Opening a small inc. business in canada.

[paulsaddress5]

I've been thinking about opening a small business, just a small engine shop or something, and I cannot seem to come across any information on actually opening one on the net. The only problem is I don't know where to start and I am not 18 and im not sure if that is a problem. any sites would be helpful, or advice if you have your own buisness or know alot, thanks

[AllGoNoShow]

Have to be 18 to register it under your name with the government, we looked into it for a shop here aswell, but then EVERYTHIGN following has to be udner whoever registered the name otherwise people start wondering and everythign is much slower. Wait tillyour 18 and take business management classes or something, with your skills and those courses you shouldn't have an issue.

[paulsaddress5]

Yea, that is what I was thinking the answer was going to be, meh I'll just take the buisness course at my highschool. thanks

[Tyler883]

You can go to most registry offices, and for about $30 bucks you can do a name search and register your company name. You will receive a business number from them that is needed to open a business account, or contact GST, or pay for a city of calgary business liscense.

I did this a few years ago with a small proprietorship,

If you want to incorporate, there is a bit more to the registration process, and it could costs about $300.

Also, if you are looking for some small business information, you could try an office called "Alberta Economic development". I think they a re a good source for free information, counseling, and information about the available business loans or grants available to you.

OR, if you like, try picking up one of the many Canadian Home Counsel books on this topic, you can definitely buy them at Chapters, but I'd check the city library, too.

[Chim]

Just curious, is it better to start a personal corporation or a proprietorship/partnership? (in the best interests of saving money through tax shields)

[Tyler883]

Originally posted by Chim
Just curious, is it better to start a personal corporation or a proprietorship/partnership? (in the best interests of saving money through tax shields)

thats a difficult question to answer. Here's what I know:

with a proprietorship, all my business info went onto a T2124 business form and then it was calculated as part of my personal taxes on my T1 general.

However, with a corporation, the corporation files it's own T2 tax return, and it issues T4 slips to all it's employees.....at a personal level, you would receive a T4 slip for the personal income tax forms that you still need to file.

No for the tough part, which is better? IMO, it depends on what you are looking for, and the nature of your business, and the real number in your accounting system. I don't think anyone can give you a clear answer, unless you sit down with an accountant and ask him to make a recommendation.

good luck

[paulsaddress5]

yea i went and got a name, and got the scoop. it is ok for me to open up my own buisness because i am not running the buisness i am just working for it, thanks for the help though.