FIN to BN Conversion Process – CRA Press Release from October 2009.

FIN to BN conversion process If you filed a T5, T5007, T5008, T5013, or Registered Retirement Savings Plan (RRSP) Contribution Receipts information return in 2008 or 2009, the CRA will automatically convert your Filer Identification Number (FIN). A successful conversion will result in an RZ account number being added to your existing BN.

Note:
Filers of the T5018 information return will have the RZ account number added to their existing BN.  

The Contract Payment Reporting System (CPRS) requires construction businesses to record payments they make to subcontractors for construction services and to report these payments to the Canada Revenue Agency (CRA).  The CPRS was also developed to require contract reporting by Crown corporations (since 1998) and federal departments and agencies (since 1999).

The conversion will occur throughout November and December 2009. You may have been mailed a letter advising you of your new RZ account number once it has been created.  If you did not receive one you will need to have the authorized representative contact the CRA at the general enquiries line, 1.800.959.5525 to set one up. 

Note:
If your filing is done by a branch office or a third party, such as an accountant or service bureau, advise them of your new account number.

Some FINs may not convert due to discrepancies between the FIN and the BN account information. If you do not receive notification by mail of your RZ account number by the end of December 2009, or you require an additional account to suit your business needs, contact the CRA.

If you have received notification of your RZ account number, but you are no longer required to file any of these information returns, you can have the account closed by contacting the CRA.

Note:
If you will be filing a TFSA return, you will not be part of this conversion. Go to TFSA Annual Information Return for more information.

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Author: Warren Orlans

Welcome to inTAXicating. My name is Warren Orlans and this is my blog. I have been writing this blog since 2008 to provide clarity around taxation issues which I feel should have been explained somewhere - preferably by the CRA. I have over 20-year's experience in the taxation industry, 11 of them working for the Canada Revenue Agency (CRA), and 5-years working in the private sector Managing the tax departments for large financial institutions. It was at that point when I realized that people were coming to my blog seeking advice, and asking me to assist them with their tax issues, so I opened up my own business and started helping people deal with issues relating to the CRA. My tax career began pretty much out of university at the CRA, in Collections, where I moved up, across, over and up again through their division with stops in Enforcement, Taxpayer Relief (then Fairness), Audit, Directors Liability, Training, Mentoring, GST, GST/HST, Payroll, Corporate Tax, Personal tax, and probably much more. If you have a collections, compliance or audit issue with the CRA, inTAXicating is the place you need to contact. inTAXicating works in strategic partnership with amazing tax lawyers, insolvency practitioners, mortgage brokers, debt counselling experts and much more. If you have a tax question, feel free to ask in the comments, or email me at either info@intaxicating.ca, or intaxicatingtaxservices@gmail.com.

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