Horoskop forum

Hi everyone,

I recently started a small business in Ontario and realized I need to get organized with my finances. I’ve heard about a “tax number” but I’m not entirely sure what it entails or how to apply for one.

Could someone explain the process step by step? Specifically, I’m looking for guidance on when it’s required, whether it differs for sole proprietors versus corporations, and any common pitfalls to avoid. I also want to make sure I understand the rules around tax number Ontario registration and usage.

Thanks in advance!

Hi, congrats on starting your business!

In Ontario (and across Canada), the “tax number” usually refers to a Business Number (BN) issued by the CRA. You’ll need it to handle things like GST/HST, payroll, and corporate taxes. For sole proprietors, you may not need to register right away unless you cross the $30,000 revenue threshold, but corporations are required to register from the start.

The process is fairly simple—you can apply online through the CRA website, and then add specific program accounts (like GST/HST or payroll) depending on your business needs.

If you’re unsure about the setup or want to avoid mistakes, it’s always a good idea to consult professional Accountants in Canada, as they can guide you through registration, compliance, and proper usage from day one.

Hope this helps ????

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