Became a registered business owner today..

A

animal-inside

Well-known member
Trusted Member
Created and registered my business today. Sole proprietorship with GST..

One of the things I enjoy making as a hobby seems to be highly sought after. Figured I'd give it a go for a year and see what happens. Start small of course.

Learned a lot in the last couple of weeks before registering a business..


We'll see what happens... my only thing is I refuse to sit and sell my product at trade shows, farmers markets etc..

I have 2 other buisnesses who want to sell my product. The hope is I get an idea of if its worth it based on this.. Then I weigh wether or not I want to run an online sales aspect and ship product. I would have to predict a good profit to get into that..

The nice thing is that my start up was about 1500$ only.. That 1500 should be enough to carry me through the year.


Anyone else try a crack at small business?
 
animal-inside said:
Created and registered my business today. Sole proprietorship with GST..

One of the things I enjoy making as a hobby seems to be highly sought after. Figured I'd give it a go for a year and see what happens. Start small of course.

Learned a lot in the last couple of weeks before registering a business..


We'll see what happens... my only thing is I refuse to sit and sell my product at trade shows, farmers markets etc..

I have 2 other buisnesses who want to sell my product. The hope is I get an idea of if its worth it based on this.. Then I weigh wether or not I want to run an online sales aspect and ship product. I would have to predict a good profit to get into that..

The nice thing is that my start up was about 1500$ only.. That 1500 should be enough to carry me through the year.


Anyone else try a crack at small business?
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What are you doing? Pm if you dont want to say out loud.
And good for you. Welcome to the club.
 
Congrats

is it worth going full time and quitting your day job over? Or is this more of a side hustle for ya?
 
animal-inside said:
Created and registered my business today. Sole proprietorship with GST..

One of the things I enjoy making as a hobby seems to be highly sought after. Figured I'd give it a go for a year and see what happens. Start small of course.

Learned a lot in the last couple of weeks before registering a business..


We'll see what happens... my only thing is I refuse to sit and sell my product at trade shows, farmers markets etc..

I have 2 other buisnesses who want to sell my product. The hope is I get an idea of if its worth it based on this.. Then I weigh wether or not I want to run an online sales aspect and ship product. I would have to predict a good profit to get into that..

The nice thing is that my start up was about 1500$ only.. That 1500 should be enough to carry me through the year.


Anyone else try a crack at small business?
Click to expand...
Don’t forget, even if you decide not to go through with it, you still need to file your taxes as Nil. I had registered just as you but I got really busy with school so I forgot to file my taxes. Next thing I know I got a letter saying I owe ~$3100 in penalties. They waived it because it was my first stupidity 😊🙏🏻.

I wish you the best of luck!
Turning a hobby into a profitable business is the best thing in the world. There’s a saying if you do what you love, then you would not work a single day in your life. Something like that, don’t quote me on it.

Even my professional friends have a side hustle that has nothing to do with their profession or education. They taught me that while you’re young and capable, you should put in as many hours of work as possible. Especially if you don’t have kids.
 
Do some research on an HSA...stands for Health Spending Account.....your company can pay your medical bills and is 100% write off for the company. You can even read about it on the CRA website.
 
DeviousD said:
Do some research on an HSA...stands for Health Spending Account.....your company can pay your medical bills and is 100% write off for the company. You can even read about it on the CRA website.
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Don't think this is possible as a sole proprietor.
 
I've opened a total of 8, currently am a part of just 1. Most I've sold off, some for good profit, some just to dump. When the one I got runs its course I'm done for a bit. Might get into something in construction, still not sure what I want to do when I grow up. Most important is that you enjoy it. Good luck and if you ever have questions feel free to reach out.
 
DeviousD said:
I believe you are right about the sole proprietor part actually....another tip would be to have a good accountant, get a reputable professional certified chartered accountant.
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And spend $4000 to file your taxes for one year, lol.
 
Sorbate said:
And spend $4000 to file your taxes for one year, lol.
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You don't need to retain them to do your taxes if you don't need but they will be able to give you the most up to date and accurate information on the newest tax laws. They can also help you with questions and help you structure your company properly to be able to make the most money possible and pay the least amount of tax without having to worry about an audit....of course there are ones too that could get you in a world of trouble but that's why I said reputable.

Of course it depends on the type of company that you have and what your needs are but I have found my accountant to be very valuable to me and my company. I pay less than that for book keeping, accounting, filing of corporate tax and GST, as well as my monthly payroll remittances.
 
DeviousD said:
You don't need to retain them to do your taxes if you don't need but they will be able to give you the most up to date and accurate information on the newest tax laws. They can also help you with questions and help you structure your company properly to be able to make the most money possible and pay the least amount of tax without having to worry about an audit....of course there are ones too that could get you in a world of trouble but that's why I said reputable.

Of course it depends on the type of company that you have and what your needs are but I have found my accountant to be very valuable to me and my company. I pay less than that for book keeping, accounting, filing of corporate tax and GST, as well as my monthly payroll remittances.
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Never found that they could really help me much. I even hired a company once to review my books, they specialized in my industry and really couldn’t find anything to help. Actually didn’t even charge me to look things over.

But my company is very basic, and not like I’m making over $500,000 in profit a year, so not in the realm of tax shelter, lol.

Plus in my business there is lots of unaccountable loss, so I guess if one was the type, you could likely save a lot in tax by getting some cash, lol. Too bad I’m too honest for that though.

So far 25 years, no audit. Maybe I pay too much, lol.
 
Sorbate said:
Never found that they could really help me much. I even hired a company once to review my books, they specialized in my industry and really couldn’t find anything to help. Actually didn’t even charge me to look things over.

But my company is very basic, and not like I’m making over $500,000 in profit a year, so not in the realm of tax shelter, lol.

Plus in my business there is lots of unaccountable loss, so I guess if one was the type, you could likely save a lot in tax by getting some cash, lol. Too bad I’m too honest for that though.

So far 25 years, no audit. Maybe I pay too much, lol.
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Fair enough.
We all pay too much Sorb, I wish you another 25 years without one....I'm on 10 and sure hope I never either. I try to always overpay a bit and never do anything shady, I don't want to have to try fight with them fucks.
 
DeviousD said:
Fair enough.
We all pay too much Sorb, I wish you another 25 years without one....I'm on 10 and sure hope I never either. I try to always overpay a bit and never do anything shady, I don't want to have to try fight with them fucks.
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My thought as well. My original accountant who was a CRA agent most of his life says they look for inconsistancies from year to year. Well the algorithm does now, lol.

Anyhow I have always left my office at home unclaimed so they will owe me tax in the end.
 
My aunt is a retired accounting proffessor.. She taught it and did taxes/book keeping on the side for 35 years..

She's been walking me through things..

I am not the type of person to cheat or take advantage of a system like our taxes. I've claimed my trapping costs through my taxes in previous years with no issues as well.

The side buines I'm starting isn't going to make a lot or cost a lot..

I shoudl be ok.
 
animal-inside said:
Created and registered my business today. Sole proprietorship with GST..

One of the things I enjoy making as a hobby seems to be highly sought after. Figured I'd give it a go for a year and see what happens. Start small of course.

Learned a lot in the last couple of weeks before registering a business..


We'll see what happens... my only thing is I refuse to sit and sell my product at trade shows, farmers markets etc..

I have 2 other buisnesses who want to sell my product. The hope is I get an idea of if its worth it based on this.. Then I weigh wether or not I want to run an online sales aspect and ship product. I would have to predict a good profit to get into that..

The nice thing is that my start up was about 1500$ only.. That 1500 should be enough to carry me through the year.


Anyone else try a crack at small business?
Click to expand...
I started a business early 2020. Invested about $20,000 and started off very strong. Then about a month in the lockdowns came.
But i broke even so whatever.
My wife had three on the go, but we dropped one because of supply issues. Her other two do very well. I went back to working shift work which I prefer. Love my days off.
 
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