Today I received an interesting early Christmas gift from the CRA – a new business number! If you’ve been following my Twitter Tweets (and who isn’t?), you should know that starting January 1, 2010, anyone who files information returns with more than 50 slips attached will be required to file their returns electronically.
These new rules apply to all information returns that require slips, some of the most common being T4, T5, T4A, RRSP contributions and TFSA reports.
For those who file 50 slips or less, the electronic filing system is voluntary.
In order to file electronically, you need to have a web access code and a business number.
Business numbers with the new “RZ” suffix have been automatically issued to many corporations and filers of information returns. The RZ suffix is to be used when filing information returns (other than T4’s where the existing payroll account suffix “RP” applies). So, if you’ve received what looks like a new business number in the mail and were wondering why, you’re business number hasn’t changed – you’ve simply been automatically registered to file electronic information returns and your business number will have a suffix of , say, RZ0001 attached to it.
There are four different program account types, as follows:
- T5, RRSP, T5007, T5008, SAFER
- TFSA (tax-Free Savings Account)
- T5013 (Partnership Return)
- T5018 (Construction contract payments)
If you are filing returns for different program file types, you will need a different suffix for each type. For example, for filing t5’s your number may end with RZ0001, and your T5013 filing number may end with RZ0002.
If you have not automatically received these new business numbers, you must apply for them by filing the new special business number application form RC257.
If you need more information, you can call the CRA at 800-959-5525