Question 1
The regulation of imports coming into Canada is primarily regulated by the Customs Act. Explain the Customs Act.Question 2
Discuss changes to Canada's Competition Act and penalties associated with violations.Answer 1
The Act empowers customs officials to enforce various regulations restricting what can be imported or imposing duties of varying amounts on those goods. Custom officials have significant enforcement powers that may lead to confiscated goods and imposition of penalties for failure to properly comply with the declaration permit and duty regulations.Answer 2
Canada recently amended the Competition Act so that it now has the world's greatest restrictions on the creation and operation of cartels. Anyone found guilty of agreeing to fix prices, control markets, or restrict output can be imprisoned for up to 14 years and/or face fines of up to $25 million.