TradeLane

How often does anyone really get free money? When you buy something at the store only to find out that you need to fill out the card and mail it in to get the rebate. Most people think about it on the way home and then leave the card on their desk. 

But, what is the risk? You may end up giving some information to a company that probably already has your information. You may end up actually getting the money back. It is a minor investment of time to recoup some cash. An interesting statistic says that the majority of people who take advantage of rebates live in households that have an annual income of $100,000 or are between the ages of 35 to 64 and are women. Most of the rebates that go unfiled because of a technicality, it is not completed properly, or the man that gets it can’t be bothered to send it in.

I read another statistic that 70% of companies do not fully utilize trade agreements. When your country enters into a trade agreement with a country that you do business with, or want to do business with. What are your options? 

Customs Audits……Stop rolling your eyes like you did when your Father told you “good things come to those who wait” or “Rome wasn’t built in a day.”

It’s that time of year where you get out the fall or winter jacket as the temperatures begin to drop. Well at least they do in Canada. There is almost nothing better than reaching into one of the pockets and finding a 10 or 20 dollar bill. The thoughts race through your mind as you gaze upon your new found treasure. Ahh found money.

Maybe I could buy something nice for someone….

Maybe I could place a bet on my favorite team….Or better still the underdog….

Maybe I could save it for a rainy day…Nah that’s just way too sensible.

Found money can turn up in the most unlikely places. The Canadian Customs Tariff has a whole chapter dedicated to found money, but most people never think to look there. Chapter 99 is titled “Special Classifications – Commercial”. What exactly does that mean? Housed in Chapter 99 are Harmonized System (H.S.) classifications that are tied to certain conditions; for the most part a specific end use. Goods imported into Canada that are normally dutiable may have an applicable Chapter 99 classification that would render them duty free provided they meet the criteria of the Chapter 99 classification.

China has been included in the Canadian General Preferential Tariff (GPT) treatment since its inception in 1974. GPT was put in place to allow Canadian importers access to products from developing countries at a reduced duty rate to help stimulate the developing country’s economy. Wow!! I would say it worked for China.

A little history lesson. Back in 1974 we were entertained by best picture Oscar winner The Sting. “The Way We Were” was the number one song on the top 100. “The Streak” was number eight. The what? Don’t ask. The best-selling North American car was the Ford Pinto leading the way with explosive sales. China’s Gross Domestic Product (GDP) was about 45 billion.