Accounts

All legal entities (sole proprietorships, partnerships and corporations) can join the Credit Union by opening a business account with an obligatory $ 100 (10 shares) deposit. The proper documentation regarding the business must be submitted and at least one half of the business principals are required to be members of our Credit Union.

Business account holders can choose to either go with “Pay As You Go” pricing, or, pick any one of six Business Account Package Plans.

With our Credit Union Business Package Plans, individual charges for a specified number and type of services and transactions can now be eliminated or reduced with the payment of one low monthly fee.

Click here to review pricing for typical, most commonly used, services and transactions for business accounts without a package plan, and here to review the six Business Account Package Plans available to you as a business member.


How to open a Business Account

  1. Choose the business type or structure
  2. Gather the documents you need
  3. Call us to make an appointment or visit one of our branches

Business Types:

Sole Proprietorship

Documents needed:

  • Two pieces of unexpired personal identification of the owner which are government issued and at least one has to have photo identification.
  • Master business license.

Partnership

Documents needed

  • Two pieces of unexpired personal identification of  each partner which are government issued and at least one has to have a photo identification
  • Master business license.
  • Registered declaration of partnership if applicable
  • Copy of partnership agreement if applicable

Corporations

Documents needed

  • Two pieces of unexpired personal identification of each owner with equal to or greater than 25% ownership.  The identifications  have to be government issued and at least one has to have a photo identification.
  • For signing officers two pieces of unexpired personal identification which are government issued and at least one has to have photo identification.
  • Articles of Incorporation
  • Certificate of Status (also referred to as certificate of good standing or certificate of compliance) if applicable
  • Trade name registration if applicable

Organizations/Associations

  • For signing authorities two pieces of unexpired personal identification which are government issued and at least one has to have a photo identification.

Unincorporated organizations/associations

  • Articles of association/organization or the original constitution and bylaws (if registered)
  • Where the association/organization has no formal registration a document providing evidence that the individuals opening the account, have the authority to open the account and represent the association/organization
  • Charitable registration number if registered as Not-For-Profit (if registered)

Incorporated

  • Articles of association/organization
  • Charitable registration number if registered as Not-For-Profit

Business Tax (CRA) Payments

You can file and pay ("remit") the following business tax payments in Online Banking:

  • Add and delete CRA tax accounts
  • File tax information with the CRA
  • Make a CRA payment
  • Manage payroll source deductions
  • Remit GST/HST or corporate tax
  • View and print the filing and remittance history

What types of CRA Payments does our online service support?

  • Business clients can pay (or "remit") GST34, RC159, RC160, Corporation Tax and Payroll/Source deduction payments.
  • In addition, users can "file" GST34 information without making a payment.
  • There is also the option to file future-dated CRA payments.

Benefits of the 'PaymentStream™ CRA Payments - Business Taxes'

  • Convenience: 'CRA Payments - Business Taxes' offer a fast and convenient way to file and pay government taxes online.
  • Businesses can easily manage their payroll source deductions, GST/HST remittance and corporate income tax.
  • Online payments allow the flexibility of 24/7 access from any location.
  • Businesses can save time and reduce paperwork storage by viewing their past CRA payment and filing history.
  • Electronic filing also removes the need to write cheques, visit branches and mail paper forms.
  • The ability to future-date payments up to a year in advance ensures that businesses can file and make payments, providing more control over their cash and avoiding late penalties.

How to enroll in the 'PaymentStream™ CRA Payments - Business Taxes'

Please visit your credit union branch. Our employees will set up the CRA Payments option on your online account. You will be required to show us the Business Number or the Corporation's most recent GST/PST remittance.

How to file and pay business tax payments

  1. Log in to Online Banking.
  2. Click the Pay Bills tab.
  3. Click Business Tax Payments (CRA) in the left-hand menu.
  4. Select the type of bill you wish to pay, and click Remit or File.
  5. Enter your remittance and payment information, and click Continue.
  6. Confirm your payment information, click Remit.

Your business tax payment (CRA) is now filed and paid. For scheduled payments, your account will be debited and the filing information will be sent to the Canadian Customs and Revenue Agency.

  • When making business tax payments in Online Banking be sure to note the confirmation number when a payment is made.
  • Business tax payments (CRA) can be made using Online Banking or at a branch.