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How CARM Will Benefit Importers and What You Need to Know to Prepare
The CBSA Assessment and Revenue Management (CARM) project is a multi-year initiative that will transform the collection of duties and taxes for goods imported into Canada. Through CARM, the CBSA will be able to modernize and streamline the process of importing commercial goods.
The key thing to know about CARM’s new system is that it will be mandatory for all importers. Which is why, at Thompson Ahern, we are determined to provide you with all of the assistance and information you need to make sure your transition into CARM is as smooth as possible.
CARM’s vision is to deliver a globally-leading customs experience that is customer-centric and facilitates legitimate trade, improves compliance and revenue collection, and contributes to securing the borders of Canada.
Phase 1 is just around the corner. Registration in the CRA portal must be complete by May-June of 2021. With all of the upcoming dates and talk about CARM, you must be wondering how it can benefit you and your importing process.
CARM will:
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make it easier for businesses to interact with the CBSA,
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improve the consistency in applying trade rules and decisions,
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reduce the repetitive information requirements, and
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help businesses get it right the first time.
CARM will also allow the trade community to submit online electronic declarations, access tools to classify goods and calculate duties and taxes, make payments and view up-to-date account information, and as a result, get one step closer to becoming paperless.
To register for CARM, you will need to provide your legal operating name as registered with the CRA, as well as a mailing address. At Thompson Ahern, we can provide you the information requirements to set up your customs account with CBSA. You will need to designate Thompson Ahern as your broker, and this will ensure that we can conduct business safely on your behalf.
There is a lot to prepare for CARM, and we at TA can help. Please contact us at projectcarm@taco.ca and we will gladly assist you every step of the way!