Why do I need a NAICS code for my business?

Businesses are not required to register a NAICS code directly, but the mandatory Business Register survey from Statistics Canada does require businesses to list a NAICS code when completing the survey.

For small businesses, it is helpful to know your NAICS code to help find information for business plans, marketing plans or looking for economic forecasting information.

Filing corporate income tax returns for your business does require your business’ NAICS code. Government agencies look at statistics when determining which industries are given tax incentives and make them available only to certain NAICS industries.

Government contracts often require businesses to provide the NAICS before awarding contracts to identify the type of business is applying for the contract. Also, some government funding for business is available to specific NAICS industries, so it is a good idea to know the NAICS code for your business.