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ONTARIO SMALL BUSINESS HST EXEMPT: SMALL BUSINESS IN ONTARIO - YouTube
Channel: Ira Smith
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small business in Ontario how to handle
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small business death starting a
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home-based business in Ontario are you
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fantasizing about beginning your very
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own small business in Ontario do you
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have a great passion and you feel it in
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your bones that could be profitable and
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provide a comfortable site or main
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income for you well you're not the only
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one lots of Canadians like you have
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their very own business desires many
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boomers could not afford to retire so
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they have become senior preneur let's
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say you have a dream to start your own
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business doing what you love in the
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beginning you probably want to keep it
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simple no employees no fancy office just
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you meeting with clients at your kitchen
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table sounds pretty simple but what do
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you need to go from a drawing to a solid
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business plan to a real business a good
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business plan is critical a realistic
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look at your market your potential
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customers and your goals current and
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future it should map out what success
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means for your business from there
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details of the next steps are different
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in each province or territory so you
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need to find out how it works where you
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want to operate your business this
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Brandan's blog will deal with business
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in the province of Ontario how do I
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start a small business in Ontario a
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typical new business starts with the
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following four steps the most basic
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first step for every new business in
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Canada is to choose a legal ownership
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structure for example you may have
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trouble choosing will it be a sole
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proprietorship really the business being
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just yourself or will you choosing
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corporation setting up a separate legal
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entity this decision is very important
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each has their own advantages
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disadvantages and differences in
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financial reporting and taxation step
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two is to decide on a name what are you
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going to call your business you could
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choose to work under your own full name
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especially if you're a sole proprietor
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something like your name operating is
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the style name you want for your
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business or you could choose to
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incorporate and choose the company name
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do I need to register my business
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Ontario
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step3 is registering your business if
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you are operating as a sole proprietor
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you would register provincially if you
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are incorporating a company you could
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register either provincially or
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federally it really depends on the type
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of business you're operating and whether
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you will be operating in more than one
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province you will also need to register
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with Canada Revenue Agency these
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registrations is about getting a
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business number to communicate with the
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government and about setting up for your
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various tax reporting and remittance
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obligations step 4 involves getting
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whatever civic provincial or federal
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business licenses you will need for your
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business to operate in a specific
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province territory or city so four basic
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steps will get your business started
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decide on your legal structure and
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business name then look into business
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licensing and registration and there you
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have it you are now on your way how much
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does it cost to register a business in
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Ontario before you sign up a new
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business name or when altering the name
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slash legal form of the business you
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should browse the provincial database of
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existing registrations the reason for
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doing this is to see if the name of your
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business is already taken and being
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utilized by another business once you
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are sure the name you want is available
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you go ahead and register it the costs
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to search and then register a business
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name is searched dollar eight dollar
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twenty six depending on the sorts of
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Records you intend to search
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registration $60 renewing a registration
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$60 if you plan to incorporate you need
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the services of a lawyer or paralegal
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they will do the incorporation and
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registration for you you need to check
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with a professional to understand the
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costs involved in setting up a
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corporation how many small businesses
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are there in Ontario the last time
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Statistics Canada collected this
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information was for 2017 as of December
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2017 there were 118 million businesses
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in Canada are categorized as follows
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1.15 million ninety seven point nine
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percent were small business twenty one
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thousand nine hundred twenty six one
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point nine percent were medium sized
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organizations and 2939 0.2 percent were
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classified as big businesses
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over half of Canada's small businesses
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are focused in Ontario and Quebec four
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hundred seventeen thousand seven hundred
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forty two and two hundred thirty six
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thousand seven hundred five respectively
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Western Canada has a large number of
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small businesses led by British Columbia
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which had 179 thousand five hundred
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seventeen as of December 2017 in the
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Atlantic region Nova Scotia has the
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greatest variety of small biz at twenty
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eight thousand eight hundred seventy
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four the province with the best variety
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of businesses four thousand individuals
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over eighteen years old as Prince Edward
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Island forty nine point four then
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Alberta forty eight point eight on the
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other hand Quebec has the tiniest
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variety of services for thousand people
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over eighteen years old thirty five
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point three followed by Ontario thirty
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seven point two as well as Nova Scotia
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thirty seven point three so you can see
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by these numbers the importance of small
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business and employing people and
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contributing to the Canadian economy
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how to start a business in Ontario with
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no money you cannot start a business in
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Ontario or anywhere else with no money
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depending on the type of business you
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are starting you may not need a lot of
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money but you can't start one with
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nothing basic expenditures like a
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website and business cards require money
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your marketing and advertising to get
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your business off the ground will
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require money banks will not lend money
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to a start-up they also will not lend
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any money to a business where the owner
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has not made an investment into his or
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her own business
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the reason is because the bank wants to
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see dedication they want to know that
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when things get tough and they will that
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the owner has a reason to stick around
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having your own money in the business
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that you don't want to lose is a great
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incentive to stick it out so in the
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beginning you will need some money to
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get started there are some ways that you
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can fund your new business
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they include don't start your business
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until you have built up enough savings
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for expenditures to sustain the business
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for say six to nine months figure out
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what you can do and obtain for free ask
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your family and friends for funds apply
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for a small business loan after you have
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invested your own money in your business
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for when you need added cash look the
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small company government grants as well
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as local funding possibilities find out
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about and charm potential angel
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investors just like they do on
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television you will be amazed at your
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own creativity when you need to use it
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to find extra cash in the beginning you
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will definitely be paying yourself last
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small business death every business
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needs money to sustain its growth at
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first money will be invested as equity
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and perhaps debt by the owners in order
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to take on bank debt the bank will
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require the owners to subordinate their
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claim to that of the bank as the
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business expenses increase because sales
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are increasing and the business is
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growing more money will be needed the
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business plan including a detailed cash
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flow statement that is regularly updated
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amended and followed is crucial the
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government encourages businesses that
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are growing to do so by way of death the
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income tax laws allow for the interest
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paid on debt to be deducted for tax
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purposes the cost of debt is always
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cheaper than the cost of equity this is
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a good reason to take on debt what the
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business owner has to be careful of is
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that the business is not taking on too
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much debt
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what is not good as taking on more debt
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to make up for a history of losses I'm
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not fixing what is wrong with the
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business eventually there will be no
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place to borrow from if the reason for
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the losses is not fixed a history of
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losses is one of the most common things
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I see with businesses in trouble that
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come to me for advice losses that have
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not been fixed or at least stopped is a
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danger signal of poor management when
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your lenders determine management is
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poor it is like a shark with blood the
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lender will call in its loan your trade
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creditors will stop extending credit
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this will lead to the demise of the
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business summary is your small business
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in Ontario in need of financial
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restructuring the financial
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restructuring process is complex the IRA
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Smith team understands how to do a
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complex corporate restructuring however
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more importantly we understand the needs
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of the entrepreneur you are worried
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because your company is facing
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significant financial challenges your
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business provides income not only for
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your family many other families rely on
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you and your company for their
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well-being the stress placed upon you
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due to your company's financial
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challenges is enormous we understand
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your pain points we look at your entire
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situation and devise a strategy that is
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as unique as you and your company's
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problems financial and emotional the way
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we dealt with this problem and devised
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the corporate restructuring plan we know
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that we can help you and your company -
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we know that companies facing financial
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problems need realistic lifeline there
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is no one solution fits all approach
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with the ire Smith team that is why we
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can develop a company restructuring
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process is unique as the financial
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problems and pain it is facing if any of
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this sounds familiar to you and you are
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serious in finding a solution contact
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the IRA Smith trustee and receiver
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incorporated team today call us now for
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a free consultation we will get your
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company back on the road to healthy
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stress-free operations and recover from
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the pain points in your life starting
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over starting now
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