News and Insights

CARM and the Importance of Your Statement of Account

Nouvelles fiscales sept. 19, 2024

Are you ready for the latest customs duty initiative from the Canada Border Services Agency (CBSA)? Full implementation of the second phase of the long-awaited CBSA Assessment and Revenue Management (CARM) project is expected this October.

CARM is a digital initiative to modernize and streamline the accounting process for commercial imports into Canada, promoting improved compliance with customs regulations and providing importers with self-service access to various services through an online electronic platform.

With this significant change on the way, now is an ideal time for importers to review their Statement of Account (SOA) and correct any potential errors or discrepancies before the second phase of CARM goes live.

What Is Your SOA?

The SOA is a financial document that provides a summary of a CBSA client’s transactions and import activity. It also outlines details on payments, credits, and debits related to an import-export program (RM) account during a particular billing period.

Clients can access their SOA by logging into the CARM Portal and downloading the document under the “Financial information” page. This document is available on the 25th of each month, and it identifies the amount owing at the end of the previous billing period and due at the end of the month.

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Once downloaded, it is important to review the following boxes and sections on the SOA:

  1. Box D – Opening Balance – It should be at $0.00; if it’s not, further investigation may be necessary.
  2. Box I – Importer Total Payable – This will be your total owing, considering any credits used to offset amounts payable.
  3. Other Transactions Section – In particular, review Column 1 to identify if there are any old debits or credits that have not been reconciled.

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For additional information on the second phase of the CARM project, please refer to Ryan’s previous tax developments:

If you have any questions or concerns about the impact of the CARM project on your organization or if you would like assistance reviewing your SOA details to identify potential risks or incidents of non-compliance, please do not hesitate to reach out to the Ryan Customs Duty Team.

Maureen Gilfoy
Director, Customs Duty

Sebastian Drozdziewicz, CCS
Senior Manager, Customs Duty

Please Reach Out to Our Team Via The Ryan Contact Us Page

(Please select "Customs Duty" in the Topic field.)