Jul
24

When do you need a CRA program account?

Information
Aside from the business number, you may also need to register for CRA program accounts if you are starting your own business. What is a CRA program account? A CRA program account is the 2 letters and 4 digits attached to a business number. This is used for specific business activities that must be reported to the CRA. Note that each program and account has its own rules and requirements about when you need to register. Here are the most common program accounts a business may need: - GST/HST (RT): if your business collects GST/HST - Payroll deductions (RP): if your...
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Jul
22

When do you need a business number?

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Are you starting your own business or buying an existing business? If you are planning either one, you may need to get a business number or Canada Revenue Agency program account. What is a business number? A business number is a unique, 9-digit number – the standard identifier for businesses. It is unique to a business or legal entity. When do you need a business number? You will need a business number if you incorporate or need a CRA program account. You might also need a business number to be able to interact with other federal, provincial and municipal governments in...
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Jul
17

Buying a Business: What you need to know about GST/HST

GST
If you buy a business or part of a business and acquire all or at least 90% of the property, you and the vendor may be able to jointly elect to have no GST/HST payable on the sale. You can do this by completing Form GST44, Election Concerning the Acquisition of a Business or Part of a Business. Note that you cannot use this election if the seller is a registrant and you are not a registrant. For the election to apply to the sale, you have to buy all or substantially all of the property (at least 90%) and not...
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Jul
15

Key Information You Need to Know when Buying a Business

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One of the options you can take when you want to be a business owner is buying an existing business. Buying a business can change the way you deal with many tax-related matters such as the way you complete your tax return, the number and type of returns and forms you have to complete and file. Here are the key information you need to know when buying a business: 1. Business Number, Payroll and GST: You may need a new Business Number. Also, you will need to find out about payroll, GST/HST and other program accounts that you may also need...
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