The Drawback Program lets you apply for a refund of duties you already paid. Though reimbursement isn’t guaranteed, it’s worth a try to apply for this program if the goods you import meet the conditions from the Duties Relief Program. For example, your company manufactures neckties and you need silk from Asia.
You export the finished neckties, but you paid duties on the silk used to make them due to time constraints. In this situation, you can apply to have the duties waived that you paid on the imported Asian silk.
When importing goods, it’s essential to keep accurate records of your expenses, supplies, accounts receivable, and accounts payable to receive these deferred duty benefits from the CBSA.
QuickBooks Online helps you organize all this information and lets you run fast, easy reports that help you gauge your business’ financial health. This helps you not only reduce the amount you owe, but also helps you maintain competitive prices on your goods by paying reduced duties.
In addition, QuickBooks can help you maximize your tax deductions. Keep more of what you earn today.