Are you ready to take the plunge and register your business? If you’ve Googled how to register your new business in Ontario, you already know that the results are overwhelming. So, where do you start?
Requirements for registering your business in Ontario sometimes change, so the best bet is always to follow the steps laid out by the Canada Revenue Agency (CRA). You can use the CRA overview as a checklist, just to make sure you don’t miss any steps in the process.
One of the first things on the checklist is to register through Business Registration Online (BRO) and get your Business Number. Once that’s done, you will be able to register for the following Canada Revenue Agency accounts:
- Corporation Income Tax
Be ready to provide personal information about the owners (your name, social insurance number, postal code, etc.), information about your business (its name, physical address, and business activity), and what type of business or organization it is (know and appreciate the differences between being a sole proprietor, partnership, or corporation, or registered charity).
Finally, don’t forget to use the tools and financing programs at your disposal – especially if you’re a charity or social enterprise. Social enterprises may be taxed differently and may be eligible for some financing. The Government of Canada also has grants and financing available for entrepreneurs, as well as advice on alternative methods such as crowdfunding.
While it takes a little bit of effort to register your business, it’s important to be properly registered – it protects you as an individual, separate from your business. And once you’re done, you’ll be able to move onto the fun stuff! Get your business website up and running (The Borden Formula will get your website online in less time than it took you to register your business), or get inspired to act with these 25 Big Thoughts for Your Small Business.
Starting a business is easy. You can do it in a couple hours. Starting a business that will last and grow is far more challenging, but, it’s absolutely worth it — if you are up for the job. Always take time to appreciate the journey, and to acknowledge the steps you’ve taken towards your own success. You won’t regret it!