Watch this to learn WHY You SHOULD START a BUSINESS in Canada! 🇨🇦 th-cam.com/video/XvrBNnKj52Y/w-d-xo.html Make sure you watch that video FIRST 👆 and then come back to this one 😁
@@CanadianTShirt These were great thank you for all the information! I was looking for a guide specifically for filling out tax information while operating a small sole proprietorship business. Just wondering if there are any pitfalls I should be aware of and what boxes I should be hyper aware of.
Wow! Thank you Rami! That's so kind of you to say and it makes me so proud to hear that my videos are actually making an impact for at least a few people 😁
as an American Accountant/Software Developer trying to learn how to help other Canadians run a business, this is absolutely beautiful. Thanks for the help
@@CanadianTShirt Thank you for the response! If I could ask, how would a Canadian Sole prop or LLC pay a US Citizen? I feel this would be helpful to know now that the world is more connected than ever. Thanks! Edit: US Citizen lives and works in US
I can tell you must have been a great tutor just by the wasy you have been so thorough, detail-oriented and patient in breaking everything down to us! 😊👍
I never thought they would lead me into a career on TH-cam but that's the beauty of life! You never know what will happen and how your skills and experience will be put to use! =)
This was incredibly helpful!!! Trying to figure this out on my own has been a challenge and your video explained it in a very simple, straight-forward way, that I now have more peace of mind about my business and which direction to take. Also the captions in your video are SUPER HELPFUL too! Thank you so much!!!
Every time I have a question about something related to Canada, I never think twice before I check this channel. Very useful especially for new comers and also always straight to the point. We love you :D
I have been stressing so much about this subject and have been trying to make sense of articles and advice from my entrepreneur community. Thank you for making the concept so simple and easy to follow!
I'm glad you found this video so helpful! And make sure you watch the rest of my Canadian BUSINESS guide, the videos with the purple coloured thumbnails =)
Damn Adrian, your enthusiasm, your level of knowledge and accuracy of information really motivated me to open a questrade account and start investing my savings. Now I have to open sole proprietorship business and start making more money!
Woohoo! That's what I LOVE to hear! Just you wait, once you start taking charge of your financial future and making your money work for you through investing, real estate and running a business, it is super addicting!!! 😁
I just discovered your videos and they are very informative and helpful. The one thing that I really like about you is that you seem to respond to all your viewers comments which is awesome, no one else does that! Great channel . Thanks again
Thank you Christina for those kind words! I really appreciate that! 🙏 And yes that's what I try to do! I try my best to respond to as many questions as I can but sometimes it can get overwhelming 😅
Thank you again. Watched this video two years ago to have some ideas about starting business and now I’m coming back to check it again before my first move ❤
I feel like I never get to watch the video I want, I always end up having to watch another video first, and then get sidetracked down another video and then another... Seriously though, just came across your channel looking for info about dividends in Canada. Good stuff. Thank you for your content.
hahaha sounds like a good problem to have! 😅 I'm happy you found my channel! I suggest to watch my videos in chronological order (oldest to newest) or to watch my custom made playlists where I place the videos in a specific order so that they flow into each other =)
Thanks Adrian! I'm an unregistered sole proprietor, and will likely cross the $30k threshold later this year, so I'm looking forward to your GST/HST video
Hi Alpine Dividends. As you stated you are running a business, I would like to know if you buy products wholesale in the US, and does it require a permit, sales tax certificate, any reseller or retailer documents as a Canadian to buy wholesale products in the STATES. Thank you.
This is great! I just started a business after developing a prototype for a product. I registered under a different name and have a BN. What I gathered is that I need to double check if I have a BIN, gather all my receipts in one spot, create a separate bank account and get going!
Great Scott! Watched and liked, thanks Adrian! Still so thankful you got me on this dividend stock journey. Have grown my knowledge and wealth in such a short time period.
You got it Jason! I'm so happy I was able to play a role in your investing journey! Making your money work for you gets super addicting! It makes you wish you had a flux capacitor to go back and start investing years ago! 😁
Adrian, you are the best! You are so good at making things clear and thorough. Bravo! Really excited about this series. As an incorporated business owner, I’m wondering if you would be covering the pros and cons of investing additional income in the stock market vs having it sit in a corp savings account. I’m looking for higher interest return but don’t want to risk too much. Are there tax benefits? Are there fees to be aware of? Would love to hear your opinion. Thanks again for your videos! Great content!
You got it Stefanie! I will be making several videos on corporate strategies since there is a TON to talk about! Yes you can invest in stocks using the money inside your corporation but be warned! Passive income (stocks and real estate) are taxed quite heavily inside a corporate about 50%. Only the active income (money from running the business) benefits from the lower corporate tax rates
Also note that there is a limit on how much passive income you can earn inside an Active Co. If your passive income exceeds your actual business income, you can get in trouble and you'll get penalized. That's why you might consider opening up a holding co in order to hold passive income sources like stocks and real estate. There is a TON to discuss and make sure you speak to a corporate accountant about your particular situation =)
I've been watching your videos for almost 3 hours now this morning, all because I was looking for beginner's help with questtrade. Your videos are so helpful and easy to watch and pay attention, you're a good teacher! Thank you!
Thank you so much for those kind words! Sound like you've had one hell of a productive Sunday morning! Stay tuned for my latest video tomorrow afternoon! =)
These videos are amazing. However one thing I'm still confused about is how are you taxed as sole proprietor if your business isn't registered? Also how do taxes work if you have a regular job and a side business. I've watched your series and I just can't seem to figure that stuff out. Sorry if those are stupid questions. Thanks again for all the help.
because as a sole proprietor, since it is not a separate entity, the income from the sole proprietorship is considered personal income. When filing your taxes, you will have to include all your earnings from your regular job and side business. If working a regular job, a way to lower your tax is by contributing to your RRSP, if you still have contribution room. At the end of the day though, it is best to seek legal tax advice from a professional regarding your situation
Thank you so much. I'm thinking of starting a small hand made business. since I have no idea about all of this stuff. It is beneficial. keep making these types of videos.
It's my pleasure! I'm glad you found value in my BUSINESS videos, make sure you check out the rest of my playlist, the videos with the purple- thumbnails. And best of luck on your new business venture! 😎
Amazing video as always! Looking forward to the GST/HST video. I'm a sole proprietor working on consulting contracts so I've been using the Quick Method since I don't have many expenses. A possible good video for this series would be what steps do you need to take with your first employee. The idea of having an employee is attractive to me but the process is a bit gray.
You got it! And I agree 100% If you have very low business expenses then the quick method is AMAZING since it will actually earn you a little bit of a profit in the end! I will cover this in much greater detail in an upcoming video!
I'll also get to the issue of employees and payroll but basically you need to register for a payroll account with the CRA and then you can either pay someone to handle your payroll (might be worthwhile if you have a ton of employees) or you can handle payroll through something like Quickbooks which will only cost you about $50 per month! If you have more employees, it will cost you more =)
Hi Adrian! I started my own business a few months ago and I found the licensing part very complicated. It appears that, at least here in BC, you need a municipal license for each city you operate in and in any kind of business(not just lawyers, doctors, etc). Do you know anything about this??
I've never set foot in BC so I have no personal experience with BC laws so I don't want to accidentally give you the wrong info.... you should speak to a BC accountant to clarify this. I wish I could help!
Hi Adrian, thank you so much for the awesome info! I love your enthusiasm! I was wondering if you can offer some advice for my situation where I actually went ahead and incorporated right away but I'm not finding it beneficial in terms of tax benefits as it's not a high income business. Would you suggest closing the inc and changing it to a sole proprietorship to avoid paying the same amount to file taxes every year? What is the process of going reverse from Inc to sp? Any advice would be greatly appreciated! Thank you!
I'll be honest, I have never "downgraded" a corporation into a sole-proprietorship... you would definitely have to speak to a corporate accountant about that. But it won't be easy... you're essentially dissolving a legal entity so you might have to "sell" the corporation to you... Honestly, you've gone through the trouble of incorporation, I would probably keep it open and hope that your income will grow in the future but speak to an accountant for sure =)
Great video as usual! Adrian, could you please tell me if affiliate marketing falls under the sole proprietorship category? I was part of a program for the past year, and I would like to claim the expenses I had this year. Thanks in advance and keep up your excellent work!
Absolutely it would! If you run a blog or a youtube channel and you earn income from affiliate marketing, that is definitely business income and thus you can deduct business expenses! =)
What if my business name is "By Jessica", do i still have to register? If yes, am I obligated to have a separate bank account? Bttw thank you so much, you answered most of the questions i had :)
Unfortunately yes! Since you're legal name is NOT "By Jessica" If your legal name was "Jessica Smith" you can open a business without registering. But if your business name was "By Jessica Smith" even though your name is part of it, that is NOT your legal name so you have to register =)
@@CanadianTShirt @Canadian in a T-Shirt Thank you for the reply! after registering, do i need to open a separate bank account or can i use my personal one? i'm not expecting to receive any checks.. just selling product on my online store
You should open a separate bank account. There are tons of bank accounts which are free and even if you do end up paying a monthly fee, it will be a small amount and it is a tax deductible expense! =)
I'm so glad to hear that you found it helpful! Make sure you watch the rest of my Canadian Business guide as well! Here is the link to the sequel: the DOWNSIDES of Starting a Business in Canada =) th-cam.com/video/ST1_Zem8AcM/w-d-xo.html
*next week on Canadian in a T-Shirt , how to open a secret business account in the Cayman islands like all the Billionaires and avoid all taxes for Canadians part 1of 2* hahahaha jk....
Impossible as your business isn’t structured the same way as all those billion dollar businesses. They are international and if your only in Canada that is impossible to do. If the business operates solely in Canada you will be taxed.
@@Slickpete83 I’m relaxed, I was answering your question with the true answer. Obviously you won’t be a high earner to where you ever need the info anyway. Secret accounts, this is 2021 and the world is more connected than ever. There is no such thing as secret accounts anymore.
@@CanadianTShirt yes I’m really considering starting a small business cleaning/courier and I’m just gathering information on how to start,what to do and what to expect also I’m trying to figure out my niche… it’s scary and exciting at the same time but with the wealth information available around from mentors like yourself I’m sure I’ll do just fine.lol
You got it buddy! It's important to do the research now and get informed so that you have a plan and strategy set in place! Best of luck with your new business! 🙌
Yes I covered that, you will still be a sole-prop but you have to register that operating name with the provincial government. And then get a BIN and a Business Number etc =)
I'm so happy to hear that! You should definitely give it a shot as a side-gig. It will be tough and you will have to make sacrifices but it will we worth it in the long run =)
Thank you Aneka! I'm glad you are finding so much value in my channel! Make sure you watch the rest of my Canadian Business Guide videos =) th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Are you planning on writing a book on the subject? Because I think you absolutely should! I watched quite a few of your videos and you have a way of explaining things crystal clear.
A friend of mine is writing a book and it is quite the challenge.... especially going back and forth with the editor to make adjustments.... I prefer TH-cam, where I can say what I mean. Without needing to ask for anyone's approval =)
Round of applause man all the info I been researching summed up and clear lol I been researching and taking notes on my own fo5 days. Should have just came here lol
Well you've come to the right place! I'm happy to help! And make sure you watch the rest of my BUSINESS GUIDE, my videos with the purple thumbnails =) th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Thank you so much Liset! I'm glad you are finding value in my videos and make sure you watch the rest of my BUSINESS GUIDE PLAYLIST (the videos with the purple coloured thumbnails) 🙂
Thank you so much! And yes it did! It was incredibly stressful but it worked out! PLUS my brother and I also just closed on a rental property so this month has been incredibly overwhelming to say the least! But I am SO GLAD to be back! 😁
Thank you, was the exact info I was looking for! Every time I clicked on a video for starting an online shop, the first steps where always "find your niche" and "figure out what you want to sell". All that comes in time, but I really wanted a video to help me settle things with the tax man!
You got it buddy! I definitely have more on the way! And make sure you watch the rest of my Canadian BUSINESS videos! The videos with the purple thumbnails =)
It was a real pleasure watching you teach about how to register a business. You are extremely informative and helped me a lot. Thank you so much for your time and your expertise. I am going to watch all of your videos. Thank you again for making it easy and not so scary.
I discovered your channel tonight. i am an italian, i don't speak english well and i am trying to open my shop. you have been very helpful and enlightening. Thank you so much. 🙏
I'm glad you found it helpful! I will be making a whole video on deciding whether to incorporate or not, there is a TON to consider! In the meantime, you might want to talk to a corporate accountant and discuss your particular business situation. It's worth the time, even if they charge you a fee for an hour discussion =)
And check out the next video in my Business series, the DOWNSIDES of running a Business in Canada for more great tips =) th-cam.com/video/ST1_Zem8AcM/w-d-xo.html
I appreciate that! I'm glad you found this video helpful and make sure you watch the rest of my Canadian BUSINESS Guide! 🙏 th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Thanks buddy! As a youtuber, earning your trust enough to share my videos with your friends is the BEST compliment I can receive! I really appreciate you spreading the word and I hope your friends also find value in my videos! 😁
It's my pleasure! I'm so glad you found so much value in this video, make sure you check out the rest of the videos in my Canadian Business series! =) th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Watch this to learn WHY You SHOULD START a BUSINESS in Canada! 🇨🇦
th-cam.com/video/XvrBNnKj52Y/w-d-xo.html
Make sure you watch that video FIRST 👆 and then come back to this one 😁
And check out my CANADIAN TAX GUIDE Playlist for more great tips! 🇨🇦
th-cam.com/play/PLj8bU3AuW2qEA_ik7NOAIkBY02nt7KAPj.html
And my MILLENNIAL INVESTING GUIDE to help you get started from the beginning 👇
th-cam.com/play/PLj8bU3AuW2qEVri8g-ErBL65ng98iAf5g.html
Thank you
Keep up the great work
And finally, we have a sequel to the long waited business series. Good one. Hope we don't have to wait another year for a trilogy.
@@CanadianTShirt These were great thank you for all the information! I was looking for a guide specifically for filling out tax information while operating a small sole proprietorship business. Just wondering if there are any pitfalls I should be aware of and what boxes I should be hyper aware of.
Canada is proud of you, you are part of the solution!!!
Wow! Thank you Rami! That's so kind of you to say and it makes me so proud to hear that my videos are actually making an impact for at least a few people 😁
Nice comment. If you faceing digital marketing problem please search in google'`socialproatika`
This channel is so essential. Always clear and direct, always in depth explanations of the topic at hand. Stellar job man🙌🏾
Thank you Andrew! I really appreciate those kind words and I'm happy that you have found value in my videos! =)
as an American Accountant/Software Developer trying to learn how to help other Canadians run a business, this is absolutely beautiful. Thanks for the help
I'm happy to hear that you found this helpful! Thanks for tuning in! =)
@@CanadianTShirt Thank you for the response! If I could ask, how would a Canadian Sole prop or LLC pay a US Citizen? I feel this would be helpful to know now that the world is more connected than ever. Thanks!
Edit: US Citizen lives and works in US
Easy to understand. I have heard this from a million small buisness owners and it never made sense till I watched this . Thanks !
I'm so happy to hear that! I try my best to break down the complex info and make it as accessible as possible! 🙏
I can tell you must have been a great tutor just by the wasy you have been so thorough, detail-oriented and patient in breaking everything down to us! 😊👍
Thank you for those kind words! I definitely developed my teaching skills through my years of working as a tutor! 🙏
I never thought they would lead me into a career on TH-cam but that's the beauty of life! You never know what will happen and how your skills and experience will be put to use! =)
I have been a fan 6 years now. Found this channel in my first week in canada. Thanks bro, u r incredible
Thank you so much! That means so much of me that you've stuck by me throughout all these years! 🙏
This was incredibly helpful!!! Trying to figure this out on my own has been a challenge and your video explained it in a very simple, straight-forward way, that I now have more peace of mind about my business and which direction to take. Also the captions in your video are SUPER HELPFUL too! Thank you so much!!!
I'm so happy to hear that and I'm glad my video was able to point you in the right direction! Best of luck with your business! 😁
Every time I have a question about something related to Canada, I never think twice before I check this channel. Very useful especially for new comers and also always straight to the point. We love you :D
That is so kind of you to say! I truly do appreciate that! 🙏
I have been stressing so much about this subject and have been trying to make sense of articles and advice from my entrepreneur community. Thank you for making the concept so simple and easy to follow!
I'm glad you found this video so helpful! And make sure you watch the rest of my Canadian BUSINESS guide, the videos with the purple coloured thumbnails =)
Nice comment. If you facing digital marketing problem please search in google'`socialproatika`
Hands down the most useful channel on all youtube. legend!
Thank you for those kind words! I'm glad you are finding my lessons helpful! 🙌
Damn Adrian, your enthusiasm, your level of knowledge and accuracy of information really motivated me to open a questrade account and start investing my savings. Now I have to open sole proprietorship business and start making more money!
Woohoo! That's what I LOVE to hear! Just you wait, once you start taking charge of your financial future and making your money work for you through investing, real estate and running a business, it is super addicting!!! 😁
I just discovered your videos and they are very informative and helpful. The one thing that I really like about you is that you seem to respond to all your viewers comments which is awesome, no one else does that! Great channel . Thanks again
Thank you Christina for those kind words! I really appreciate that! 🙏
And yes that's what I try to do! I try my best to respond to as many questions as I can but sometimes it can get overwhelming 😅
I haven’t even started watching the video but I know it’s gonna be a good one! Thanks Adrian!
Thank you Ollie! I appreciate your faith in me! 🙏
Thank you again. Watched this video two years ago to have some ideas about starting business and now I’m coming back to check it again before my first move ❤
That's what I LOVE to hear! Thanks for coming back and sticking with me over the years! 🙏
And best of luck on your new business! 🙌
I feel like I never get to watch the video I want, I always end up having to watch another video first, and then get sidetracked down another video and then another...
Seriously though, just came across your channel looking for info about dividends in Canada. Good stuff. Thank you for your content.
hahaha sounds like a good problem to have! 😅
I'm happy you found my channel! I suggest to watch my videos in chronological order (oldest to newest) or to watch my custom made playlists where I place the videos in a specific order so that they flow into each other =)
What a crisp and clear explanation...!!!!! Excellent
Thank you so much! I'm glad it was useful! =)
This video is amazing! Finally, someone who has made a video that is easy and clear to understand. Thank you, Adrian. Just subscribed :)
I'm so happy that you found this video helpful and welcome to the channel! 😁
Make sure you check out the rest of my Canadian Business videos! (Purple thumbnails) =)
I just love your video with the full details. Thank you so much❤❤❤❤
I'm so happy to hear that you found this video helpful! I try to cram as much info as I can in these videos! =)
Perfect video, don’t even need to watch another video
Thank you so much! I try to make my videos as thorough and info-packed as possible! 🙏
Only 5:00 mins in and I have to say,,, very good job 👍🏻, now I must get back to your video, it’s very informative.
I really appreciate that buddy! I hope you enjoyed the entire video and found value! 😁
Thanks Adrian! I'm an unregistered sole proprietor, and will likely cross the $30k threshold later this year, so I'm looking forward to your GST/HST video
You got it! There is a TON to talk about with the GST / HST so I will definitely be making a whole video about it! =)
Hi Alpine Dividends. As you stated you are running a business, I would like to know if you buy products wholesale in the US, and does it require a permit, sales tax certificate, any reseller or retailer documents as a Canadian to buy wholesale products in the STATES. Thank you.
Congrats!
This is great! I just started a business after developing a prototype for a product. I registered under a different name and have a BN. What I gathered is that I need to double check if I have a BIN, gather all my receipts in one spot, create a separate bank account and get going!
Great Scott! Watched and liked, thanks Adrian! Still so thankful you got me on this dividend stock journey. Have grown my knowledge and wealth in such a short time period.
You got it Jason! I'm so happy I was able to play a role in your investing journey! Making your money work for you gets super addicting! It makes you wish you had a flux capacitor to go back and start investing years ago! 😁
Refreshing to get a Canadian perspective! Thank you
Thank you Lisa! That's what I try to do on this channel and I'm glad I could help! 😁
I was waiting for this topic for a long time. Thanks Adrian!
I appreciate your patience Robin! I hope it was worth the wait! 😁
Aha so you were a tutor, now i understand why you can explain things so clearly with such good structure.
I like to think so! Thank you for those kind words! 🙏
You make videos on topics i exactly want. A perfect YT channel for me
Thank you ET! I really appreciate that! 😁
Adrian, you are the best! You are so good at making things clear and thorough. Bravo! Really excited about this series. As an incorporated business owner, I’m wondering if you would be covering the pros and cons of investing additional income in the stock market vs having it sit in a corp savings account. I’m looking for higher interest return but don’t want to risk too much. Are there tax benefits? Are there fees to be aware of? Would love to hear your opinion. Thanks again for your videos! Great content!
You got it Stefanie! I will be making several videos on corporate strategies since there is a TON to talk about! Yes you can invest in stocks using the money inside your corporation but be warned! Passive income (stocks and real estate) are taxed quite heavily inside a corporate about 50%. Only the active income (money from running the business) benefits from the lower corporate tax rates
Also note that there is a limit on how much passive income you can earn inside an Active Co. If your passive income exceeds your actual business income, you can get in trouble and you'll get penalized. That's why you might consider opening up a holding co in order to hold passive income sources like stocks and real estate. There is a TON to discuss and make sure you speak to a corporate accountant about your particular situation =)
@@CanadianTShirt noted. Thanks!
You’re a blessing thank you for making this video with closed captions.
It's my pleasure! I'm happy to hear that you are finding value in my videos and I always try to put subtitles in all of my videos! =)
Thank you so much for this.
Please next, how to report your expenses on your tax income. Especially, mileage.
Again welcome
You got it! That is a HUGE topic and I'll be making multiple videos on business expenses and how to make them tax deductible =)
@@CanadianTShirt I am waiting😀
I've been watching your videos for almost 3 hours now this morning, all because I was looking for beginner's help with questtrade. Your videos are so helpful and easy to watch and pay attention, you're a good teacher! Thank you!
Thank you so much for those kind words! Sound like you've had one hell of a productive Sunday morning! Stay tuned for my latest video tomorrow afternoon! =)
These videos are amazing. However one thing I'm still confused about is how are you taxed as sole proprietor if your business isn't registered? Also how do taxes work if you have a regular job and a side business. I've watched your series and I just can't seem to figure that stuff out. Sorry if those are stupid questions. Thanks again for all the help.
because as a sole proprietor, since it is not a separate entity, the income from the sole proprietorship is considered personal income. When filing your taxes, you will have to include all your earnings from your regular job and side business. If working a regular job, a way to lower your tax is by contributing to your RRSP, if you still have contribution room. At the end of the day though, it is best to seek legal tax advice from a professional regarding your situation
I started a business today and this video is making me feel at ease. Thank you so much for sharing.
Way to go Symsima! That's what I LOVE to hear! 😁
Thank you so much. I'm thinking of starting a small hand made business. since I have no idea about all of this stuff. It is beneficial. keep making these types of videos.
It's my pleasure! I'm glad you found value in my BUSINESS videos, make sure you check out the rest of my playlist, the videos with the purple- thumbnails. And best of luck on your new business venture! 😎
Amazing video as always! Looking forward to the GST/HST video. I'm a sole proprietor working on consulting contracts so I've been using the Quick Method since I don't have many expenses.
A possible good video for this series would be what steps do you need to take with your first employee. The idea of having an employee is attractive to me but the process is a bit gray.
You got it! And I agree 100% If you have very low business expenses then the quick method is AMAZING since it will actually earn you a little bit of a profit in the end! I will cover this in much greater detail in an upcoming video!
I'll also get to the issue of employees and payroll but basically you need to register for a payroll account with the CRA and then you can either pay someone to handle your payroll (might be worthwhile if you have a ton of employees) or you can handle payroll through something like Quickbooks which will only cost you about $50 per month! If you have more employees, it will cost you more =)
i'd say its THE BEST VIDEO to understand all about Sole prop!! thanks Adrian!! keep it up :)
Thank you Junaid! I really appreciate that and I'm glad you found my video so helpful! =)
Hi Adrian! I started my own business a few months ago and I found the licensing part very complicated. It appears that, at least here in BC, you need a municipal license for each city you operate in and in any kind of business(not just lawyers, doctors, etc). Do you know anything about this??
I've never set foot in BC so I have no personal experience with BC laws so I don't want to accidentally give you the wrong info.... you should speak to a BC accountant to clarify this. I wish I could help!
@@CanadianTShirt No worries, thanks anyway!
Very detailed video. Great stuff mate. I'm subscribing right now.
Thank you! I appreciate that and welcome to the channel! 🙏
Hi Adrian, thank you so much for the awesome info! I love your enthusiasm! I was wondering if you can offer some advice for my situation where I actually went ahead and incorporated right away but I'm not finding it beneficial in terms of tax benefits as it's not a high income business. Would you suggest closing the inc and changing it to a sole proprietorship to avoid paying the same amount to file taxes every year? What is the process of going reverse from Inc to sp? Any advice would be greatly appreciated! Thank you!
I'll be honest, I have never "downgraded" a corporation into a sole-proprietorship... you would definitely have to speak to a corporate accountant about that. But it won't be easy... you're essentially dissolving a legal entity so you might have to "sell" the corporation to you... Honestly, you've gone through the trouble of incorporation, I would probably keep it open and hope that your income will grow in the future but speak to an accountant for sure =)
Great to see you back.
Thank you! I appreciate your patience! The past two months have been overwhelming to say the least... and this video was an absolute BEAST to make! 😅
Waiting for hst/gst videos and sample on how to file income tax for small business owners.Thanks
That video is definitely coming! There is a TON to discuss! =)
thank you I will wait for it.
@@CanadianTShirt I can't waiting for your GST/HST videos for self employment😊
This channel and Intuit quickbooks, got me into the game setting myself up as an independent contractor. Thank you Mr. T-Shirt.
QuickBooks is an awesome tool and I really do encourage any entrepreneur to give it a shot! And maybe one day, they'll offer me a sponsorship 😉
But I'm so happy to hear that my videos have been helpful and I hope your business is thriving! Keep up the hustle! 😎
Great video as usual! Adrian, could you please tell me if affiliate marketing falls under the sole proprietorship category? I was part of a program for the past year, and I would like to claim the expenses I had this year. Thanks in advance and keep up your excellent work!
Absolutely it would! If you run a blog or a youtube channel and you earn income from affiliate marketing, that is definitely business income and thus you can deduct business expenses! =)
Great video! Very thorough and concise! Love your work 🤘😎
Thank you so much, I appreciate that! =)
Make sure you watch the sequel video, HOW to Start a Business =)
th-cam.com/video/WrJLAAzRWC4/w-d-xo.html
What if my business name is "By Jessica", do i still have to register? If yes, am I obligated to have a separate bank account? Bttw thank you so much, you answered most of the questions i had :)
Unfortunately yes! Since you're legal name is NOT "By Jessica"
If your legal name was "Jessica Smith" you can open a business without registering. But if your business name was "By Jessica Smith" even though your name is part of it, that is NOT your legal name so you have to register =)
@@CanadianTShirt @Canadian in a T-Shirt Thank you for the reply! after registering, do i need to open a separate bank account or can i use my personal one? i'm not expecting to receive any checks.. just selling product on my online store
You should open a separate bank account. There are tons of bank accounts which are free and even if you do end up paying a monthly fee, it will be a small amount and it is a tax deductible expense! =)
@@CanadianTShirt thank you, but is it mandatory? can i use my own personal account instead?
@@tcyva4845 I am also wondering about this
Awesome. Have been following you for the past few months. Answering questions I have always had.
That's what I LOVE to hear Travis! Make sure you check out my other Canadian Business videos (the purple coloured thumbnails) 🙂
First 😆
Wow! Igor I think that was some kind of record! 😁
Wow An excellent video for a beginner to start the business . So much valuable information provided
I'm so glad to hear that you found it helpful! Make sure you watch the rest of my Canadian Business guide as well! Here is the link to the sequel: the DOWNSIDES of Starting a Business in Canada =)
th-cam.com/video/ST1_Zem8AcM/w-d-xo.html
Your Channel should be mendetory in High schools.
Thank you for that praise, I would love that! I WISH they taught these fundamentals while I was in school! 😁
Liked and commented for promoting the video. Great job!
Thank you! I hope you found the video useful! =)
*next week on Canadian in a T-Shirt , how to open a secret business account in the Cayman islands like all the Billionaires and avoid all taxes for Canadians part 1of 2* hahahaha jk....
hahahaha that kind of video would only be for my Patreon 😆😅
Impossible as your business isn’t structured the same way as all those billion dollar businesses. They are international and if your only in Canada that is impossible to do. If the business operates solely in Canada you will be taxed.
@@aidannewton *was a joke bro.. relax haha...*
@@Slickpete83 I’m relaxed, I was answering your question with the true answer. Obviously you won’t be a high earner to where you ever need the info anyway. Secret accounts, this is 2021 and the world is more connected than ever. There is no such thing as secret accounts anymore.
@@aidannewton *yes you are right👍*
Are you reading my mind? I need this. Thanks man.
hahaha that's my secret! 😅
This is very informative thank you very much I will be going back and watch all your videos 😊
I'm happy to hear that you found it so helpful! Enjoy the binge-watch! 😊
@@CanadianTShirt yes I’m really considering starting a small business cleaning/courier and I’m just gathering information on how to start,what to do and what to expect also I’m trying to figure out my niche… it’s scary and exciting at the same time but with the wealth information available around from mentors like yourself I’m sure I’ll do just fine.lol
You got it buddy! It's important to do the research now and get informed so that you have a plan and strategy set in place! Best of luck with your new business! 🙌
What about Solo proprietorship with Operating name ?
Yes I covered that, you will still be a sole-prop but you have to register that operating name with the provincial government. And then get a BIN and a Business Number etc =)
This series is a Godsend. Ive been thinking about starting a business.
I'm so happy to hear that! You should definitely give it a shot as a side-gig. It will be tough and you will have to make sacrifices but it will we worth it in the long run =)
Excellent! Information flow fast, but excellent !
That's what I do! I don't want to waste anyone's time! 😁
You can always slow down the video to 0.75x speed!
very simple and easy to follow thank you
Thank you! I'm glad you found it accessible! 🙏
I love this channel. Great Job and the information is very clear.
Thank you Aneka! I'm glad you are finding so much value in my channel! Make sure you watch the rest of my Canadian Business Guide videos =)
th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Are you planning on writing a book on the subject? Because I think you absolutely should! I watched quite a few of your videos and you have a way of explaining things crystal clear.
Thank you so much for those kind words! I really do appreciate it! 🙏
A friend of mine is writing a book and it is quite the challenge.... especially going back and forth with the editor to make adjustments.... I prefer TH-cam, where I can say what I mean. Without needing to ask for anyone's approval =)
You are a national treasure. We gotta protect this man at all costs 💪🏾⚔️🛡️
haha thanks buddy! When I hear National Treasure, I assume that Nicholas Cage will come looking for me! 😅
But thanks for the kind words dude, I appreciate the love and support! 🙏
@@CanadianTShirt haha top 20 Nicholas Cage films of all time
@@RM-100 my top 3 will always be the Holy Cage Trinity: the Rock, Face-Off and Con Air 😎
@@CanadianTShirt that's a very acceptable line up... Won't argue against that 😎🤟🏾
Round of applause man all the info I been researching summed up and clear lol I been researching and taking notes on my own fo5 days. Should have just came here lol
Well you've come to the right place! I'm happy to help! And make sure you watch the rest of my BUSINESS GUIDE, my videos with the purple thumbnails =)
th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Yes, I will be watching through your videos. Thank youuu
Not sure why I don’t have the nuana report option, I only have the federal
Lol the video is mad old that’s probably why
Figured it out… 😊
Thanks for making this! Such a straightforward and comprehensive overview.
I'm so happy to hear that! Make sure you watch the rest of my Canadian Business Guide (the videos with the purple thumbnails) 😁
A channel that is worth it!
Thank you so much Liset! I'm glad you are finding value in my videos and make sure you watch the rest of my BUSINESS GUIDE PLAYLIST (the videos with the purple coloured thumbnails) 🙂
@@CanadianTShirt I will! I am newcomer and really need all this info! Thanks.
Thank you much I will be watching this video again & again
It's my pleasure Lydia! I'm so happy to hear you found so much value in this video =)
Heeeee. Welcome back Adrian.
I hope your mom move went well
Thank you so much! And yes it did! It was incredibly stressful but it worked out! PLUS my brother and I also just closed on a rental property so this month has been incredibly overwhelming to say the least! But I am SO GLAD to be back! 😁
Thank you, was the exact info I was looking for! Every time I clicked on a video for starting an online shop, the first steps where always "find your niche" and "figure out what you want to sell". All that comes in time, but I really wanted a video to help me settle things with the tax man!
oh god yes
Great vid ! Trust me there’s always something that one can know that another won’t so keep the videos coming !
You got it buddy! I definitely have more on the way! And make sure you watch the rest of my Canadian BUSINESS videos! The videos with the purple thumbnails =)
It was a real pleasure watching you teach about how to register a business. You are extremely informative and helped me a lot. Thank you so much for your time and your expertise. I am going to watch all of your videos. Thank you again for making it easy and not so scary.
Thank you so much for this informative video!!! I will be learning more on your channel.
I'm happy to hear that! I'm glad you found me and welcome to the channel! 🙏
Amazing!
I'm looking to start an import export small business in canada and you explained everything clearly
Than you!
I discovered your channel tonight. i am an italian, i don't speak english well and i am trying to open my shop. you have been very helpful and enlightening. Thank you so much. 🙏
Welcome Claudio! I'm glad you found my video helpful! Be sure to use my subtitles (English or Italian) to help you understand =)
Hi Adrian, thanks for this enlightening video. Will be waiting for your video in Incorporating a business!
You got it Karen! There is a TON of info to cover in my upcoming video! =)
Always glad to see a new video from you! They are all so valuable. Thanks!
Thank you Jennifer! I really appreciate that! 🙏
Cleared so many of my doubts. Thanks
That's what I LOVE to hear Manpreet! Keep it up buddy! =)
The video I needed... I've been really thinking if I should incorporate or not.. Please make more business related videos
I'm glad you found it helpful! I will be making a whole video on deciding whether to incorporate or not, there is a TON to consider! In the meantime, you might want to talk to a corporate accountant and discuss your particular business situation. It's worth the time, even if they charge you a fee for an hour discussion =)
And check out the next video in my Business series, the DOWNSIDES of running a Business in Canada for more great tips =)
th-cam.com/video/ST1_Zem8AcM/w-d-xo.html
wow what a wonderful video to watch... you juts got 1 more sub. Keep going
I appreciate that! I'm glad you found this video helpful and make sure you watch the rest of my Canadian BUSINESS Guide! 🙏
th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Eye opener video
Great clarity
Thank you Sharad! That's what I try to do! =)
I really learned from this video, thanks man, so useful and eye opening! Good luck with your Canadian T-Shirt.
Thank you! I'm happy to hear that this video was useful! =)
You're a blessing bro!.. Please keep the videos coming in.
You got it buddy! That's the plan! 😁
Is that a Heavy Gear box I see behind you? Oh man. The memories. I must have played that game for months on end waaaay back in the day.
You got it buddy! I LOVED the mech based games of the 90s like Heavy Gear and Mechwarrior. Those live-action cutscenes were the best! 😄
Check out my BOOKSHELF TOUR video where I show off all the awesome video games I have behind me! =)
th-cam.com/video/hgCxbdcRRqw/w-d-xo.html
Thanks for this GREAT video!
Thank you! I'm glad I could help! =)
Excellent Video Man🙏🏾🙏🏾🙏🏾
I appreciate that! Glad it was helpful! =)
Looking forward to the GST/HST video, definitely sounds like it has a lot of information that will be useful to me.
You got it! There is a ton to talk about! =)
Amazing content once again ! Can't wait for new videos about Business !
You got it Kelvin! More business videos are on the way! =)
Thank you so much! Will definitely tell my friends about you because this has helped me so much. Thank you
Thanks buddy! As a youtuber, earning your trust enough to share my videos with your friends is the BEST compliment I can receive! I really appreciate you spreading the word and I hope your friends also find value in my videos! 😁
Thanks for the video! Btw thats a nice t-shirt...
Thank you! I don't often wear grey tshirts in my videos but I do try to mix it up! =)
Thank you so much for making this video. Can't wait to see more.
You got it Rosa! There is a TON more that I can't wait to share with you! =)
Thanks for this page man.
I'm happy to help! I hope you enjoy the rest of my Canadian Business videos, the ones with the purple thumbnails =)
Always great videos and informative. Keep up the great work. You should have a million subs!
Thank you!!!! Well I am incredibly proud and grate for my almost 70K subs but maybe one day we can get to a million! 😁
Thank you for such an amazing explanation !🙌
It's my pleasure! I'm glad you found it helpful! =)
And check out the rest of my Canadian BUSINESS guide, videos with the purple thumbnails =)
th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
Thank you for this video so helpful and has all the information in the one video.
It's my pleasure! I'm so glad you found so much value in this video, make sure you check out the rest of the videos in my Canadian Business series! =)
th-cam.com/play/PLj8bU3AuW2qG-H_x1XPx9kCzRh4FIUzRz.html
You just got a new subscriber dude loving the info!
Thanks Ryan! I'm glad you've been enjoying my videos and welcome to my channel! 😁
This is so much useful information thank you 🙏🏻
Thank you so much! That's what I try to do! 🙏
amazing, straight to the point info, absolutely love the video, THANK YOU!
My pleasure buddy! That's what I try to do! I hate the idea of wasting anyone's time =)
brooooo your videos are so helpful.
Thank you so much! I'm happy to hear that you are finding so much value in my videos! 🙏
Amazing clear instructions! Great job 👏
Thank you Adam! I'm so happy to hear you found it helpful! =)
You are very funny and interesting! I like your video.
I'm glad you think so! I know these topics aren't the most exciting but I try my best to make them as engaging as possible =)
Your videos are extremely helpful!! Thx a lot!
It's my pleasure Orianne! Thanks for watching! 🙏
which website do we sign up our sole proprietorship business? will we receive a business license?