How to Import From China to Canada – Understanding China-Canada Trade Agreement
Are you willing to know how to import from China to Canada? Then, this article offers you great information about this kind of trade. Investors from countries which are considered as major players in the global economy have already been involved in this kind of business as they believed that engaging in Chinese merchandise can boost up their profits.
The competitive prices of the products they manufacture are considered as the main reason why most businessmen anywhere in the world are attracted to import from China. Their low trading rate can be pinned down to their country’s low cost of living. Whether you are a wholesaler, retailer, or distributor, importing from China to Canada allow give you opportunities that can really expand your profit margin. The low prices of such products as well as their corresponding quality can’t be found anywhere else in the world these days.
If you are new to this business, there are a number of things that you must take into consideration.
- The intended market for your imported goods must be distinguished first. You have to make sure that such market opens an opportunity for growth since this will eventually lead you to the products you will be importing.
- Meanwhile, recognizing your product requirements is also important in order to give your suppliers an idea of what you really want and need.
- Find a good freight forwarding company that can deliver your goods to Canada depending on your preferences.
One of the things that you must know beforehand is to find out your customs duty as this can affect the overall cost of your imported products. Take note that these import duties and taxes will also depend on the type of merchandise that you are going to import. For Canada though, they vary greatly from US when it comes with this aspect. Remember, that knowing these matters is very important when you get into this trade.
Canada and the United States are countries that are similar in many ways but if you look closely into their business practices, they differ and have their own unique way in keeping the commerce flow in and out of their country.
In Canada, all three government levels take control in regulating their import industry. These include their federal, municipal, and provincial departments which have their own corresponding process when it comes to the international trade transaction.
- Canada’s Department of Foreign Affairs as well as their International offer and Industry oversee the Administration of Investment Canada Act, which aims for you to regulate investment from foreign investors.
- Their Revenue, Customs and Excise Canada Designation is in-charge of the collection of taxes and duties of imported products.
- Whereas the department which is responsible for the investigation of improper or fraudulent trading practices is the Canadian International commercial Tribunal