While certain selected importers are still expected to have access to the CARM Release 2 system in October 2023 as part of a soft launch, the CBSA has announced that CARM Release 2 is not expected to become the official system of record for imported goods into Canada until May 2024. As a result, importers of goods into Canada must register on the new CARM Client Portal (CCP) and review the new system prior to May 2024 to minimize potential disruptions to their supply chain. Among other changes, importers will also have to post their own financial security to clear shipments and receive release prior to payment (RPP) privileges with the CBSA as of May 2024, subject to a 180-day transition period available for importers that are registered on the CCP before that date.
Although many importers may welcome the delay of the final phase of CARM implementation, they should still act quickly to understand the full extent of how they may be affected by these changes and ensure they take the appropriate steps to prepare for the new CARM system before it comes into effect.
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KPMG in Canada provides the latest Canadian tax news and international tax news for you and your business
KPMG in Canada provides the latest Canadian and international tax news for your business