Latest news with #Taxpayer
CTV News
a day ago
- Business
- CTV News
60 leases signed through the two-year, $1.3 million Nova Scotia home-sharing contract
The Nova Scotia government says a total of 60 contracts were signed through Happipad over the course of the nearly two-year, $1.3 million contract the province signed with the home-sharing platform. Tim Houston speaks to reporters in Halifax on Thursday, Nov. 14, 2024. THE CANADIAN PRESS/Darren Calabrese HALIFAX — The Nova Scotia government says only 60 tenants signed leases with landlords through a program that cost taxpayers $1.3 million over two years. The government announced the program in 2023. It consisted of a partnership with a non-profit organization called Happipad that operates an online home sharing platform. The initial results show the program wound up costing the government about $21,660 per lease. A spokeswoman for the Department of Growth and Development says Happipad tracked user data indicating 400 people may have signed leases after using the platform. The department says 1,853 renters and about 956 hosts signed up on Happipad over two years. This report by The Canadian Press was first published June 25, 2025.
Time Business News
3 days ago
- Business
- Time Business News
Business Banking and TINs: What Every Corporate Entity Must Know
VANCOUVER, Canada — In the evolving global business environment, one identifier has become the lifeline of every commercial entity's financial operation: the Taxpayer Identification Number (TIN). Once viewed as a minor formality in domestic filings, the TIN is now the cornerstone of cross-border banking compliance, tax transparency, and anti-money laundering due diligence. Whether launching a new company, expanding overseas, or managing multi-jurisdictional operations, businesses in 2025 must understand the regulatory importance of their Taxpayer Identification Number (TIN) and the risks associated with getting it wrong. This comprehensive report explores why TINs matter more than ever, how banking institutions use them to evaluate corporate clients, and how strategic structuring can protect your company's global banking privileges. The TIN: From Tax Code to Financial Passport A TIN is a unique identifier issued by a country's tax authority. For corporations, this is typically called: Employer Identification Number (EIN) in the United States in the United States Unique Taxpayer Reference (UTR) in the UK in the UK Business Number (BN) in Canada in Canada PAN/GSTIN in India in India SIREN/SIRET in France in France CUIT/RUT/CPF across Latin America Globally, the TIN is now embedded in every aspect of business banking, including: Opening commercial bank accounts Applying for international credit facilities Registering subsidiaries and overseas branches Participating in international tenders and trade Complying with CRS, FATCA, and local AML regulations The Global Banking Shift: TINs as a Compliance Filter Following the 2015 deadline, the OECD's Common Reporting Standard (CRS) and FATCA began requiring financial institutions to report account information to national tax authorities. For business accounts, this includes disclosing not just the entity's TIN, but also the TINs of all beneficial owners, directors, and controlling persons. Banks now use TINs to: 'No TIN, no account' is now the unspoken rule in commercial banking. Even digital banks and fintechs have followed suit. Case Study: Cross-Border Entity Denied Banking for TIN Conflict In 2023, a European e-commerce company established a subsidiary in Hong Kong, aiming to access the Asian market. Despite providing incorporation documents and financial projections, its business account application was rejected by two major banks. Why? The beneficial owner had submitted an outdated German Tax Identification Number (TIN) linked to a dormant entity with unresolved tax disputes. Once flagged, the banks categorized the entire structure as high-risk, freezing operations before they began. The case highlights how a single unresolved TIN irregularity can compromise global business access. TINs and Ultimate Beneficial Ownership (UBO) For corporations, banking scrutiny doesn't stop at the surface. Institutions are now required to conduct look-through assessments of beneficial ownership, meaning they must identify the individuals who ultimately control or benefit from the entity. This involves collecting the TINs of: Shareholders owning 25% or more Directors and managing partners Trustees (in the case of foundation-based structures) Nominees or legal representatives If any of these individuals have unresolved or suspicious TIN activity, the corporate application is often declined. How Multi-Jurisdictional Companies Navigate TIN Complexity Corporations operating in multiple countries often hold multiple Taxpayer Identification Numbers (TINs)—one per country of operation or residency. While this is legally permissible, it introduces risk when: Entities declare different TINs across jurisdictions Directors fail to disclose overlapping tax residency CRS reporting shows inconsistent control across accounts Example: A Canadian-registered logistics company operating in Panama and the UAE triggered an audit when its beneficial owner reported different Taxpayer Identification Numbers (TINs) to banks in each country, raising concerns about dual tax status and undeclared income. Amicus International Consulting helps companies untangle these inconsistencies through global TIN mapping and UBO consolidation strategies. Amicus Advisory: Structuring for Compliance, Not Conflict Amicus Internaprovides Consulting offers corporate structuring and compliance solutions that enable companies to manage their tax affairs lawfully and effectively. Services include: Incorporation support across 30+ jurisdictions with synchronized TIN filings Global UBO mapping to ensure internal consistency Pre-banking audit of directors' and owners' TIN exposure Advisory on CRS, FATCA , and EU DAC6 cross-reporting rules , and EU DAC6 cross-reporting rules Risk mitigation strategies for flagged TINs or denied applications 'A business doesn't just need a bank account—it needs a reputation,' says an Amicus employee. 'TIN accuracy is now as important as credit history in securing that trust.' TINs and Business Credit Ratings Banks increasingly factor TINs into corporate credit evaluations. While credit scores remain based on cash flow and debt history, TIN-linked data contributes to: Verifying tax clearance and good standing Reviewing the financial history of associated entities Determining the risk level based on the TIN's jurisdiction of issue Cross-checking group company structures for undeclared affiliates Credit downgrades can occur when: TINs from high-risk jurisdictions are used Parent or sister entities have tax or regulatory violations TIN-linked records reveal past AML enforcement or fraud claims The Role of TINs in Vendor Onboarding and B2B Transactions Global corporations now require Taxpayer Identification Numbers (TINs) from their vendors, suppliers, and partners as part of their enhanced due diligence. This is especially common in: Pharmaceuticals and medical device procurement Aerospace and defence contracting Oil and gas exploration Government-funded infrastructure projects Failure to provide a valid Taxpayer Identification Number (TIN) can result in blocklisting, delayed payments, or rejection from vendor portals. Case Study: Delayed Expansion Over Missing TIN Verification A Malaysian engineering firm was awarded a sub-contract in Saudi Arabia. However, payment was delayed by six months because the UAE-based holding company failed to provide the project's general contractor with the required UBO TINs, which were bound by World Bank procurement standards. International Tax Obligations: The Double-Edged Sword of Multiple TINs Holding multiple TINs creates both opportunity and complexity. Businesses must navigate: Permanent Establishment rules , where having a TIN may signal local tax obligations , where having a TIN may signal local tax obligations Transfer pricing audits , triggered when different TIN-linked entities show abnormal intercompany transactions , triggered when different TIN-linked entities show abnormal intercompany transactions Double taxation risks , if income is attributed to more than one jurisdiction through overlapping TIN declarations , if income is attributed to more than one jurisdiction through overlapping TIN declarations TIN cancellation or revocation procedures for closed or dissolved entities Amicus offers risk reviews to ensure companies maintain only the necessary Taxpayer Identification Numbers (TINs) and avoid compliance liabilities associated with dormant registrations. TINs in the Crypto-Business Ecosystem Crypto-based businesses—such as exchanges, custodians, and token issuers—now face heightened scrutiny regarding their Taxpayer Identification Numbers (TINs). Regulatory mandates require them to: This has prompted many crypto firms to restructure, creating parent holdings in jurisdictions with robust tax information exchange (TIN) validation and tax agreements. TINs and the Rise of Economic Substance Rules In low- or zero-tax jurisdictions, such as the BVI, Cayman Islands, and UAE, economic substance laws now require entities to demonstrate genuine operations, often using TINs as proof of legitimacy. Companies must show: Active income derived from core business functions Employees and directors with valid local TINs Physical offices or virtual presence tied to declared TIN regions Compliant tax filings using those TINs Entities lacking substance are increasingly penalized, fined, or removed from registries, jeopardizing their access to banking services. Case Study: Revoked TIN and Frozen Accounts In 2024, a Dominican International Business Company (IBC) had its bank account frozen after its Taxpayer Identification Number (TIN) was declared invalid due to retroactive compliance law changes. Despite ongoing operations and payroll obligations, the firm was denied account reactivation until a new Taxpayer Identification Number (TIN) and an economic substance report were filed. Amicus helped the client restructure into a dual-residency framework using compliant Taxpayer Identification Numbers (TINs) in two jurisdictions, thereby restoring access and avoiding reputational harm. Conclusion: TINs Are No Longer Optional—They're Foundational For modern businesses, the TIN is not a formality; it's a foundational asset. It determines where and how you bank, whether you're compliant, and how regulators see you. Getting it wrong can mean frozen accounts, delayed payments, blocked deals, and irreparable damage. Getting it right means building the legal and financial credibility required to operate on a global stage. 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram About Amicus International ConsultingAmicus International Consulting is a leader in international legal structuring, risk mitigation, and banking compliance. Supporting global entrepreneurs, multinational corporations, and high-net-worth individuals, Amicus provides lawful strategies to navigate the complexities of cross-border TIN compliance and business banking readiness.
