Customs & Trade Glossary
Common terms and definitions in international trade and customs
Terms & Definitions
- Bill of Lading (B/L)
- A document issued by a carrier that details the type, quantity, and destination of goods being shipped.
- CBSA
- Canada Border Services Agency - the federal agency responsible for border control, immigration, and customs services.
- CIF
- Cost, Insurance, and Freight - a pricing term indicating the seller pays for cost, insurance, and freight to the destination port.
- Commercial Invoice
- A document that contains information about the goods being shipped, including description, quantity, value, and terms of sale.
- CUSMA/USMCA
- Canada-United States-Mexico Agreement - a free trade agreement between the three North American countries.
- Customs Broker
- A licensed professional who assists importers and exporters in meeting federal requirements for international shipments.
- Duty
- A tax imposed on imported goods, calculated as a percentage of the goods' value.
- FOB
- Free On Board - a shipping term indicating the seller's responsibility ends when goods are loaded on the vessel.
- GST/HST
- Goods and Services Tax/Harmonized Sales Tax - federal taxes applied to most goods and services in Canada.
- HS Code
- Harmonized System Code - an international standardized system of names and numbers to classify traded products.
- NRI
- Non-Resident Importer - a program allowing foreign businesses to act as the importer of record for goods entering Canada.
- Packing List
- A document that provides details about the contents of a shipment, including weight, dimensions, and packaging type.
- PST
- Provincial Sales Tax - a tax levied by some Canadian provinces on goods and services.
- Tariff
- A schedule of duties or taxes imposed by a government on imported or exported goods.