Anyone planning to start their own business in Canada has many things to consider and decisions to make. They also have a multitude of useful and informative resources at their disposal.
The Government of Canada’s “Canada Business – Services for Entrepreneurs” website has several articles and interactive pages to help you determine if business-ownership will work for you and what to do to make it happen. Information about developing your ideas and a business plan, checklists and guides for starting a business, choosing a business structure, financing and more are all available.
Other resources to investigate include:
- Canada Revenue Agency (CRA)
- Workers’ Safety & Compensation Commission
- NWT Payroll Tax
- Government of Nunavut Department of Economic Development & Transportation
A few tips:
- Understand the advantages and disadvantages of each form of business organization: sole proprietorship, partnership, private and public corporation, and co-operatives. Your choice will have various legal and tax implications depending on your personal situation and your level of investment.
- Develop a business plan. In addition to being an important reference for you and your employees, it will assure your banker, your suppliers and other important contacts that you have considered all major aspects of the operation.
- If you will have employees, be sure to read, understand and comply with the Labour Standards Act in your jurisdiction.
- Register with all appropriate government agencies and departments including the municipal or town government for a business license, the territorial government for a business registration (Justice) and registration for Payroll Tax (Finance), Worker’s Safety & Compensation Commission and Canada Revenue Agency for GST and Payroll Tax registration.