Important CARM Update for Customs Brokers and Importers

On March 27th, the CBSA held a Trade Chain Partner Working Group meeting and announced the following changes related to CARM’s Release 2 (“R2”), coming May 13, 2024:

• The minimum bond amount requirement will change from $25,000 to $5,000 for all importers with the implementation of R2.
  • The maximum bond amount will remain capped at $10,000,000 per RM account.
  • As a reminder, the bond amount will be calculated at 50% of the highest month of duties and taxes (including GST and all debts/accounts receivables) over the previous 12-month period.
• CBSA cannot keep up with the paper bond filings (we have noticed a 6-8 week response time on bonds we submitted).  Therefore, CBSA is encouraging the trade to wait to file any new bonds until the May 13, 2024 R2 date.
  • Importers who have created their CARM Client Portal account before April 26, 2024, will be granted up to a 180-day grace period for obtaining and posting their financial security in CARM. Therefore, if a paper bond is in the process of filing, importers will have time to finalize their bond.
• On March 21, 2024, the Standing Committee on International Trade (CIIT) held a meeting where it was encouraged to delay the release of R2 by several groups.  However, CBSA appears to be pushing forward with the May 13^th release date. We encourage you to visit the CBSA website regularly for the latest updates and developments.

Roanoke’s FastBond™ will be ready for R2 to electronically file Release of Goods bonds in CARM! Stay tuned for FastBond™ updates coming soon.

To learn more, visit our Canada Customs Bond solution page or contact Glenn Patton, Managing Director – of Roanoke Insurance Group Canada, at glenn.patton@roanokegroup.com or call +1-800-ROANOKE.