Glossary

Looking for a term or acronym you're not familiar with? Find it in this glossary! If there is a term we're missing, let us know at [email protected].
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Term
 		Definition
Valuation

Valuation is the process and methods used to determine the value of imported goods in order to assess duties and taxes.
Value for Duty (VFD)

The value for duty (VFD) is the value upon which duty is calculated. It is not necessarily the value of the goods that has been established between the foreign vendor and the Canadian importer or the price paid for the goods.
Value for Duty Code

The value for duty code is a two-digit code. It is included in the import data submitted to the Canada Border Services Agency (CBSA) and indicates the method of valuation used to determine the value for duty. The first digit signifies the relationship between the vendor and the importer, and the second indicates the method of valuation used.
Value for Tax (VFT)

The Value for Tax (VFT) is the value in Canadian funds plus any applicable duties, Special Import Measures Act (SIMA) assessments and excise tax. If applicable to the goods, Goods and Services Tax (GST) and Provincial Sales Tax (PST) or Harmonized Sales Tax (HST) are payable on this amount.
Version

With the introduction of the Commerical Accounting Document (CAD), corrections and adjustments will be recorded as new versions of the original CAD, where the transaction number submitted on the original CAD remains for life, no matter how many versions are created.  All previous versions of the CAD are recorded in the transaction history for audit purposes.
Volumetrics

Volumetrics considers the volume of a company’s business, its size, and its compliance history when assessing penalties.
Voluntary Disclosure Program (VDP)

The Voluntary Disclosure Program (VDP) is a mechanism intended to contribute to voluntary compliance with the accounting and payment of duty and tax provisions under the Customs Act, Customs Tariff Act and Excise Tax Act. Its application is limited to penalty and interest charges resulting from infractions of the provisions governing accounting and payment.
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