accounting for the goods; (e) all records relating to any refund, drawback or re-determination of duties in respect of the goods; (f) a list of all vendors and consignees of the goods; and (g) all records relating to the information needed to complete the form entitled “CSA Revenue Summary” in respect of the goods and to the payment of duties on the goods. Sufferance warehouse (3) If the person or entity has been issued a licence under paragraph 24(1)(a) of the Customs Act for the operation of a place as a sufferance warehouse, the person or entity must also keep, until the sixth anniversary of the day on which the imported goods were received into the warehouse, all records containing information relating to the receipt of the goods into the warehouse and their removal from it. Bonded warehouse (4) If the person or entity has been issued a licence under subsection 91(1) of the Customs Tariff for the operation of a place as a bonded warehouse, the person or entity must also keep, until the sixth anniversary of the day on which the imported goods were removed from the warehouse, all records relating to the goods received into the warehouse or their removal from it, including (a) all records containing information describing the goods at the time of receipt into the warehouse or removal from it for export; (b) all records containing information accounting for the goods at the time of removal from the warehouse; (c) all records containing information relating to the inventory of goods that are stored in the warehouse and the transactions that occur while the goods are stored in the warehouse; (d) all records containing information relating to the transfer of ownership of the goods; (e) all records containing information relating to the transfer of the goods to another bonded warehouse, to a sufferance warehouse or to a duty free shop; and (f) all records containing information relating to the unpacking, packing, manipulation or alteration of the goods, or any combining of the goods with other goods. Manner of record keeping (5) The records referred to in subsections (1) to (4) must be kept (a) in the case of records and books of account referred to in paragraph (1)(d), in the manner specified in section 230 of the Income Tax Act ; and (b) in any other case, in the manner prescribed under subsection 40(3) of the Customs Act .