A business number (BN) is a common identifier for businesses in their dealings with the government. Each business, whether it is a sole proprietor, partnership, corporation, trust or other organization, requires one BN for it’s legal entity. Whenever you deal with the government you must provide your BN to identify the legal entity you are referring to. Just like when you provide your social insurance number to identify yourself when you call CRA or file your personal tax returns.
There are four major program accounts:
- RT – Goods and Services Tax/Harmonized Sales Tax (GST/HST) (see bullets below for reporting periods available)
- RP – Payroll
- RC – Corporate Income Tax
- RM – Import/Export
Registering for a business number for your business can be done online and is simple. Simply forward us a copy of your incorporation documents and ask us for a “Fiscal year-end recommendation” specifically for your business.
If you are registering for a GST number:
- If your annual taxable sales are “$1,500,000 or less” your assigned reporting period is annual. Monthly or quarterly is optional but is not recommended (please contact us if you have any questions)
- If your annual taxable sales are” $1,500,000 up to $6,000,000″ your assigned reporting period is quarterly with monthly reporting period being optional.
- If your annual taxable sales are “More than $6,000,000” your assigned reporting period is monthly.
Please click here once you are ready to register your BN through the Canada Revenue Agency’s website.