TradeLane

Do you know what you need to do?

Canada’s forced labour and child labour act comes into effect on January 1, 2024, and the responsibility to file a report on your supply chain is due on May 31^st, 2024. The act is designed to remove or severely limit products of slave or child labour from the Canadian market.

Are you a target this year?

Customs Audits……The Canada Border Services Agency (CBSA) has released its compliance targets for 2024.

Since 1993, Reconciliation entries have been a pivotal tool for US importers to simply and expediently make changes to certain elements of an import entry. While some very, very limited classification and 9802 changes can be made using reconciliation filings, the vast majority of adjustments are for value changes after importation or retroactively claiming a free trade agreement like USMCA and 9802. 

Starting in 2022, the US Bureau of Industry and Security (BIS) implemented complex new export regulations that have a widespread impact on businesses. The first BIS update to include the Advanced Semiconductor Controls regulations was originally published on October 7th, 2022. The update just celebrated its first birthday and was recently updated to refine controls. Processing units for artificial intelligence workloads were a notable target of the update, setting tighter restrictions on AI chips and semiconductor manufacturing equipment and introducing new BIS entity lists restricting transfers with hundreds of foreign companies.

In the world of international trade, Canadian businesses often face the challenge of navigating customs duties, which can significantly impact their overall profitability. Fortunately, the Canadian Duty Drawback program offers a valuable opportunity to recover these duties and boost financial well-being. This program, often overlooked by many businesses, holds immense potential for companies that regularly engage in import and export activities.