Are you thinking to start up a new business?

April 20, 2020

During this unprecedented time, it is natural to think about starting up a new business since many businesses have been forced to close or make a hard decision to lay off employees.

You can search on the Internet for new business ideas such as on-line shop, cleaning and sanitizing, and essential goods delivery. No matter what business it is, there are things that you should consider.

Incorporation or Self-employed?
Which is more suitable for your situation, available capital, possible liability or tax payable?

Do you need to open GST/PST account?
When your business exceeds $30,000 threshold, you have to start charging GST.

Do you need to hire employees or contractors?
Be careful about the definition of employee. Even if you think you are hiring contractors, they could be considered as employees that makes you obliged to collect and remit payroll source deduction.

Have you made a budget?
Don’t just rely on your intuition to purchase inventories or sign a lease contract, but rely on numbers.