Financing, tax rates, and accounting
Join us March 21 for an AMA on planning your 2023 marketing budget with 2H Media co-owners, Matt and Aron
I am a registered business in Ontario and my business number is 10 digits long.
I was hoping on Monday and I keep getting a message that our business number is invalid because it is not 9 digits.
Is my BIN number wrong?
Probably a bit late to this but if anyone else is having this issue this might help.
The 10 digit number is the Business Identification Number (BIN); all businesses registered in ON will receive one once their name is registered.
The 9 digit number Shopify is asking for is the Business Number (BN); this is the number you receive when you register with the CRA (Canada Revenue Agency) for tax purposes.
Also for Canadian small businesses just starting out, if you're making under $30k over 4 consecutive calendar quarters (Less than $30k in revenue within 3 months) it counts as "small supplier". You do not have to register with the CRA, but can if you'd like to (again for tax purposes). However once you start making over $30k quarterly you'll have to register.
This is the really simplified summary of it but I hope it helped those who were unsure. The CRA site has a lot of helpful info so if anyone is having trouble with taxes or starting a small business in general I'd recommend checking it out.
I fall into the bracket where I don't currently have to charge taxes and won't have to for a while still. So I don't want to get the tax number, because once I do, I then have to start charging taxes.
So what I get from what your saying is the only way I can use Shopify's check out options (that I pay monthly to have access too) is if I get this number? - Sigh!
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