As a small business owner, you may need to register for a business license or permit to operate your business. A business license gives you the governmental permission you need to run your daily operations. Depending on the type of business, you might need licensing at the municipal, provincial, or federal level.
Eventually, your business license will expire. To stay compliant with local and federal regulations, it’s critical that you know how to handle business license renewal.
The business license renewal process differs depending on the structure of your business and where you're located. In most cases, you need to consult with the authorities in your local area.
You can find more information about the specific requirements in your province or territory on the Government of Canada website.
As an example, here are the steps for how to renew a business license in Ontario:
Keep in mind that you might have to renew more than your business license. If the law requires you to have a business permit, you may also need to renew the permit on a regular basis. Some businesses, such as catering, hotels, and pawnshops, require regular inspections.
Whether you’re dealing with permits, licenses, or inspections, you can get plenty of information from services such as BizPaL or the Canada Business Network.
These services can help you figure out which licenses and permits you need based on your business type, and where to obtain them. Then, you can get renewal information from the relevant provincial or local offices.
To complete the renewal process, you'll need to have some business information on hand. The information you need may vary based on the structure of your business.
For instance, to renew your business license in Ontario for a sole proprietorship, you'll need to provide:
In general, businesses renew licenses through the entity that granted them. You can ask about renewal procedures when you get your license, and find out if the licensing authority sends out renewal reminders.
The most efficient way to renew your business license is online. In most cities and provinces, you can visit an online registry service to complete your renewal.
For instance, in Ontario, you can use the ServiceOntario website.
In British Columbia, businesses must usually purchase licenses through their individual municipalities. But there are some exceptions, such as liquor licenses that are granted on the provincial level through BC Registries and Online Services.
Many municipal business licenses require annual renewal.
For instance, in Vancouver, BC, all business licenses expire on December 31st each year. The city sends out renewal notices in November via email or regular post.
At the provincial level, renewal times can vary. For instance, it's every five years in Ontario, every three years in Manitoba, and annually in Nova Scotia.
As a business owner, it can feel like your to-do list is never-ending. But business license renewal is a task you'll want to prioritize. If you forget to renew and your license expires, you may have to go through the process of applying for a new license.
While renewing your business license can be a simple task, it's easy to forget about a renewal deadline when you have a lot on your plate. For help with all your small business needs, check out QuickBooks online accounting solutions.
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