Accounting for Imported Goods and Payment of Duties Regulations

11 (1) The security required under paragraphs 7.2(b), 7.3(b), 9(a) and 10.5(2)(f) shall be in the form of

• (a) cash;

• (b) a certified cheque;

• (c) a transferable bond issued by the Government of Canada;

• (d) a bond issued by

  • (i) a company that is registered and holds a certificate of registry to carry on the fidelity or surety class of insurance business and that is approved by the President of the Treasury Board as a company whose bonds may be accepted by the Government of Canada,

  • (ii) a member of the Canadian Payments Association referred to in section 4 of the Canadian Payments Association Act,

  • (iii) a corporation that accepts deposits insured by the Canada Deposit Insurance Corporation or the Régie de l’assurance-dépôts du Québec to the maximum amounts permitted by the statutes under which those institutions were established,

  • (iv) a credit union as defined in subsection 137(6) of the Income Tax Act, or

  • (v) a corporation that accepts deposits from the public, if repayment of the deposits is guaranteed by Her Majesty in right of a province; or

• (e) subject to subsection (3), where the goods are commercial goods on which the duties payable are less than the amount that the Minister determines, a remittance by credit card in respect of which the importer or owner of the goods is the cardholder or authorized user, where the issuer of the credit card has entered into an agreement with the Government of Canada establishing the conditions of the acceptance and use of that credit card.

(2) Subject to subsection (3), the security required under paragraphs 7.2(b) and 9(a) shall be

• (a) in an amount determined by the Minister; and

• (b) deposited with an officer at the customs office where the goods are to be released.

(3) Where a person intends to request the release of goods on a continuing basis, a general security of an amount that is determined by the Minister shall be deposited with

• (a) the chief officer of customs, where the person intends to request the release of goods from one customs office only;

• (b) each chief officer of customs, where the person intends to request the release of goods from more than one customs office; or

• (c) the Commissioner, where the person intends to request the release of goods from more than one customs office and does not deposit a general security with each applicable chief officer of customs.

(4) The security required under paragraph 7.3(b) shall be

• (a) in an amount determined by the Minister; and

• (b) deposited with the Commissioner.