If you have found this page through search, this is the second page of a guide to starting a business in Canada which explains the steps you need to follow when starting a business and links to additional information to get your new business up and running. You will find six other steps to starting a business in Canada on page 1 of this article.
More steps for starting a business in Canada:
Although GST registration is mandatory for all businesses in Canada, there are exceptions. Find out who has to register for GST, why voluntary GST registration can be advantageous to your business, how GST in Canada works and what the GST registration process is with these GST HST resources.
9) Register for the PST.
Before starting a business, you may also need to register as a collector of retail sales tax (RST), also known as provincial sales tax (PST). Do You Have to Register for PST or RST? In provinces such as Ontario and B.C., provincial sales tax registration is called registration as a vendor. The PST/RST library includes links to provincial sales tax information in various provinces, to make it easier for you to register for, and learn how to collect and remit provincial sales tax in your province.
10) Prepare to have employees.
When you're starting a business, hiring employees may be the furthest thing from your mind, but it's amazing how quickly a business can grow. And once you have employees, your business will probably need to register with the Worker's Compensation Board in your province. My Guide To Workers' Compensation Insurance explains who has to register for Workers' Compensation insurance and how to register; Workers' Compensation Insurance has links to the Worker's Compensation Boards in every province, where you can register online in some cases.
Find out more about hiring employees, employment standards, E.I. and other employee issues in my Human Resources Management Library. The Payroll Taxes section includes Employer's Guides, T4 slips, the ROE - all the forms and details you need to manage your employees' payroll deductions.
11) Buy other kinds of business insurance.
Protect your new business by making sure that you have the kinds of business insurance you need. Do You Have The Business Insurance You Need? explains what property, liability, business interruption, key people, and disability insurance are. Find out more about these types of business insurance in the Insurance library.
Learn about home-based business insurance and how to save money on the cost of business insurance in general in Home-Based Business Insurance.
12) Get your business records off to a good start.
If you keep good records from the first moment you're starting a business, things such as accounting and paying taxes become so much easier. Get your business records off to a good start with 7 Ways to Make Record Management Easy and 7 Ways to Control Chaos in Your Small Business.Want to know more about accounting and/or bookkeeping? See these Accounting and Bookkeeping Resources. Learn how to set up filing systems and handle receipts with these Data Management articles. Find out more about business expenses and tax deductions in this collection of articles on Small Business Tax Deductions.
Where to from here?
The Starting a Business FAQ provides answers to common questions such as whether or not you need a business bank account and how to find small business start up money. Visit the Small Business Financing section for information on small business grants and loans. Browse the Starting a Business library to read other articles about starting a business. Or if you prefer, sign up for the Starting a Business in Canada Course which covers the topics outlined in this article.
Two major concerns for people starting a business are management and marketing. The Marketing and Business Management hubs on Small Business: Canada contain many articles that will help you market your product or service and manage your new business successfully.
There is also a Business Terms Glossary that you may find useful. Best of luck in your new venture!
