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CBSA CARM Update
Minimum Bond Requirement as of CARM Release 2
CBSA has advised that as of CARM Release 2, each RM15 must have a minimum amount of $25 000 posted for the surety bond when importers post a surety bond or cash deposit for release prior to payment privileges. A BN9 can still post one bond for multiple BN15s as long as the security reflects that the required $25 000 is allocated between each BN15.
Carol West (President, CSCB) and David Bosse (Chair, CSCB Board of Directors) have raised our concerns and objections to Goran Vragovic (Director General, CARM Portfolio and Commercial and Trade Branch, CBSA), and have requested CBSA to reconsider their decision. In addition to contravening the government’s intention with respect to the spirit of CARM, the minimum bond requirement will add significant costs for importers at a time when trade recovery and financial stability are priorities for Canada.
To learn more about CBSA’s CARM initiative, visit our dedicated CARM webpage.