A Master Business License (MBL) is a document stating your business name, number (BN), address, type of business activity, and type of business structure.
In Ontario, your license must be renewed every five years, otherwise you will need to register your business again from scratch. Remember, the Ontario government will not send you a reminder of registration renewal – it’s entirely your responsibility!
When to renew a Master Business License
The standard timeframe for renewing a MBL is every five years. We recommend beginning the renewal process two months before your Master Business License’s expiry date.
You have up to 60 days after the expiry date to complete the renewal. If you miss the deadline, you can no longer renew your registration, and you will have to re-register your business, a much longer process. This also applies if your business changes ownership or name.
If a business names registration expires, it can lead to problems with your business bank account, clients, contractors, etc. Filing your renewal on time is the best way to keep your business running smoothly. Remember that T2inc corporate accountants are here to help!
How to renew an MBL in Ontario
If you own a sole proprietorship, partnership or corporation that is registered in Ontario, you will need to renew your Master Business License by taking the following steps:
1. Assemble the information you need
To renew your Master Business License in Ontario, you will need your original registration certificate so that you can enter the information from the certificate onto the renewal application form.
If you no longer have your original certificate, you will need to request a Business Name Report to obtain the necessary information.
Any changes, such as a change of address, name or activity, should be indicated on the form. You will also need your BIN (Business Identification Number) as issued by the Ontario government to indicate these types of changes.
2. Complete the renewal
You can renew your license by phone, mail, online or in person at the Ontario Business Registry. Payment methods and processing times differ depending on the method and type of business.
Once the process is complete you will receive a renewal certificate directly by mail.
Note that any changes made to your registration are not automatically updated within your Canada Revenue Agency (CRA) account.
Cost of renewing a business registration in Ontario
To renew a master business license registration in Ontario it costs $135.00 plus applicable taxes.
Keep in mind that the process may involve other expenses depending on your situation, such as the cost of ordering a Business Name Report or mailing additional documentation.
T2inc can help you renew your Ontario Master Business license
Renewing your Master Business License is part of running a successful business in Ontario. Business owners need to keep track of the renewal schedule themselves and be ready with the appropriate documentation. A business tax accountant can help small business owners stay on track with bookkeeping and taxation.
Contact us today to learn how we can help your business stay on track!