A Bonded Warehouse is a secure facility where imported goods are stored until they are ready to be released into the market. This type of warehouse is commonly used by businesses who import large quantities of goods, as it allows them to defer the payment of customs duties and taxes until the goods are ready to be sold. Bonded warehouses are also sometimes used to store goods that are subject to import quotas.
The Bonded Warehouse program is administered by the Canada Border Services Agency (CBSA). To be eligible to participate in the program, businesses must first obtain a Bonded Warehouse Licence from the CBSA. Once licensed, businesses can apply to have their premises designated as a Bonded Warehouse.
The Bonded Warehouse program is an important tool for businesses that import goods into Canada. It provides flexibility in the timing of customs duties and taxes, and can also help businesses stay within import quotas.
For more information on the Bonded Warehouse program, please visit the CBSA website.