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9 Tips for Starting a Business in Canada

Opening a business is an exciting and often rewarding career choice. It enables individuals to be their boss while creating something of lasting value for themselves, their families, and the community. However, starting a business in another country can be challenging, as one needs to have basic knowledge of the business requirements and legal paperwork. Luckily, experts have come up with some tips to help people easily open and run small businesses in Canada.

9 Tips for Starting a Business in Canada

Find and create the business plan
The first tip and step in opening a small business in Canada is to develop a business plan or strategy. One should determine what they will provide and who are their target customers. If the idea checks both these boxes, it could be the right thing to pursue. After this, one must create a business plan requiring immense research. This includes creating some estimates and determining the amount of cash flow to back the business proposal.

Secure financing
Opening a business is a significant and costly investment for many individuals. Therefore, the person might need to secure funding for their small business by checking with their bank or another lender. One should note that the more realistic and well-researched a business plan, the better the chances of securing financial support from the bank or another lender. The Government of Canada also offers small-business grants, including options for First Nations businesses, new immigrants to Canada, and former military members. One must check online to see if any of the business benefits apply to them.

Determine the costs involved
One should also know about what it would cost to run a business in the country. To begin with, one may require about $3600 (around $5,000 CAD) to $10,000 (around $13,000 CAD). Ultimately, the average cost of the business will depend on factors like office space, inventory, marketing, licensing fees, bills, payroll, insurance, and other relevant costs.

Pick a unique brand name
Another vital tip to remember is to pick a name for the business. This should be done based on whether the name resonates with the product or service sold. One should also assess if the name reflects positively on the business and how easy it is to pronounce, spell, and remember. Once the name is selected, the individual should check if it is available and unique to avoid potential legal trouble. To ensure the business name is unique, the person should also search national name databases in Canada, such as Nuans, Canada’s Business Registries, and provincial and territorial databases.

Register with the government
One may or may not have to register the name of the business, depending on how it is structured. Registrations aren’t required if the individual is the sole proprietor operating under their legal name, like a freelancer. But if the business is a partnership or corporation, the individual will have to register the name and a trademark. Other registrations may depend on the type of business structure used and the location. In order to support start-up businesses in each province and territory, the Government of Canada’s website provides links to various resources.

Apply for permits and licenses
The permits and licenses required before launching a business may vary depending on its location and the type of business. There are various tools that allow an individual to enter a business’s location and industry type to determine which permits and licenses are required. One also needs to apply for a CRA business number, which is used for income tax purposes. The individual could do this online or by phone through the Canada Revenues Agency (CRA).

Be mindful of taxes
One should research the basics of paying taxes when they are self-employed. People who start a business in the country may have to register for the GST/HST if they provide taxable property and services in Canada and their taxable revenue exceeds about $22,000 (around $30,000 CAD) in a single calendar year. The business owner may also need to collect income tax for the profits they earn. One has to complete a tax return at the end of the first year of activity to determine how much tax is owed, if any. The income tax laws differ between provinces and territories and at the federal level. Therefore, the individual might want to hire a professional accountant to help complete annual tax returns.

Open the business account
Individuals who aspire to open a new small business in Canada should consider separating their business banking from personal banking. Using a business bank account is the ideal choice. The account functions like a regular bank account but may also include features and perks designed for different business types varying in sizes and needs. One could also apply for a business credit card; these operate like personal credit cards and prove useful when purchasing supplies for clients, gas for company vehicles, and other business-related expenses.

Ask for assistance
Starting a small business takes a lot of work. Therefore, one must consider asking for assistance from another professional. There are various websites that may offer expert insights to guide one through the steps of opening a new business for small businesses in Canada. One may also find multiple online resources that could help get the venture running.

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