CARM 101: Understanding the Canada Border Services Agency's New System
CARM 1010 - So, what is CARM and why is it important?
CARM stands for Assessment and Revenue Management, and it is the Canada Border Services Agency’s new system for managing the collection of duties and taxes on imported goods. It is important because it will streamline the process of importing goods into Canada, making it easier for businesses to comply with regulations and avoid penalties. CARM will also provide greater transparency and accountability in the assessment and collection of duties and taxes, which will benefit both businesses and the government.
How to register for CARM and obtain a Business Number.
To register for CARM and obtain a Business Number, businesses must first have a valid import/export account with the Canada Revenue Agency (CRA). Once this is established, businesses can register for CARM through the CBSA’s online portal. During the registration process, businesses will need to provide their Business Number, contact information, and other relevant details. It is important to note that businesses must register for CARM before they can import goods into Canada.
Understanding the new CARM portal and its features.
The new CARM portal is designed to streamline the import/export process for businesses in Canada. Some of its key features include the ability to submit electronic declarations, track shipments in real-time, and access a range of online tools and resources. To get the most out of the new system, it is important for businesses to familiarize themselves with its features and capabilities, and to ensure that they are registered and ready to use it before importing goods into Canada.
Preparing for CARM implementation and compliance.
As the Canada Border Services Agency’s new system, CARM, is set to launch soon, it’s important for businesses to prepare for its implementation and ensure compliance. This includes registering for a CARM client identifier, updating company information, and ensuring that all employees involved in the import/export process are trained on the new system. It’s also important to review and update internal processes and procedures to ensure they align with CARM requirements. By taking these steps, businesses can avoid potential delays and penalties and take advantage of the benefits of the new system.
Common mistakes to avoid when using CARM.
As businesses prepare for the launch of the Canada Border Services Agency’s new system, CARM, it’s important to be aware of common mistakes that can lead to delays and penalties.
One common mistake is failing to register for a CARM client identifier, which is required to access the new system. Another mistake is not updating company information, such as contact details and business activities, which can lead to incorrect or incomplete declarations. It’s also important to ensure that all employees involved in the import/export process are trained on the new system and that internal processes and procedures are updated to align with CARM requirements. By avoiding these common mistakes, businesses can ensure a smooth transition to the new system and avoid potential issues.
CARM Implementation Dates:
- May 25, 2021 – Launch of the CARM Client Portal: a self-service tool that facilitates accounting and revenue management processes with CBSA
- October 2023 – Release 2: The program will be implemented fully: it will be mandatory for importers to register to the portal and supply CBSA with a surety bond to guarantee payment of all duties and taxes.
If you haven’t done so already, register to the CARM Portal Today!
CBSA is continuing to deliver monthly webinars to help importer of records onboard and learn more about the CARM Client Portal. All webinars will be recorded and posted on the CARM Google Drive.
If you have questions about CARM, or are interested in how Nu-Era Logistics can help – Contact Us Today.