Tips 4-6

Tip #4: Time to get down to business? Get registered

Most businesses must register with federal, provincial and even municipal government agencies. Requirements may include an operating permit, permission to operate in your chosen location or specific qualifications for you or your employees.

You should register your business prior to obtaining a business license. At the Provincial level, you'll register your business name(s), provincial sales tax, workers' compensation, employment standards, health taxes and more. For information specific to your business, visit the Canada Business Service Centre online at: http://canadabusiness.gc.ca

At the Federal Level, you'll also need to register for a Business Number (BN) with the Canadian Revenue Agency (CRA) to unify all accounts a business may have with the federal government. The BN is used to operate corporate income tax, import / export accounts, payroll deductions (CPP and UI) and GST/HST. Registration should take place after the company has been registered.

Depending on the nature of your business, your municipality may require you to register for a business license, undergo fire safety or health inspections or obtain approvals for any changes made to your business premises. You'll also need to ensure your business does not contravene any zoning or land-use bylaws.

Business Name Registration

As an example, when operating a business in Ontario under a name other than your personal name, you must register the name with the Ministry of Consumer and Business Services (MCBS). A business name search can be conducted at the time of registration to see if there any businesses with that name currently operating in the Province. Once you register your business name, you'll be given your Master Business License (MBL), allowing you to:

• operate your business under the name you registered
• open your business bank account
• write and accept cheques on behalf of your business name

Note: You do not need to register if you operate the business using your own personal name (unmodified) as a sole proprietor.

For Province specific information about registering your business, see canadabusiness.gc.ca

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Tip #5: Open for business? Open an account - it's easy!

Opening a Business Deposit Account is an exciting first step toward your future success. Best of all, it's simple, requiring a few business-related documents and some basic personal information.

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Tip #6: Starting a business? Let's talk money

Determining whether you have enough money to start you business means creating a variety of realistic cash flow projections, taking as many factors into account as possible. That way, you're better prepared and can react quickly if things don't turn out as expected.

Calculating your business start up cost

Be sure to include costs for operating capital during the first 3-6 months, as your business continues to grow. Try this simple calculation to figure out what you might need to get started:

		Start-up costs Includes funds you'll need to cover shortfalls in your cash flow.
		Your initial investment Includes money from you, your family or partners
		Start-up capital required

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The content provided here is for informational purposes only. You should consult your own professional advisors when implementing any strategy to ensure your individual circumstances are properly considered and that your actions are based on the latest available information.