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By: Dennis Gates, Regional Vice President Northeast Region The announcement of potential tariffs has sparked concern across industries. In November 2024, the U.S. President-elect proposed a 25% tariff on imports from Canada and Mexico. This move could significantly disrupt trade, particularly for goods previously duty-free under the U.S.-Mexico-Canada Agreement (USMCA). For importers and their customhouse brokers, these tariffs could bring significant financial and logistical challenges. Understanding the Potential Impact These proposed tariffs may affect a wide array of goods, from raw materials to finished products. Importers need to understand how these changes could increase costs, strain supply chains, and lead […]

As the Canada Border Services Agency (CBSA) prepares for the upcoming CARM Release 3 (R3) on October 21, 2024, two important notices have been issued to guide businesses through this transition. These notices outline key measures and processes impacting trade operations and compliance. Customs Notice 24-27- Transition Measures for CARM R3 Customs Notice 24-27 details the transition measures that will be implemented with CARM R3. These measures are designed to ensure continued border fluidity and the timely submission of accounting information and payment of duties and taxes. Importers should take note of the Release to Prior Payment (RPP) financial security […]

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 […]