You could save money owed to the Canadian government for duties and taxes on imported goods through the Duty Deferral Program’s three subprograms. And, if you’ve already paid the duty on the goods, you might be qualified to receive a full reimbursement.
Sometimes, no matter what you are importing, duties and taxes must be paid. The Customs Bonded Warehouse Program lets you delay the payment of duties for up to four years. By storing the goods in a bonded warehouse, which is a warehouse controlled by customs, until you introduce the goods to the Canadian market, you don’t have to pay any duties or taxes right now.
The Duties Relief Program allows you to import goods without paying any duties if the goods are exported at a later date in the same condition as when they were imported. Through this option of the program, you can also potentially avoid paying duties if the goods are used to produce other products that are to be exported in the future.
Lastly, the Drawback Program allows you to apply for a refund of duties you’ve already paid. Though it’s not guaranteed you can get a reimbursement, if the goods meet the conditions from the Duties Relief Program, it’s worth a try.
The Duty Deferral Program offers you three ways that you can potentially lower your tax burden on imported goods. As for the particular goods that qualify for the program and the exact dollar amounts you could save, you should consult with a qualified professional that focuses on import duties and taxes.