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Starting a Business in Canada
Starting a business can be a challenging and rewarding endeavour. With the right planning, resources, and groundwork you'll enjoy a better chance of success.
Consider Business Compliance
Think about the legal stuff.
While we can help with your business banking needs to manage cashflow, the Government of Canada has a lot of useful resources to help start your business, including information on:
- Business structure - Will your business be a sole proprietorship, partnership, or corporation?
- Protecting intellectual property with trademarks and patents
- Registering for a Business Number, GST/HST
- Applying for licenses and permits
Choosing a Business Structure
The way you structure and own your business affects your responsibilities and tax rules. There are three main types:
Each business structure has pros and cons including ease of set up, tax implications, and maintenance costs. Before deciding on a structure for your business, consult a lawyer or professional to determine the best one for your needs.
Protecting Intellectual Property
Intellectual property (IP) refers to intangible assets like patents, inventions, brands, designs, processes, technologies or software, to name a few.
Protecting your IP rights may be important because it can give your business a competitive edge, especially in a crowded marketplace.
Professionals can help you navigate IP and the Government of Canada offers helpful information on learning to identify your IP assets as well as instructions on how to protect them, including patent registrations.
Registering Your Business
The Canada Revenue Agency (CRA) requires certain businesses to register with them for a business number (BN).
Visit the CRA website to find the information you need, apply for a business number, or register your business.
Payroll & Taxes
Take some time to learn about how to collect, report, and remit taxes.
You will likely need to register for your goods and services tax (GST) and harmonized sales tax (HST) number from the Canada Revenue Agency. This may also be required if you're setting up a corporation, in order to register employee payroll deductions, make job offers, and set up employee deductions.
Visit Making Payments for more information on paying employees and taxes.