Recently, the CBSA released an updated list of 20 specific imported goods that outlines its current verification priorities. Businesses may want to review this list and ensure that they have complied with their trade obligations, including paying the correct amount of duty and tax on any identified goods. Importers that have made errors related to tariff classification, valuation or the origin of these goods could be subject to penalties.
The CBSA releases an updated list of verification priorities every six months, but continues to audit importers for other goods as well. The list essentially identifies specific goods that the CBSA is targeting for audit investigations to ensure importers are properly meeting their trade obligations. KPMG Canada’s Trade and Customs professionals can help you identify affected goods in your supply chain that may be subject to increased audit activity from the CBSA, and ensure that you are meeting your trade compliance obligations on these and other imported goods.
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KPMG in Canada provides the latest Canadian and international tax news for your business