username

I'm considering starting and "registering" with the government.
I was looking on their website and I'm concerned with the amount of paperwork/fees involved...
Anyone here own and run a legit business? Service or products...?
Any advice?

Tuttigirl

I just registered our business. I did it online, payed I think $60 for the license and I'm good to go. If your business is going to make over $30,000 a year you have to charge GST. Good luck! What type of business are you starting?

xxSLiMxx

iTrader: (1)

^^ditto, Its easy to do it online and yeah it was only $60....not much paper work, just keep track of all your records!!

bruce fee

if you're going to do excess of $10,000 annually, do it, otherwise, just claim your income as personal income and don't bother.

registering a personal business is less than $100.

registering a corporation is under $500

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I am registering a corporation right now, I provide a service, I normally only used to claim work at personal income.

xxSLiMxx

iTrader: (1)

Just out of curiosity what business where you going to start??....whatcha going to call it? When I had mine it was a body piercing business called “Just A Little *****”

username

No name yet, but it's going to be a photography business...
Hopefully I'll be making lots of money, but I'm sure there's a couple years to wait for that anyhow...
Thanks for the info so far!

cibs

yeah you don't have to register a business unless you plan on making tons of money with it...

you can easily just claim it as personal income and save the cash for now...

kruption

Read up on the GST and PST before you go charging it. I've had my own business (just sole) for the past 8 years roughly, just keep track of your paper work for tax time. Registering as a corporation has many benefits but again, read up on everything.

http://www.cra-arc.gc.ca/tax/business/ - a good start before you fork over some cash.

Business concurrent accounts aren't that expensive also, depending how many transactions you make a month. Think I pay $10 /month or so with CIBC as I hardly do many transactions.

Yeah, you can use your own name as a business name but keep in mind you must charge GST if you make over.... 25k / year? I forget off the top of my head.

Best of luck.

cibs

^^ 30k

Gallagher

What does everyone do for their "own" business?

scary.robot

I'm a personal motivator.

cibs

sex 'therapist'

Tuttigirl

Photography business

Gallagher

Soon enough i'll have my own......soon enough.

Tyson09

iTrader: (1)

im in works of owning one...parents own it right now but im the missing link to the new stuff THEY CANT FIRE ME, THEY NEED ME!!!!!!!!!!!!!!!

birdie92k

I'm in the works to start importing jdm cars and parts.

xxSLiMxx

iTrader: (1)

Used to do body piercings/tattoos, Now im CEO of Kracker Productions....and the janitor

Gallagher

such a saturated market

Jugglez

For most service-type businesses (ie you don't sell any tangible items) , if you're running it under your own personal name you don't have to register it unless it exceeds $30,000 in gross sales. At the end of the year you file a Statement of Professional Activities along with your personal income taxes, this statement is where you declare your business related income and expenses.

Like previously mentioned, once you hit $30,000 in sales annually you will have to register it and start collecting GST and forking it over to the government.

And as someone mentioned, read, read and read some more. Do your research thoroughly before investing any money into a startup venture. Businesses fail every day because the owners got in over their heads.

As for saturated markets, there is no such thing. If there are alot of businesses catering to a specific market that means the demand for those products are high. Look at it this way, if the Pie is large enough that even you take just a small slice you will still have a pretty decent sized slice. If you sell quality products related to that market, at great prices and you treat your customers the way they should be treated, your business will be a success.

I quit a very nice paying job a couple years ago to be my own boss and I haven't looked back. Everyone should at least take some time and look into it. Running a business isn't for everyone but if you want financial freedom, working for others just doesn't cut it.

Gallagher

[quote=Jugglez;26207]As for saturated markets, there is no such thing. If there are alot of businesses catering to a specific market that means the demand for those products are high. Look at it this way, if the Pie is large enough that even you take just a small slice you will still have a pretty decent sized slice. If you sell quality products related to that market, at great prices and you treat your customers the way they should be treated, your business will be a success.
[quote]


I know what you mean, but I dont think you will be able to make alot of money importing jdm car parts and ****.

Just my thought and it wouldn't be the type of business i'd be looking into.

But hey, if you got the plan all on paper and think its going to work, go for it!