Calling All Ontario Hustlers: Snag That Business Number and Rule the Market (Well, Maybe Not Rule, But You Get the Idea)
So, you've got a brilliant business idea brewing in your brain. Maybe it's the next artisanal pickle empire, or a service that teaches people how to fold fitted sheets like a pro (because let's be honest, that's a mystery). Whatever it is, you're ready to take the plunge and become your own boss. But before you can unleash your entrepreneurial fury on the world, there's a little hurdle to jump: the Ontario Business Number (BN).
Now, don't let the fancy name scare you. A BN is basically your business's social insurance number. It's how the CRA (Canadian Revenue Agency) keeps track of your taxable income and lets you play in the big leagues of registered businesses.
Why You Need This Number (Besides Bragging Rights)
- Tax Time Made Easy: Filing taxes? No problem! With a BN, you can register for a GST/HST account and keep the CRA off your back (in a good way).
- Open a Business Bank Account: Looking snazzy with official business checks? A BN is your ticket to opening a bank account specifically for your venture.
- Government Grants and Sweet Deals: Some government programs require a BN to apply. Who knows, maybe there's a grant out there for your business of competitive napping!
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| How To Get Business Number In Ontario |
Snag Your Shiny New BN: 3 Ways to Get This Party Started
1. The Online Whiz: This is the fastest and easiest way for most folks. Head over to the CRA's Business Registration Online (BRO) service and get that BN in minutes. Just be prepared to answer some questions about your business structure (think sole proprietor or fancy LLC) and provide some basic info.
Tip: Review key points when done.
2. Snail Mail Mania: For the nostalgics out there, you can grab a Form RC1 (think of it as your BN application form) and mail or fax it to the CRA. It's a bit slower, but hey, there's something satisfying about holding a physical piece of paper that says "I'm a real business now!"
3. Pick Up the Phone: Feeling chatty? Call the CRA at 1-800-959-5525 and a friendly voice will guide you through the BN registration process. Bonus points for asking if they have any coupons for bulk BN purchases (they probably won't, but hey, a good try!).
Remember: There's no fee to register for a BN, so don't let any shady characters try to nickel and dime you.
QuickTip: Stop and think when you learn something new.
FAQ: Your BN Burning Questions Answered (Probably)
How to know if I need a BN?
Not all businesses need a BN. But if you plan on collecting GST/HST, have employees, or want to apply for government programs, then a BN is your best friend.
How long does it take to get a BN?
QuickTip: Slow down if the pace feels too fast.
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Online registration is the quickest, taking just minutes. Mailing the form or calling can take a few days.
What if I already have a business but no BN?
No worries! You can still register for a BN at any time.
Tip: Break it down — section by section.
Can I get a BN for my pet rock collection business?
The CRA doesn't discriminate (as long as there's a potential for profit involved). So, if you're raking in the dough selling rare pebbles, then go for it!
Do I get a cool badge or certificate with my BN?
Sadly, no badge. But hey, the tax breaks are pretty cool, right?
There you have it! Now that you're armed with this knowledge and your shiny new BN, get out there and conquer the Ontario business world (or at least sell a whole lot of pickles). Just remember, with great business power comes great responsibility...to not fold fitted sheets wrong anymore.
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