‘ CARM’ Category

CARM and the Commercial Accounting Declaration

During next year’s CARM Release 2, the current accounting documents used by CBSA will be replaced by a single new declaration. The B2 and B3 System The current accounting documents are the CBSA B3 (Customs Coding) and B2 (Request for Adjustment) forms. If you’ve ever self-declared a shipment in person, you will have filled out…

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CARM Introduces a New Billing Cycle: What You Should Know

CARM Release 2 will usher in several changes to the CBSA billing cycle. Under CARM, the Commercial Accounting Declaration will be required to be submitted to CBSA within five business days of the release of the goods for both High-Value and Low-Value shipments. High-Value shipments are shipments valued at over $3300 CAD. Low-Value shipments are…

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Understanding CARM Financial Statements

The Canada Border Services Agency (CBSA) Assessment and Revenue Management (otherwise know as CARM) is a large multi-year project which started in 2016 with the Accounts Receivable Ledger (ARL). With release 2 of CARM, changes will be made to ARL. What Is ARL? ARL changed the way importers or their customs brokers were able to…

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CARM | Duty and Tax Liability and Payment Under CARM

Many Canadian importers have questions about the financial changes coming over the next year, and King Bros is here to help. Two of the biggest changes that will be ushered in by CARM Release 2 in Spring 2022 will be the mandatory use of the CARM Client Portal (CCP), and the transferring of financial liability…

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