Which Accounts Are Mandatory to Be Opened with the CRA?

Author: Bookkeeping Sense Inc. |

When starting a business, the following accounts need to be opened:

  • A Business Number: This 9-digit number can be obtained through a master business license.
  • Payroll: Used for businesses that have paid employees.
  • WSIB: Used for businesses that have paid employees and/or subcontractors to cover claims for accidents that happen in the workplace.
  • HST: This account is opened if the business has a forecasted revenue of more than $30,000 in the first year. It can also be opened once a business reaches that estimated yearly revenue.