There are many steps to complete when opening a small business in Ontario. Two of the steps which solidify your business operation are obtaining a Business Number (BN) and a Business Identification Number (BIN). Depending on a variety of reasons (including your location), registering online for these two numbers may be a more convenient process.
Firstly, you might be thinking “what is the difference between a BN and BIN number?” According to Canada Revenue:
The Business Number (BN) is a 9-digit business identifier used in Canada to which businesses can register program accounts with the Canada Revenue Agency (CRA).
The Business Identification Number (BIN) is a 9-digit number used by the Ontario Ministry of Consumer and Business Services to identify provincial business accounts and should be used for communications with the Ontario government about your business.
Obtaining a BN Number
A BN number is obtained through Canada Revenue. During business start-up, you will most likely need to register with Canada Revenue for either GST/HST registration, and/or as an employer to hire employees. Canada Revenue Agency maintains an online service to register for this number. You may wish to first complete the online checklist to make sure you have all prepared to register for your BIN number.
Obtaining a BIN number
A BIN number is obtained when you register your business name through Service Ontario. Registering a business name is an important step to complete early on. Service Ontario offers an online search and registration function which individuals registering as a sole proprietor or partnership can utilize. Business Name registration costs $68 (including name search). At this time you will receive a Master Business License (MBL), which will have the BIN number. A BIN number can be used as proof of business registration.
For more information on BN and BIN numbers or to register, please visit Service Ontario