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Hello ,
Confusion exists on Release Prior to Payment (RPP) bonds, also called Financial Security Agreements (FSAs). Our mission is to provide clarity.
Grace Period and Reduced Minimums for Importers
Every importer will benefit from a 180-day grace period to secure an FSA. Until November 2024, you won't need an FSA to bring goods into Canada. Also, the CBSA has lowered the minimum coverage from $25,000 to $5,000. This amount is based on your highest payout of duties and taxes within one month over a 12-month period.
RPP (FSA) Options
Importers posting security on the CARM Client Portal before November 2024 have two options -
1. 100% Cash Deposit
2. 50% FSA (e.g. Bond)
GHY Can Assist with your FSA (Bond)
CBSA advised importers against acquiring an FSA prior to the CARM R2 launch. As a result, we refrained from promoting any FSA, as it would have been an unnecessary expense.
As an alternative, GHY shared a solution many clients have signed up for. This solution includes special negotiated rates, easy administration, and implementation when required.
We're eager for you to take advantage of this tailored solution. To join the growing list of clients benefiting from our support, please reach out to us at bonds@ghy.com. Our dedicated CARM team is ready to provide the assistance with the financial security you require, exactly when you need it.
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