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hi students so today we're going to be going over the b3 reporting and b3 fails from [Music] field 1 to field 20. you can find information of the b3 on the important commercial goods into canada booklet that is uploaded on your blackboard seneca uh on d memo 17 1 10 and the appendix of that same d memorandum that has some specific information on how to fill out every single field but i recommend that you should could follow this document it is done by professor glenn glenn durbinshaw he was the one who did that booklet he he it's completely free so it's kind of your or your textbook actually it's a good textbook that you can have for absolutely no cost and it has it is um it has some reference to some other courses but generally speaking it's very good to use for this course as well but what is a b3 what is a custom coding form this is a form a customs document that is used to account for imported documents and regardless of value uh that are coming into canada for commercial use this uh is when we talk about accountants accounting of duties and taxes how much duties and taxes i need to be paying to canada border agency the counting of shipping or when you should be doing this is a time limit on once the shipment has been released by cbsa remember release it's understand as allowed entry into canada the importer has five business days to present the final accounting package to cbsa cbsa will charge a late accounting penalty if this is not accounting with it within five business days so that will change uh within years i used to be 25 i think so i don't know if it's if it's i have gone a little bit higher lately the payment of the duties and taxes is different so you account them you send you tell them you know this is how much i have to pay but actually actual payment um can be monthly or in a different schedule depending on the porter has set up with cbsa but usually v3 is accepted and confirmed by cbsa on the 25th of the of one month and and the 24th of the following months are due the last business day of that same month so you have um a couple of days to finish that payment of duties and taxes if you don't pay then an interest will be applied to any outstanding overdue balance so there are four parts or four sections of the b3 like i said today we're just gonna go over fill number one to nine and then ten to twenty so part one is what we understand as header part 2 is what we understand as subheader that it has a total of 51 fields filled in to be able to complete a p3 form you need two documents you need...