In an era where trade and commerce cross borders with the speed of light, staying ahead of regulatory changes is not just an advantage; it’s a necessity. At Otimo, we’re not just participants in the evolution of customs brokerage and trade compliance; we are leading the charge towards a future where efficiency, transparency, and compliance are not just ideals but realities.
Introducing CARM
The Canada Border Services Agency (CBSA) is rolling out the CARM – CBSA Accounts Receivable Ledger, a multi-phase program set to revolutionize how duties, taxes, and fees associated with imported goods are managed. At its core, CARM is about more than just numbers; it’s about facilitating trade in a way that ensures the security and integrity of Canada’s borders and economy. It represents a significant leap towards a digital customs environment, leveraging advanced technologies to adapt to evolving trade patterns and regulatory demands effectively.
What is coming soon and how does it affect you?
Mark your calendars: CARM Release Phase 2 is set to launch on May 13, 2024. This isn’t just an update; it’s a mandatory shift in how customs processes will operate, featuring:
- The implementation of the CARM Client Portal (CCP), a one-stop digital hub for managing trade data.
- A new requirement for importers to post security directly with CBSA, ensuring continued access to the “release prior to payment” option.
- Transition to the CAD – Commercial Accounting Declaration, streamlining customs declarations.
- Adjustments in accounting date timelines, billing cycles, and more, designed to enhance the efficiency and accuracy of customs processing.
- New options for online changes, adjustments, and offsetting, plus significant updates to B2 processing.
- Facilities for online ruling submissions and appeals, ensuring transparency and ease of compliance actions.
Otimo: Your Guide Through the CARM Landscape
As these changes unfold, Otimo stands ready to guide and support our clients through every step of this transition. One of the critical adjustments — the shift of security posting requirements from customs brokers to importers — is a paradigm shift we’re fully equipped to navigate with you. With Otimo’s expertise, transitioning to the Importer Based Security under CARM Release 2 will be a seamless process, ensuring that your shipments continue to move through the border with minimal disruption.
Why Otimo?
Our commitment goes beyond mere compliance. We aim to empower your business, leveraging CARM’s capabilities to enhance your customs and trade processes. With Otimo, you gain a partner who not only facilitates the implementation of these new requirements but also ensures that you’re leveraging them to optimize your trade operations.
Forms that you need:
Otimo can help you get prepared for the upcoming changes in CARM. Let’s start by understanding the new forms that will replace the legacy system.
Let’s Embark on This Journey Together
As May 2024 approaches, the time to prepare is now. Otimo’s OC Trade specialists are at your service, ready to demystify CARM’s complexities and integrate its advantages into your business model. Whether it’s through securing the necessary D-120 bond, navigating the new CARM Client Portal, or simply understanding the impact of these changes on your operations, we’re here to ensure that transition is not just about compliance, but about capturing opportunities for efficiency and growth.
Contact Us Today
Don’t let the changing customs landscape catch you unprepared. Reach out to Otimo today to secure your spot at the forefront of customs modernization. Schedule a consultation or join one of our informative webinars to learn more about navigating the CARM Release 2.0 changes with confidence and ease.
Contact us at compliance@https://otimocustoms.com and let us help you turn these changes into your competitive advantage.