Registering for an Ontario BIN
You’ve decided to start the baking business you’ve always wanted to have. But you’re unsure if you can just… start.
Today we’ll be tackling what you need to operate a business in Ontario.
Now, keep in mind, depending on the industry you’re in, you might need to register for other licenses. A great tool you can use to make sure you’ve got all of your bases covered, is using the website called BizPal. This website will allow you to see what extra licenses/permits you need to register for.
To be able to operate a Sole Proprietorship business in Ontario, you’ll need to register for a BIN, which stands for a Business Identification Number (formerly known as the Master Business Licence). This document provided by Service Ontario costs $60 (if you fill it out online) and allows you to register your business name and legally operate it as a Sole Proprietor.
However, if you plan on naming your business under your full legal name, this article from OWNR explains it very well:
Whether you need to register for a Master Business Licence will depend primarily on your business structure. If you are registering a sole proprietorship and you wish to do business under a name other than your full legal name, you’ll need a Master Business Licence to do so.
For example, if your name is John Smith and you wish to do business simply as John Smith, you don’t need to register your business. However, if you plan to do business as something like John Smith Professional Organizing, you’ll have to register for a Master Business Licence.
https://www.ownr.co/blog/master-business-licence/
By registering your Sole Proprietorship business for a BIN, your business name, address, business phone number, and a description of your business in the Service Ontario registry. It’ll be valid for 5 years - then, you’ll have to register again if your Sole Proprietorship business is still active.
The reason why I wanted to write this blog post is because it’s really easy to get the BIN (Business Identification Number) confused with the BN (Business Number). The BIN is issued by the Government of Ontario and allows you to operate a business under a name other than your legal name, the right to advertise your business name, and open bank accounts with the name you registered.
The BN is a 9-digit number provided by the federal government (Canada Revenue Agency). Registering for a business number with the CRA will provide you with access to different program accounts including payroll, GST/HST, and more. This isn’t necessary if you’re not anticipating utilizing these program accounts for the moment with your sole-proprietorship business. You can register for the BN later down the road.
I’ll link below where to go to register for a BIN (Business Identification Number - ONTARIO) and also a BN (Business Number - CANADA REVENUE AGENCY).
Business Identification Number >
After October 2021, Service Ontario switched their website. Now, you’re required to create a login with Service Ontario. Simply click on Sole Proprietorship and begin the signup process. If you’re then brought to a dashboard or a page where you’re unsure where to click, simply click on the link above again and since you’re now signed in, it’ll bring you to the BIN registration screen.
If you have any questions regarding registering for a BIN, BN or any federal program accounts like a GST/HST or payroll account, I have hourly questions calls available for anyone that is unsure about these processes and need a hand.
Talk soon friends,
Disclaimer: The information contained on this Website and the resources available for download through this website are not intended as, and shall not be understood or construed as, financial advice. While the professional at the Company have education and background in the field of business-accountancy and the information provided on this Website relates to financial issues, the information contained on this Website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.
