Next steps after registering a sole proprietorship

Congratulations on registering your sole proprietorship on Ownr. We have a quick guide for recommended next steps after registering your sole proprietorship

You can now log into your Ownr account to download your documents and open your RBC account.

Opening a bank account for your business can help:

To request the refund once your RBC Business Bank Account is open:

A registration number is assigned by your provincial registry at the time the company is registered. It is used for filing legal documents. This is found on your registration document from the government and allows individuals to operate a business under a name of their choosing, which is different from the person's legal name.

The business number is assigned by the CRA. It is used for tax purposes and opening accounts with the CRA and is assigned within moments of the business registration being completed.

To find your business number and registration number:

If you do not see the business number in your Ownr dashboard, then it has not been assigned. If you have previously been assigned a business number for a sole proprietorship, then your new sole proprietorship would use the same Business Number.

Otherwise, please inquire with the CRA directly or you can contact the applicable business registry for more information. See our article Where's My Business Number? for more information.

To register for HST/GST, Import/Export or Payroll as a sole proprietor, you first need to obtain your business number. Once you have your business number, you can register for other program accounts directly through the Canada Revenue Agency (CRA). You can initiate this process online.

Business numbers have a variety of endings and identifiers depending on the account. In each instance, the nine-digit number remains the same, with the program identifier changing.

You may also see a provincial identifier on your business number which denotes the province you are in.

Ownr cannot update the information on your business name registration documents once it has been issued. We recommend verifying that the information on Ownr is correct before submitting.

To make changes to your sole proprietorship, contact the relevant business registry:

Depending on the province you registered your sole proprietorship in, you may be required to renew your business name and contract every so often. In Ontario, you’ll need to do this every five years, whereas in Alberta your business name will never expire.

Check the requirements specific to your province or territory and be sure to mark your renewal date in your calendar—you usually won’t get a reminder to do this. If you choose to change your business’s name or switch ownership, you will be required to re-register irrespective of your jurisdiction.

Be sure to take advantage of all the perks of being an Ownr customer. Not only do you receive the rebate offer after opening an RBC Business Bank Account, but you also get to explore discounts on other business services and products here.

Many entrepreneurs initially choose to structure their business as a sole proprietorship because they are simple and less expensive to run, and all profits go directly to the business owner. There are also several advantages to structuring your business as a corporation, and deciding to incorporate your sole proprietorship can open up new opportunities such as raising capital, bringing on shareholders or reducing business risk and personal liability.

There is no transition process from a sole proprietorship to a corporation as it's a new legal entity. You can dissolve your sole proprietorship directly with the government if you wish.

If you have any questions or require assistance with any of the above, don’t hesitate to reach out to our support team.