As an importer of goods into Canada, it’s important to have a basic understanding of the overall import process, along with the rules and regulations that govern it.
A key consideration with respect to importing goods into Canada is assessing the proper Duty Valuation (or “value for duty”). The Canada Customs Act requires that importers determine and declare the value of their goods in a specific way in order to apply the appropriate duty and taxes upon importation.
In most cases, the value for duty is based on the Transaction Value - the price paid by the importer. If the Transaction Value cannot be used for some reason (such as because the goods were not sold for export to Canada), alternative valuation methods must be used.
These other methods are more complex and importers would be well advised to seek professional guidance in applying them.
Having a basic understanding of duty valuation and of the overall import process is extremely important, both for your own understanding, and for the purposes of complying with your legal requirements and minimizing your risk of penalties for incorrect import procedures.
Cole can prepare a detailed customs submission on your behalf to apply for a customs valuation ruling. We stay current with new and up to date customs information and our professionals are here to help you get it right.
Information provided by: Customs Brokerage Dept. - Cole International
Additional resources: Watch the full video now!