It's the 25th of the month, which means it's time to dive into your CARM Portal and reconcile your Statement of Account (SOA). The Canada Border Services Agency (CBSA) has updated your SOA with the latest details about your account for the past month.
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What's Inside Your SOA?
Your SOA is a comprehensive snapshot of your account's financial activity. Here's what you'll find:
Transaction Summary: A detailed breakdown of all transactions that occurred between the 18th of the previous month and the 17th of the current month. All transactions during this period are summarized in your Statement of Account (SOA), which is released on the 25th of each month. Payments for these transactions are due 10 business days (inclusive of holidays) after the 17th of the current month in the billing cycle.
For example, if a shipment or transaction was released and accounted for on November 2nd (customs brokers must submit Customs Accounting Documents/CAD formerly B3 to CBSA within 5 business days of release), this would fall within the CARM billing cycle of October 18th to November 17th. The transaction would appear on the Statement of Account (SOA) issued on November 25th, with payment due by November 29th (10 business days from November 17th).
Total Amount Due: A clear overview of the total amount you owe, including duties, taxes, and fees.
Payment and Credit Details: Information on any payments, credits, or adjustments made to your account, including interest, penalties, or refunds.
Find more in our FAQs
What Should You Do Next?
Download and Reconcile:
Log into your CARM Portal and download your SOA.
Carefully compare the information on your SOA with your internal records to ensure accuracy.
Prepare Your Payment (Due November 29th):
CARM Portal Payment Options:
Pre-Authorized Debit (PAD): Set up automatic monthly withdrawals for seamless payments.
Credit Card: Pay up to $4,999 directly on the portal. For larger amounts, make multiple payments of $4,999 each.
Debit Visa/Mastercard: Pay up to your financial institution's limit using a Visa or Mastercard debit card.
Other Payment Methods:
Online Banking Bill Payment: Pay through your financial institution's website by adding CBSA as a payee. Enter your 15-digit account number, which is your business number including the RM extension, and forms the full BN15 or RM15 (e.g., 123456789RM0001). Participating banks include:
RBC, Scotiabank, TD, BMO, CIBC, Banque Nationale, HSBC, Desjardins, Citibank, Laurentian Bank, Central One Credit Union, ATB Financial, Bank of America, JP Morgan Chase, Shinhan Bank of Canada, Meridian, Tangerine, and others.
Cheque: Send your payment to the CBSA office in Ottawa. Make sure the cheque is correctly addressed and received by 4 PM ET on the payment due date. Each cheque must include the RM number with BN15
Please note
CBSA does not accept electronic fund transfers, direct deposits, wire transfers, or automated clearing house direct payments.
RPP Bond and Grace Period Update
As a reminder, the 180-day grace period for RPP bonds is still in effect until April 21, 2025. We're working with a bond provider to simplify the RPP bond process and ensure you're ready for the upcoming CARM requirements.
Stay Updated and Organized
By regularly checking your CARM Portal and reconciling your SOA, you can maintain accurate financial records and avoid potential penalties.
If you have any questions or need assistance, please don't hesitate to reach out to our team.
Thanks for being a part of the 1UP Cargo family!
At 1UP Cargo, we're committed to simplifying the complex world of international shipping.
Our team of experts is dedicated to providing seamless and efficient solutions, from customs clearance to freight forwarding. With our in-depth knowledge of CARM and other import/export regulations, we're here to help you navigate the process with ease.
Contact us today to learn more about how we can assist you.
For more information on CARM Updates, check out our recent blogs: