Profit accounts: Providing your tax information

Practitioners

In this article:

Required tax information
Stripe verification requirements
Business type & tax classification
Providing your tax identification number
Entering your financial address
Updating your tax information

Required tax information

You will be required to enter your tax information if you choose to set up your account to make a profit upon signing up. Alternatively, if your account was set up as a no-profit account and you've changed your mind, you can convert to a profit account at any time by providing your tax information and entering a bank account. 

With either path, we'll need the following to set up an account with our payment processor, verify your identity, and enable payments:

• Your legal name and physical address (for verification purposes)
• Your date of birth
• Last 4 digits of your social security number (SSN) or social insurance number (SIN)
• Employment identification number (EIN) or business number (BN)
• Your tax classification

Tip! You can review and update your tax information from the Payouts & tax in your Dispensary settings.

Stripe verification requirements

Our payment processing partner, Stripe, uses your tax information to verify your identity, limit fraud attempts, and transact payments. In some cases, Stripe may request a full SSN/SIN from individuals or a valid government-issued photo ID to help verify your account. 

Often, trouble verifying an account stem from an entry error of your legal name or personal information. Ensure your information is correct before submitting to avoid additional verification steps on your account. A full SSN/SIN may also be requested at random as part of their efforts and responsibility to reduce fraudulent marketplace activity. 

If you have any questions regarding this page, please feel free to reach out to our Customer Success team for assistance.

Warning! Payouts can't be enabled or may be disabled if tax information is missing from your account or if too many failed payout attempts have occurred. If a payout has failed, please visit the Payouts & tax page to review and correct the information provided.

Business type & tax classification

When creating a profit account, we'll request your business type to help verify the person or business entered and for tax form issuance. 

Tip! Entry errors can lead to delays in verifying your account. Ensure the spelling of all legal names matches exactly with what the Internal Revenue Service or Canada Revenue Agency has on file. 

Providing your tax identification number

All tax information entered is protected and securely encrypted, including entry of tax IDs. If there's trouble verifying the tax ID entered, we may request a formal document from the Internal Revenue Service (e.g., SS-4 or Letter 147c) or Canada Revenue Agency (e.g., articles of incorporation) to get your account verified.

Entering your financial address

The address entered here should match the address that is registered with the Internal Revenue Service or Canada Revenue Agency. Accounts eligible to receive a 1099-K (US only) will receive a physical copy that is mailed to the financial address you provide. Canadian accounts meeting eligibility requirements to receive a T4A can download the tax form from the Reports page once available; physical copies of T4As aren't mailed. 

Updating your tax information

To make changes to your tax information, visit the Payouts & tax page to update or verify your tax information. If your tax information cannot be verified by Stripe at any time, you will be notified in your account to visit the Payouts & tax page to correct any errors. Tax information must be successfully verified within seven calendar days to avoid a temporary pause to payout deposits or to restore paused payouts. 

For more information on updating your tax information, please see:

• US Dispensaries: Updating dispensary tax information, or
• Canadian dispensaries: Updating dispensary tax information