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Canada Customs and Revenue Agency assigns a Business Number (BN) to each business. The BN is a unique identifier with any amount of accounts attached. There are four major business accounts:
- Corporate Income Tax
- Payroll Deductions
- HST
- Import/Export
If the business has a revenue of $30,000 or less in the preceding four calendar quarters or the revenue does not exceed $30,000 in a single calendar quarter it is not required to register for a BN. However where this would be done on a voluntary basis, it could be beneficial in the way the GST may be claimed on business expenses.
Upon registering a business with the Registry of Joint Stock Companies, if a Business Number has not already been assigned the information can be sent off to the Canada Customs and Revenue Agency to have a number assigned.
The Business Number is required to file the annual tax return if your business is 'Incorporated', if you are importing or exporting goods to and from Canada, to remit payroll deductions (Income tax, EI, CPP) and to collect HST.
Click here for more detail information of the Business Number, HST, etc.
On the Municipal level:
If you are a tenant or property owner who occupies or uses commercial space, you will be assessed for business occupancy tax. There are 55 municipal units in Nova Scotia, each with its own individual tax rate. Businesses in each municipality pay a Business Occupancy Tax based on an assessment made by the Nova Scotia Department of Housing and Municipal Affairs.
Click here for more information information.
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