Once fully implemented, CARM will streamline and automate business processes and offer online self-service tools to help importers and exporters do business in Canada.
As an importer, here’s how you can prepare for CARM Release 1 and 2:
- Set up your CARM Client Portal user account following the launch of Release 1 (May 2021) by acquiring a GCKey or using a Sign-In Partner and link to your business account
- At Release 1, create your business portal account and delegate authority to your employees and/or Farrow trade consultant
- Prior to Release 2, speak with your Client Partnering contact with a surety company for assistance in obtaining a surety bond for Release Prior to Payment privileges.
As of Release 2, an importer must post security using one of the following two options to be eligible for RPP:
- A surety bond for 50% of their highest monthly accounts receivable with a minimum bond of $25,000; or
- A cash security for 100% of their highest monthly accounts receivable
To keep you up-to-date and aware of the CARM project, Farrow will continue to issue more information about what you need to know, and what you (our valued clients) can do to prepare with respect to CARM.
For the latest information and a variety of CARM resources, visit this link on a regular basis, or contact your Client Partnering Representative.