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The following is provided by the Canada Border Services Agency (CBSA).
A new CARM bulletin (#5404) has been published regarding the Rescheduling of Annual Review of Financial Security Requirement for Release Prior to Payment (RPP).
The corresponding departmental memoranda, Memorandum D17-5-2 Financial Security for Release Prior to Payment, has also been updated.
This bulletin is to inform importers that the annual review of the financial security requirement for RPP, originally scheduled to occur yearly in July according to subsection 7.8 of the Memorandum D17-5-2 Financial Security for Release Prior to Payment, has been rescheduled to October of a given year to October of the following year.
This means the CARM system will calculate an updated financial security requirement based on transactions from October 2024 to October 2025 and notify importers via portal notification if a change to their financial security is required. If so, the importer will have until January 15, 2026 (for this year’s review cycle and every January 15 moving forward), to ensure their financial security meets the newly calculated amount.
This decision has been made to provide the importers with adequate time to better adapt to the new RPP requirements.
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