Securing your Release Prior to Placement bond allows you to meet the mandatory CARM requirements and not miss a beat when Release 2 goes live.
A Release Prior to Placement Bond is required by the Canada Border Services Agency (CBSA) in order for an importer participate in the Release Prior To Payment Privilege (RPP). This bond is sometimes referred to as the Canadian Customs Bond. The upcoming CARM regulations will make it mandatory for importers to secure their own Release Prior to Placement Bond instead of being able to use the bond their Broker has secured.
The Release Prior to Placement Bond secures all accounts payable to CBSA, including duties and taxes, interest, adjustments, ascertained forfeitures, and Special Import Measures Act (SIMA) fees. This security may be posted in the form of a cash bond, a continuous surety bond (known as the Release Prior to Placement Bond), or a one-time single entry bond.
If you are familiar with importing into the United States, this is very similar to the U.S. Customs Bond necessary for every importer to have on file with U.S. Customs and Border Protection. Learn more about U.S. Customs Bonds as a baseline to prepare for CARM.
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