NEWS (LATEST POSTS) January 3, 2019 CARM UPCOMING CHANGES FOR CANADIAN IMPORTERS Canada Border Services Agency (CBSA – Customs) is modernizing the way it manages collection of Duty and GST, by automating manual processes. This initiative is the Assessment and Revenue Management (CARM) project. This modernization includes every importer posting a Direct Security bond (ASEC – Account Security) with CBSA (almost exactly the same as commercial importers in the United States do). CBSA the time frame for the mandatory implementation is (tentatively) Spring 2021, with a ‘push’ starting fall 2020. To facilitate the switch over, the following is a brief step by step guide: Step 1 You post security with Canada Border Services Agency (form D120 CBSA) (obtained from your banking institution or bond company – W.G. McKay can refer reputable firms if need be) Step 2 You inform CBSA that W.G, McKay Limited is your Customs Broker of Record, (letter) and complete EDI application form BSF815, to receive the Monthly Statement of Account (SOA – that shows the amount payable) through McKay Step 3 You arrange Online Banking with your Financial Institution (at month-end, instead of paying Duty and GST to McKay, you would pay directly to CBSA electronically). Online banking is currently offered by: Scotiabank / TD / National Bank / RBC / CIBC / BMO / HSBC / Laurentian / Citibank / Bank of America / Tangerine Please contact us for further information or required documents and forms. Back to News RECENT POSTS CANADA AND THE USA TRADE April 27, 2020 COVID-19 UPDATE March 30, 2020 CARM January 3, 2019 CONTACT US Please send us a message and one of our specialists will be happy to assist you. First Name* Last Name* Company Name* Phone Number* Email Address* Comments This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 416.593.1380 PRIVACY POLICY DISCLAIMER SITEMAP 40 University Avenue, Suite 602, Toronto, Ontario M5J 1J9 © Company 2021 W.G. Mckay Limited. All rights reserved. | Website by TryPM.com