Business structure term
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.
Related business structure terms
Definitions that come up alongside WCB / WSIB.
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.
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.
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.
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