Interest Rate for Customs Purposes

Act: Customs Act, R.S.C. 1985, c. 1, 2nd Supp.
Regulation: Interest Rate for Customs Purposes Regulations, SOR/86-1121, as amended

To Whom Does This Apply?

Importers of commercial goods. 

Summary

The Customs Act specifies the requirements for interest on the payments, refunds and any amounts owing on duties.

The Interest Rate for Customs Purposes Regulations explains the method used to determine a rate of interest for customs purposes.

These amounts are owed to, or payable by, the government under the Customs Act, the Customs Tariff or the Special Import Measures Act.

Interest rates are updated quarterly on the Interest Rate Tables.

An online calculator is available to calculate daily specified, daily prescribed, and monthly prescribed interest on customs transactions. This calculator provides an estimate of the amount of interest accrued.

The Customs Act governs the administration and enforcement of customs laws.

DISCLAIMER
Information contained in this section is of a general nature only and is not intended to constitute advice for any specific fact situation. For particular questions, the users are invited to contact their lawyer. For additional information, see contact(s) listed below.

Manitoba Contact(s):
See National Contact.

National Contact(s):
Border Information Service - BIS
Canada Border Services Agency
Telephone: 204-983-3500 or 506-636-5064 (for calls outside Canada)
Toll-free (information): 1-800-461-9999 (for calls within Canada)
Web site: http://www.cbsa.gc.ca/menu-eng.html