A Business number (BN) is a unique 9-digit identifier assigned by the Canada Revenue Agency (CRA) to businesses and organizations for tax-related purposes. It simplifies interactions with the CRA and other government programs.
In Canada, businesses are required to register for a GST/HST account.
- Mandatory Registration: If your business makes taxable sales, leases, or supplies in Canada and your total revenue exceeds $30,000 you must register for a GST/HST account.
- Voluntary Registration: Even if your revenue is below the $30,000 threshold, you can voluntarily register for a GST/HST account. This allows you to claim input tax credits for the GST/HST paid on business expenses.
Similarly, if you are planning to hire workers you must need a Payroll account to provide the pay stubs and T4s at the end of the year for the Tax Filings
CRA Business Number
A business number (BN) is a unique 9-digit identifier assigned by the Canada Revenue Agency (CRA) to businesses and organizations for tax-related purposes.
GST/HST
If your business makes taxable sales, leases, or supplies in Canada and your total revenue exceeds $30,000 you must register for a GST/HST account. Also if you are charging your clients taxes then you need a GST/HST number.
Payroll
Payroll Account is required if you are hiring workers. This is a mandatory requirement to provide pay stubs and T4 to your employees.
Workers Compensation Board (WCB)
A WCB account refers to an account with the Workers’ Compensation Board (WCB), which is a provincial organization in Canada that provides workplace insurance for employers and employees. Here’s what it entails:
It ensures that workers are covered for work-related injuries or illnesses, providing benefits like wage replacement, medical care, and rehabilitation services.
- Employers are required to register with the WCB in their province if they hire workers. This helps protect both the employer and employees in case of workplace incidents.
Ontario WSIB
Employers/Contractors in Ontario are required to register with the WSIB if they hire workers, as it is mandatory under provincial law. The WSIB also provides resources for workplace safety and health initiatives.
Alberta WCB
If you are an Employer/Contractor in Alberta, you’re required to register with WCB Alberta. This ensures compliance with provincial laws and protects your business from lawsuits related to workplace injuries.