Are Your Imports on the 2017 CBSA Trade Compliance Verification List?

Regardless of size, all Canadian importers are at risk of a possible Canada Border Services Agency (CBSA) audit and review of import documentation.

Semi-annually, the CBSA publishes a Trade Compliance Verification list, including “priority” goods targeted for audit during the upcoming year. The most recent Trade Compliance Verification list was released by CBSA on July 7, 2017. If you import a good that appears on the priority list, the chances of a CBSA audit increases exponentially. Canadian importers should take this opportunity to review their import information before CBSA does.

The full list of goods on CBSA’s Trade Compliance Verification list can be found here.

If you are selected for an audit by CBSA and errors are found, this can result in the assessment of further duties, taxes, and in some cases, punitive interest and monetary penalties. Negative audit results can impact your bottom line, create delays at the border or impact supply chain ratings.

You can potentially avoid these costly impacts to your business by pro-actively reviewing the information that has been reported to CBSA, and correcting any errors discovered well in advance of any audit. It could be as simple as filing an amending document or in more extreme cases, making an application under the Voluntary Disclosure program.

Buckland has a full International Trade Compliance and Consulting department to assist in evaluating potential risk for punitive interest and penalties and to guide you through the correction or voluntary disclosure programs. Please don’t hesitate to reach out to us for more information if we can be of assistance with ensuring that your business stays compliant.

Buckland is pleased to share this update and we hope that this information will be useful and beneficial. As a customer-focused company, we provide you with a single source of unmatched Customs Brokerage (Canadian, US, Mexican), Trade Managed Solutions, Freight Forwarding, Trade Technologies and Warehousing/Distribution Services. If you have questions, please reach out to Buckland today.