2017-03-08 00:00:00BookkeepingEnglishSetup strong financial controls to understand your business's profit and loss. Cloud-based accounting software can help keep your...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Two-men-in-accounting-office-discuss-financial-controls-while-sitting-at-desk-near-computer.jpghttps://quickbooks.intuit.com/ca/resources/bookkeeping/maintain-strong-financial-controls/Maintain Strong Financial Controls

How to Maintain Financial Control & Keep Track of your Finances

1 min read

A corporation key is a password the Canada Revenue Agency (CRA) assigns to you. You use the corporation key to access the Online Filing Centre, which processes your business’s tax information. The corporation key is not the same as the Canada corporation number the CRA assigns you.

Using Your Corporation Key in Conjunction With Your Corporation Number

When you input your corporation number in conjunction with the corporation key, you can access online transactions with the CRA. These transactions include adding or changing your corporate address, dissolving your corporation, filing proxy circulars, filing financial statements, and even managing email subscription reminders. Best of all, these types of online transactions do not require a fee.

The CRA also does not charge a fee associated with requesting a corporation key. When you register online to obtain a corporation key, you have to confirm your address as registered with Corporations Canada. The agency then mails the corporation key to your company’s registered office address.

Corporation Key Safety

As a control measure, only share the corporation key with those who can file a return or make online transactions with the CRA on your behalf. If you misplace or lose your corporation key, don’t fret. You can also find the key in the acknowledgement of receipt you receive when you file your business’s most recent annual return. If for some reason you can’t access your most recent annual return, gain access by going to the Obtain Corporation Key webpage.

The tool performs a reverse look-up based on your corporation number, business number, or corporation name. If you request a new corporation key, the old key becomes invalid immediately. The agency can only send the new corporation key to the current registered office address for your business.

Knowing your corporation key makes filing business taxes every year easier, because you have instant access to the CRA’s online portal. Accessing the online portal lets you file your return faster to get the most out of your write-offs and deductions.

QuickBooks Online can help you maximize your tax deductions. Keep more of what you earn today.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

What Is Times Interest Earned (TIE)?

Accurate bookkeeping builds the foundation for good accounting practices in your small…

Read more

Common External Users of Financial Statements

Companies use their financial statements to inform their stakeholders – including investors,…

Read more

A Beginners Guide to Small Business Bookkeeping

Accurate, up-to-date bookkeeping is the backbone of any successful small business. No…

Read more