April 2014: ISF Enforcement Updates

Written by Colleen Clarke, SVP, Surety Trade Relations and Business Development Driven by the onset of the trade remedy tariffs in Spring 2018, duties owed on imported goods more than doubled and continue to grow, especially due to by additional duties on goods imported from China. A Surge in Duties, Taxes, and Fees According to Customs and Border Protection’s (CBP) Trade Statistics, the total amount of duties, taxes and fees collected in FY 2023 was $92.3 billion.  This was a 17.46% decrease from FY 2022, however the amount of duties, taxes and fees increased over 220% compared to FY 2018.  […]

On March 27th, the CBSA held a Trade Chain Partner Working Group meeting and announced the following changes related to CARM’s Release 2 (“R2”), coming May 13, 2024: The minimum bond amount requirement will change from $25,000 to $5,000 for all importers with the implementation of R2. The maximum bond amount will remain capped at $10,000,000 per RM account. As a reminder, the bond amount will be calculated at 50% of the highest month of duties and taxes (including GST and all debts/accounts receivables) over the previous 12-month period. CBSA cannot keep up with the paper bond filings (we have […]

  eBond is the fastest customs bond filing system ever, and it’s about to be even faster and easier. The Road to eBond Customs bonds used to be issued on typewriters. Across the country entry writers for customs brokers would hammer out importer information onto green, pink, and yellow sheets of carbon paper, and these paper pages were delivered by messenger or mail to the CBP office at the local port. There the bonds waited for their Customs Control Number stamp and delivery back to the broker or agent. Then in the 2000’s, the bond filing process went digital. Processing […]