Customs bonds, or Excise Bonds, are required by customs brokers, importers, transportation companies, logistics companies, shippers and others by the Government of Canada.
Customs bonds, or Excise bonds, are required by customs brokers, importers, transportation companies, logistics companies, shippers and others by the Government of Canada
A customs bond guarantees that an importer or exporter will pay customs duties and taxes on products being sent between a foreign country and Canada complying with the Customs and Transportation Act.
Customs Bonds provide the principal with an opportunity to be granted quick and expedited release of their imported goods prior to the financial determination and payment of legally required duties, taxes and applicable tariffs from Customs. Customs Bonds enable transportation companies to move their respective goods through Canada and the U.S in a quick and efficient manner.
In an Excise Bond, the Surety guarantees to the obligee (Government of Canada) that the principal will remit special excise taxes that become due and payable. The bond penalty is usually subject to a preset maximum amount depending on the expected volume of business.
Companies that acquire products on which excise taxes are charged (tobacco, alcohol, gasoline) must generally pay those taxes prior to using or shipping such products. The excise tax bond provides such companies (principal) with the opportunity to immediately use or ship certain goods prior to the final determination and payment of the required excise taxes.
Posts security with the Canada Border Services Agency to cover the transportation of goods to an inland CBSA office by means of ground or by air in order for the shipment to be released.
To protect the interests of the Crown, to which various duties and taxes are owed, a duty-free shop licensee must post a security bond against their inventory.
This bond is required when goods are brought into the United States or Canada without payment of duty, by posting a bond to guarantee that they will be exported.
This bond is required when a building or other secured area in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty.
This bond grants an individual seeking a legal license as a Customs broker or affiliation with a Customs brokerage by profession.
For an individual or business who wants to operate as a transportation broker in the United States, the BMC-84 Broker bond guarantees payment to motor carriers and shippers if a broker fails to comply with the agreed-upon contract.
This bond posts financial security with the CBSA that allows goods and shipments to be released quickly and promptly. **May be issued for a CUSTOMS BROKER or IMPORTER.