Demystifying the Dewey Decimal of Doom: How to Get a Tax Number in Ontario
Ah, taxes. The inevitable foe of every working stiff and budding entrepreneur. But before you start hiding your cash under the mattress (tempting, we know), there's a little hurdle to jump: the tax number.
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| How To Get A Tax Number In Ontario |
Fear not, fellow taxpayer!
This guide will be your friendly Gandalf on this bureaucratic quest. We'll break it down into two main paths: the Individual Tax Number (ITN) and the Business Number (BN).
The ITN: Your Ticket to Taxland
This little number is your passport to filing a tax return in Canada. Need one? Here's the skinny:
Note: Skipping ahead? Don’t miss the middle sections.
- Who Needs an ITN? This is for folks who aren't residents of Canada but have to file a return here. Think international students with summer jobs or snowbirds selling maple syrup to tourists (it's a lucrative market, trust us).
- How to Get One: Brace yourself for a Canadian classic: filling out a form. You can find the application form for the ITN online and mail it in with some supporting documents (think passport, visa, proof you gotta pay taxes here). Be warned, it can take some time to process, so don't wait until tax time rolls around.
The BN: Business Nerd Nirvana
This bad boy is for all you go-getters with entrepreneurial spirit. If you're running a business in Ontario, you'll likely need a BN to collect that sweet, sweet HST (Harmonized Sales Tax).
- Who Needs a BN? Basically, any business operating in Canada, especially if you plan on raking in more than $30,000 in sales over four quarters. There are some exceptions, so check the CRA website to be sure.
- How to Get One: Here, you have options! You can:
- Channel your inner internet wizard: Sign up online using the CRA's Business Registration Online service (BRO). It's fast, easy, and saves you the hassle of snail mail.
- Become a phone phreak (of the legal kind): Give the CRA a jingle at 1-800-959-5525 and they'll walk you through the process.
- Play it old school: Print out the RC1 form, fill it in with your fanciest penmanship, and mail it or fax it to the nearest tax services office.
Remember: Getting a tax number is like getting a library card – it opens doors to all sorts of fun tax-related things (like filing returns and claiming deductions...fun?).
QuickTip: Stop and think when you learn something new.
## Tax Trivia Time!
Got your tax number sorted? Test your newfound knowledge with these quick FAQs:
How to find out if I need an ITN or a BN?
QuickTip: Pause to connect ideas in your mind.
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The CRA website has a handy tool to help you figure out which number you need https://www.canada.ca/en/services/taxes/business-number.html.
How long does it take to get a BN?
If you apply online, you can usually get your BN right away. By mail or fax, it might take a few weeks.
Tip: Reread complex ideas to fully understand them.
How much does it cost to get a tax number?
Good news! Getting a tax number is completely free. You just gotta invest a little time.
How do I keep my tax number safe?
Treat your tax number like your Netflix password – don't share it with just anyone!
How do I file a tax return after I get my tax number?
The CRA website has all the info you need to file your return electronically or on paper https://www.canada.ca/en/revenue-agency.html.
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