With many importing goods into Canada that fall under the Canadian-United States-Mexico Trade Agreement (CUSMA), it’s important to understand how to obtain refunds if necessary. That’s why the team from Argo Customs has collected some important information for you here.
Below you’ll find detailed information about CUSMA and how to obtain refunds when you need to.
Obtaining Your Refunds Under the New CUSMA Agreement
It’s important to note that refunds under NAFTA can occur up until June 30, 2021. However, goods that have entered Canada after July 1, 2020, are also eligible for CUSMA refunds, as long as no previous claim for preferential tariff treatment has already been made. For those seeking a refund under CUSMA, there is a four-year time limit.
How Do Refunds Under the NAFTA Agreement Affect CUSMA Refunds?
Those who imported goods into Canada under NAFTA will be eligible to obtain refunds up to a year after CUSMA went into effect (July 1, 2021), as long as NAFTA preferential treatment was not claimed during the accounting process.
For those in need of information regarding the CUSMA refund period, refer to Bill C-4 clause 134, adds CUSMA to part 4 of the schedule to amend paragraph 74(1)(c.11) of the Customs Act, in order to provide the legal basis for an importer to apply for a refund under CUSMA. It is paragraph 74(3) of the Customs Act that establishes a period of 4 years to apply for a refund under 74(1(c.11).
Contact Argo Customs for more import/export assistance!