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Hi, I'm trying to figure out whether or not to apply for a business number and register my daycare with the CRA. Has anyone out there done this? Is it absolutely necessary? My accountant told me to do this, but then again he also told me to pay HST- found out that is wrong! For me, less paperwork and dealing with the gov't the better!
I do not have a business number and the CRA knows I am a self employed person by me filing my income tax and independently paying into CPP It is that simple........is your accountant trying to complicate things?
If you purchase a BIN, that is through Ontario only and you can put it on your receipts instead of your SIN to make your clients happy. It only means that you own your business but does not give you any copyright over your name.
The Business Number is Federal and is only required for people who have a payroll, so employees working for them. They have a whole other set of rules. That's the basic difference, but you can do an internet search and look at it for yourself easily. Again, your accountant is wrong.
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Originally Posted by Fearlessbaby
I have done some research recently to register my daycare name with CRA. When you do that your business name still can be used by someone else. You actually have to patent your name so no one else can use it and that is kind of pricey (about $500 to start). So, no advantage for us there.
I have a business number, because I have an employee and I use it now to issue parents tax receipts too, but as momof4 said you can get a BIN instead and the advantage is that you don't have to provide your SIN to parents when issuing receipts.
I would be looking for a new accountant right away.
I know we have had this discussion on the forum before regarding sin numbers. I have never given out my sin to any client and never will. My full name and address are on my receipts and if the client is ever audited I will give my sin number only to a cra rep when contacted to verify my receipts for the client.
Yes, it looks like your accountant is misinformed. All information is in the CRA webpage, he/she just would have to READ the info there to have his/her info straight. I've never had an accountant for my business. If I can read from CRA info so does he/she.Quote:
Originally Posted by nschildcare
Thanks, I love this forum! I go here when I want the answers I need, not to my accountant! Sounds like I really don't need to register and complicate my life!