Banking Options
A big part of your business and any business is the exchange of money – you receive money for your product/service and payout for expenses, and finding the best financial institution to help you can be tricky sometimes. Many people might be inclined to just go with their own personal bank because they are used to them and have a good relationship, and this can definitely be an added bonus to your business! But, never rule out what great deals or financing options might be available from other institutions.
The major banks as most know include TD, CIBC, RBC, Scotiabank, BMO, and related business such as Tangerine, Simplii Financial, and PC Financial. Looking in Ontario, and in Huron County, we see: Libro, Meridian, and/or Kindred Credit Unions as alternatives to big name banks supporting small & medium sized businesses.
But why need another account in the first place? It’s important in business, even for very small businesses, to be able to separate your personal spending from your business spending – and having a new bank account can do just this! This doesn’t stop you from transferring money from your personal accounts to your business to help with your cashflow, but it keeps your business to your business. With modern software, you can link bank accounts and credit cards to your accounting software and see everything live from 1 place!
HBS is happy to sit down and review current and future business needs regarding number of transactions, operating budgets, etc. to see where and what products might best suit your needs. Contact us today to find out more and get one-on-one personalized consulting on your business banking decisions!
Canada Revenue Agency – Business Numbers and Programs
Almost all businesses are required to register for a Business Number (“BN”) through the Canada Revenue Agency, with this number you can register for the GST/HST, Payroll Remittance, Import/Export, Corporate Tax, and other required programs so you can remit all monies owing to the government.
Another great tool available once you are registered is the MyBusiness account through the CRA, this site is where you can see all things related to the above mentioned programs and to see outstanding taxes payable (or upcoming refunds!).
HBS is happy to assist in your registration for these accounts, and to provide guidance on if/when you should register for any of these account programs based on your business type and capacity. Contact us today to register your business with the CRA!
Huron Business Services 