Customs & Excise Bonds
Customs and excise bonds are for the benefit of federal and provincial governments and guarantee that either taxes or duties or both will be paid by the principal when invoiced by the government. These bonds also ensure that companies comply with all legal and tax acts and requirements related to their business.
Businesses involved in import, export, manufacturing, sales or distribution of goods in Canada may require a customs and excise bond.
Customs bonds are required by the federal government and guarantee payment of various duties, tariffs and taxes. Common customs bonds are:
- Bonded Carrier Operations
- Customs Bonded Warehouse Bond
- Customs Brokers License Bond
- Customs Sufferance Warehouse
- Duty Free Shops
- Non-Resident GST Bond
- Release of Goods Bond
- Temporary Importation
Customs Bonds allow for the immediate release of imported goods prior to final determination and/or payment of required tariffs, duties and taxes.