Customs Consulting in Vancouver – Valuation

A "value for duty" must be declared for all goods imported to Canada in accordance with the valuation provisions of the Customs Act (the Act), regardless of the circumstances of their importation.

The value for duty is the base figure on which duty you may owe on your goods is calculated. Even if you do not owe duty, the value for duty of goods must still be established so that any applicable assessment of the goods and services tax, provincial sales tax or harmonized sales tax may be calculated.

Argo Customs Brokers can calculate your duty(s) and TAX depends what type of importation you are going to have: personal or commercial.

Value for duty must be established using one of the six methods of customs valuation identified in sections 48 to 53 of the Act:

• Section 48 - transaction value method • Section 49 - transaction value of identical goods method
• Section 50 - transaction value of similar goods method
• Section 51 - deductive value method
• Section 52 - computed value method
• Section 53 – residual basis of appraisal method

You have to keep complete records in support of your value for duty declaration for six years.

You have to declare the value for duty of all goods you import to Canada in Canadian currency. Values expressed in a foreign currency must be multiplied by the exchange rate recognized by the CBSA in effect on the date that the goods began their direct and uninterrupted journey to Canada.

ARGO Customs Brokers can assist with VFD determination and help to understand what is deductible and what should be added to VFD.

For customs consulting in Vancouver, contact us today.