Business structure term
Individual Pension Plan
IPPA defined-benefit pension plan typically set up by owner-managers. Allows much larger annual contributions than an RRSP, especially for older business owners.
Related business structure terms
Definitions that come up alongside IPP.
Canadian-Controlled Private Corporation
CCPCA private corporation that is incorporated in Canada, not publicly traded, and not controlled by non-residents or public corporations. The status that gives you access to the Small Business Deduction and most other corporate tax benefits.
Business Number
BNThe 9-digit identifier the CRA uses to track your business across federal programs. Required to register for GST/HST, payroll, import/export, and most government programs. You get one by registering at canada.ca or by filing your first business return.
Record of Employment
ROEA federal form an employer issues to a departing or laid-off employee, used by Service Canada to calculate EI benefits. Must be issued within 5 days of the interruption of earnings.
Workers Compensation Board
WCB / WSIBProvincial bodies (WSIB in Ontario, WCB elsewhere) that administer workplace injury insurance. Most businesses with employees must register and pay premiums based on payroll and industry risk classification.
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