Startup FAQ

Here are some questions you might have regarding taxes for Startups

How to start your own business?

What steps do I need to follow?

Determine if it would be better for you to incorporate or to run your business as a sole proprietorship. Apply for financing (if needed)

How much money do I need to start my own business?

The amount of money will depend on the type of business and many opportunity are available for financing your business.

Can I start my own business if I am not from Canada?

As a permanent resident you can start your business.

What is the difference between sole proprietorship, and corporation?

A sole proprietorship will be doing business under your name and all the liabilities are your responsibilities. A corporation will allow you to have limited liability, as it is a different entity.

Can I get financing for a start-up business, and how can I get it?

Yes, you can receive financing and the amount will depend of the type of business. In order to apply for financing you will need to determined the type of business, have a business plan and produce the cash flow projection for the next years. You will also need to demonstrate your income, assets and liabilities.

What is a business number?

A business number is your business identification number, to communicate with Canada Revenue Agency. You will acquire it after the incorporation of your business, and this will allow you to apply for the GST/HST and payroll accounts.

What are the Provincial and territorial business registrations?

This means that you can incorporate your company at the federal or provincial level. Having a company at the federal level will allow you to use the company in another province. Provided that you register in Ontario, you can only do business in this province.