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Legal Entity Identifier (LEI) vs Tax Identification Number (TIN) in Canada

The Legal Entity Identifier (LEI) is a standard identifier that provides verified data on legal entities and is registered on a centralized system, the Global LEI System. Tax identification numbers (TINs) exist in various forms and are issued to residents and non-residents of Canada. 

 

Legal Entity Identifier (LEI) in Canada

The LEI is a 20-character alphanumeric code that is based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). LEI number is used as a reference to important information that offers transparency when taking part in financial transactions such as trading with stocks, bonds, or forex.

LEI connects to key reference information that enables a clear and unique identification of legal entities participating in financial transactions on a global scale. Each LEI contains well-structured reference data which is categorized into 2 sections: Level 1 – who is who and Level 2 – who owns whom.

Level 1 data includes entity registration details, such as legal name, number of registration, legal and HQ address, etc. Level 2 contains information about an entity’s ownership structure and thus answers the question of who owns whom.

Simply put, the publicly available LEI data pool transfers unstructured entity registration data into a standardized global directory, which helps to enhance transparency in the global marketplace.

How to get an LEI in Canada? 

An LEI number needs to be obtained through an LEI service provider, this could be a Local Service Provider (LOU) or a Registration Agent (RA). The Global LEI System (GLEIS) is designed to encourage competition between LEI issuers and registrators for the benefit of legal entities seeking to obtain an LEI. Generating a price for issuing and maintaining an LEI has therefore been left to the organizations themselves. This explains why some companies charge double the price of their competitors. 

Where to find LEI-s in Canada?

Any interested party can access and search the complete global LEI data pool free of charge. You’ll be able to quickly source information on who is who and who owns whom.

LEI Register – Number One Registration Agent Worldwide

LEI Register is an official Registration Agent – we have been helping legal entities apply for new LEI codes or transfer and renew existing LEI codes since early 2018. We have successfully pursued our goal to make the LEI registration process simple, automated, fast, and affordable. At LEI Register we keep our profit margins low and believe in building long-term business relationships.

LEI Register has built a loyal customer base by offering the lowest prices on the market, all whilst keeping active 7 days a week customer support in a local language in 35 countries.  

REGISTER LEI NOW


Tax Identification Number (TIN) in Canada

TIN-s exist in Canada in various forms and are issued to residents and non-residents of Canada. 

For Corporations and Partnerships, their tax identification number is a unique nine-digit Business Number (BN) issued by the Canada Revenue Agency. Corporations resident in Canada have income tax reporting obligations and are required to have a BN. Partnerships required to file a partnership return in Canada or with commercial affairs in Canada are also required to have a BN.

For trusts, their tax identification number is their eight-digit trust account number preceded by the letter “T” issued by the Canada Revenue Agency. Trusts resident in Canada with income tax reporting obligations are required to have a trust account number.

How to get a TIN? 

A TIN will be issued to any entity resident in Canada upon request. All Corporations Resident in Canada are required to have a TIN. Trusts and Partnerships with their place of management in Canada are required to have a TIN if they have income tax reporting obligations in Canada.

Where to find TIN-s in Canada?

Business Numbers (BNs) are issued by the Canada Revenue Agency (CRA) in a letter format. They can be found on the front page of a corporation’s income tax return. BNs can also be found on notices of assessment issued by the CRA (see examples below). Note that the 6-digit program account is not required to be disclosed to a third party for reporting purposes.

 

Canada TIN (2022) [online]

Available at: https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/Canada-TIN.pdf  [Accessed 5th April 2022]

 

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