Ontario Businesses: Stay on Top of Taxes with the TCV
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Do you run a business in Ontario? Then you need to know about the Tax Compliance Verification (TCV) process. This system, managed by the Ontario Ministry of Finance, helps ensure businesses are meeting their tax obligations. Why is this important? Because without a valid TCV number, you could miss out on government contracts, licenses, and programs.

What is TCV and who needs it?

The TCV process confirms that your business is filing and paying its taxes properly. While it might seem like an extra hoop to jump through, it’s actually pretty straightforward.

You’ll likely need a TCV number if you:

  • Bid on provincial contracts: If your business bids on Ontario government contracts worth $30,300 or more, a TCV number is a must-have.
  • Apply for licenses and programs: Many government licenses, programs, and agreements require proof of tax compliance.

How do you get a TCV number?

  1. Head to the Ontario TCV Portal: Visit the Ontario TCV Portal to start the process.
  2. CRA Login: You may need to log in to your CRA My Business Account to access your tax information.
  3. Filing and Balance Confirmation (FBC) Letter: In some cases, you’ll need to upload an FBC letter from the CRA. This document summarizes your tax filings and any outstanding balances. You can find it in your CRA account.
  4. Generate your TCV number: Once the system verifies your information, you’ll receive a unique TCV number.

Keep in mind:

  • TCV numbers are time-sensitive: They are typically valid for 60 or 90 days, so make sure to check the expiry date.
  • Federal taxes are separate: The TCV process focuses on provincial taxes. You still need to manage your federal tax obligations with the CRA.

Need more information?

The Ontario Ministry of Finance website provides detailed information about the TCV process. If you have specific questions, it’s always best to contact them directly or consult with a qualified tax professional.

Stay compliant and seize those opportunities!

By understanding and complying with the TCV process, you can ensure your business is eligible for a wider range of government contracts, licenses, and programs. Don’t let a missing TCV number hold your business back!