New CARM Updates: Your RPP Financial Security and Review Timeline
Important news regarding the annual review of financial security requirements for Release Prior to Payment (RPP).
The annual review, which was originally scheduled for July, has been rescheduled to October of each year. CBSA made this change to give importers more time to adapt to the new CARM requirements.
Here's a breakdown of the new timeline:
Review Period: The CARM system will now calculate our updated financial security requirement based on our import transactions from October of the previous year to October of the current year.
Notification: We'll be notified through the CARM portal if our financial security needs to be adjusted.
Deadline: If a change is required, we will have until January 15, 2026, to ensure our financial security meets the new amount. This January 15 deadline will be the new standard for all future review cycles.
* Important * Your Bond Renewal Timelines May be Different! While CBSA reviews your financial security requirements every October (with a new amount due by January 15th), your annual bond renewal date with your surety provider may be different. If your renewal date doesn't align with the CBSA's review, we can update your bond amount at any time to ensure you always meet the new requirements.
Please let me know if you have any questions.
New CARM Updates: Your RPP Financial Security and Review Timeline
Important news regarding the annual review of financial security requirements for Release Prior to Payment (RPP).
The Canada Border Services Agency (CBSA) has rescheduled the annual review from July to October of each year. This change provides importers with more time to adapt to the new CARM requirements.
Key Details of the New Timeline:
Review Period: The CARM system will now calculate your updated financial security requirement based on import transactions from October of the previous year to October of the current year.
Notification: You will be notified of any changes to your required security amount directly within your CARM Client Portal. It is essential to regularly check your notifications in the portal.
Deadline: If a change is required, you will have until January 15th to ensure your financial security meets the new calculated amount. This January 15th deadline will be the standard for all future review cycles.
Important Considerations:
While the CBSA reviews your financial security annually, they can also perform more frequent reviews if there are significant changes in your import volume or payment compliance.
Additionally, your company's bond renewal date with a surety provider may not align with the CBSA's October review. This is not a problem; we can adjust your bond amount at any time to ensure you always meet the required financial security.
