UPDATE: We have received news that the date for CARM Release 1 go-live is May 25, 2021, barring any unforeseen delays.
One of the most important features of CARM is the financial security requirements for the Release Prior to Payment (RPP) program.
All importers (non-resident and resident) who wish to participate in the RPP program, under current guidelines, must provide financial security in the form of either a surety bond or a cash deposit.
Financial security needs to be in place for Release 2 (Spring 2022).
The key change once Release 2 goes live in 2022 is that importers will no longer be able to use their Custom brokers’ financial security to obtain customs release upon the arrival of inbound shipments. All importers will need to provide their own security.
Companies with multiple RM Import Accounts within their Business can acquire a single bond on their Business Number and apportion it out at the RM level, or they can obtain separate bonds for each import entity. However, each individual RM level entity must have a $25,000 minimum bond.
Currently, the RPP financial security bond calculation does not include taxes (GST), but once CARM is fully released, the amount will be inclusive of GST. These requirements will take effect as of Release 2.
Once Release 1 is live in late May and before Release 2 go-live next spring, the key actions you must take are:
CARM. It's what we do.