Navigating Regulatory Bodies
Organizations You Need to Know
Whether you're planning on being a sole proprietor or heading a large corporation, if you're starting a new business you'll need to contact a variety of regulatory bodies. There are several different organizations existing on the federal, provincial and municipal levels. YNCU can help you find the information you need to contact them before you begin any new project.
What's In a Name?
If you plan on operating your business as a proprietorship, partnership or limited company, you'll have to register the name with your provincial Corporate Registry. This makes sure that you aren't using a name already in existence. There are registration locations throughout each province.
Getting a Licence
Municipalities require you to obtain a licence for the location of your business. You may also need separate licences if you conduct business in several municipalities, as well as licensing for any commercial vehicles. Any kind of licensing will include fees, and the fees can vary from place to place.
There are dozens of other federal and provincial licences that you may require depending on the type of business you're in. For example, if your business is food service related, you'll have to become familiar with the Food Inspection Act as well as several other acts that will apply to you. Make sure that you have all applicable licences for your business before you begin.
Taxes
Become familiar with how you are required to file Federal Income Tax as a business person. If you are sole proprietor, you must file a personal income tax return once a year. If you are in a partnership, you are only taxed on your share of the income the business makes each year. A corporation must remit taxes every month, as well as file an annual corporate income tax return.
If you are buying goods for retail or wholesale you must apply for a Social Service Registration Certificate; if your annual revenue is more than $30,000, you also need to register for the Federal Goods and Services Tax. For full information on taxes, and how they apply to your business, contact the Canada Customs and Revenue Agency.
