{"id":881681,"date":"2021-03-21T19:13:31","date_gmt":"2021-03-21T23:13:31","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=881681"},"modified":"2025-06-23T06:27:37","modified_gmt":"2025-06-23T10:27:37","slug":"canadian-import-export-businesses","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/news\/canadian-import-export-businesses","title":{"rendered":"6 tips for Canadian import\/export businesses"},"content":{"rendered":"

How to take your business global (and save a whole lot of money along the way).<\/h2>

Here are six opportunities to upgrade the way you trade across borders. Let\u2019s get down to business.<\/p>

\"\"<\/a>This guide is sponsored by CIBC Global Money Transfers for Business<\/strong><\/a>. The best way to purchase products for import, pay international workers, or wire transfer money. Make cross-border money transfers or payments for your business. Learn more.<\/a><\/div><\/article><\/div>
\"\"<\/a>This guide is sponsored by CIBC Global Money Transfers<\/strong> \u2013 Make cross-border money transfers or payments for your business anywhere, any time.<\/div><\/article><\/div>

1. Open an import-export program account with the CRA<\/h3>

To import goods into Canada, you\u2019ll need to open a CRA import-export program account. Upon registration, your business will be assigned a unique, nine-digit Business Number (BN) with an additional two letters and four numbers representing your import-export account. If your business already has a BN, it will be used to generate your new program account number.<\/p>

Among other things, you\u2019ll have to provide basic information about your business (name, location, mailing address etc.) and clarify whether your business will be importing goods, exporting goods or both.<\/p>

Your import-export account number can be used to identify your business on invoices, customs forms and similar documents. It\u2019s required if you run a business that involves bringing goods in or out of Canada. Your BN can also be used to deduct CPP, EI and other taxes from your payroll as well as file corporate income tax returns and register to collect GST\/HST from clients or customers.<\/p>

2. Find a reliable way to make global payments<\/h3>

One of the biggest challenges you\u2019ll face when setting up an import\/export business is finding the most cost-effective way to make international payments. There are a variety of ways to make payments globally \u2013 electronic funds transfers (EFTs), cheques, wire transfers or through dedicated money transfer services.<\/p>

Dedicated money transfer services can be quick, but your bank may offer a wider range of transfer options all under one roof. For example, business account holders with CIBC have three options for transferring money overseas: Global Money Transfers for Business, CIBC Wire Payments and FX Online CIBC. Global Money Transfers for Business come with $0 transfer fees and lets you send to over 120 countries, while FX Online can help with electronic trading solutions. CIBC Wire Payments is useful for sending large amounts of money.<\/p>

Depending on your financial institution, you may even be able to save money on fees by bundling accounts and services with the same bank. It\u2019s also wise to leverage special offers wherever possible. For example, if you hold an eligible CIBC business bank account, you can get between $75-150 cash back on your first CIBC Global Money Transfer.<\/p>

By taking advantage of zero fee transfers, preferred exchange rates and special deals, you can keep more of your hard-earned revenue and put it towards growing your business.<\/p>

3. Find out about taxes, regulations and restrictions<\/h3>

You need to know the requirements for getting your goods through customs safely and legally. Exact requirements can vary depending on the goods being shipped and whether you\u2019re importing or exporting goods, but the following are some important considerations:<\/p>