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.
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
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 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 =)
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
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 =)
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!
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! =)
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! 😁
Can anyone do business in Canada, or person must be a Canadian citizen or Permanent Residence? Asking because I am on an Open Work Permit and many of the viewers will also be either an immigrant worker or student! Thanks already brother, your channel and content never disappoints since the beginning. It is so good to see you grow! ❤️
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!
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 =)
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. 🙏
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 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
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 =)
I'd like to ask a question: If I want to start a sole proprietor business, all I have to do is these: 1. to use my own name, or to check for an available name with the NUANS; 2. to use my own name to open a new bank account (and a credit card) for business use, or produce the official NUANS report showing that I have registered for a specific business name, and ask the bank to open a bank account in that name; 3. to use the new bank account (and credit card) for all ongoing business transactions and keep receipts for future CRA checks, and declare my business expenses in coming tax returns for claiming the business tax credits. (I see that the banks allow a customer to open multiple bank accounts with his own name.) Thank you!
Yes that is essentially it! I would also check social media and a google search to make sure that your business name is available but if you use your own name, then no registration is necessary. For #2, if using your own name you don't HAVE to open a separate bank account for business use but it is helpful and a good habit to separate business and personal transactions. For #3, yes! ALWAYS keep all receipts and record all transactions! And do this every week or at least every month. You don't want to wait until the end of the year, it can be overwhelming and you might forget what those expenses were for! =)
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
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) 🙂
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
Great topic! I might start a business in the future but for now it's kinda neat searching the Nuans system for what business names are out there with my name. haha
BEEN waiting for this series. great video. i'm in the process of switching from sole proprietorship to corporation. can you PLEASE cover business trade lines, i can't find that content anywhere. and the process of distributing shares to early investor. appreciate you brother
You got it buddy! I'm so happy that you have found my business series helpful! In my corporation I am the sole shareholder and I don't ever plan on distributing shares so I don't have personal experience with that but that's a conversation to have with your corporate accountant =)
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
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
thanks for all the good contents.it does give me tons of knowledge.i have a thought of getting into business.i just need all the confidence to start .i dont even know if i know where to start.(seriously though).🤔
Way to go buddy! It takes a lot of courage to take that first step but it's also an incredibly exciting and motivating time! I would strongly suggest that you start a business as a side gig. Meaning that you keep your regular full time job and on the side (evenings and weekends) work on this business. Don't get caught up in the excitement and quit your reliable job off the bat since starting a business takes time! For most business owners, you will not earn any income (or at least any profit) for months, even a year or two! Yes it will be exhausting and you'll have to make a ton of sacrifices but if you truly believe in your business, it will be worth it! =)
@@CanadianTShirt I've been watching your tax playlist for the last 3 hours or so, super useful videos, just subbed I am still in high school rn, will move to Canada in fall 2024, I have lots of plans tbh, I will study Bachelors in Computer Science then thinking about opening a video game development company, also have plans on opening a smartphone company with all parts natively manufactured I also have some other insane business ideas including opening a new airlines which will serve the exponentially growing Asian Diaspora in the West Coast because all other airlines cost a lot of money, let's see what happens 😉
@@TheCertifiedLegend that's amazing to hear buddy! I LOVE your ambition and your hustle, especially while you're still in high school! Keep it up and I'll see you on Forbes one day! 😉
I’m glad I found your account, Adrian. A question; once the sole proprietorship business is already running with a different business name than one’s legal name, is there any consequence to this? …Before registering the business name.
You won't face any penalties or anything, you are still a sole-proprietorship no matter what your name is but you will eventually need to register your business name with the province and then on the federal level, you will have to register for a Business Number and sales tax (HST/GST) etc where applicable
Question: if a person already has a salary of ,$140k as an employee. What is the best option to start a new small Business...? Solo or company? In terms of taxes...
I would likely start it as a sole-proprietorship since the upfront costs of incorporating plus the annual costs of corporate tax returns is much more than the corporate tax savings when your business starts out with a low income. Once your business starts making more than $100K in net income, then incorporating will save you money =)
But this is a general answer, every person's situation and business activities is different so I advise you to speak to a corporate accountant who can understand YOUR situation and what works best for you! =)
This video is very helpful, thank you ! I was wondering why it costs 1000-3000 $ to incorporate. On the Canadian government website, the cost is only 200 $
Awesome videos man, just watched your series on starting a Canadian business and they were the best I found. I’ve been looking for your video series on incorporations but can’t seem to find them, did you end up making them? Thanks!
I'm sorry I have no experience with that. I only know how to open a business while you live in Canada. I don't know anything about Kenya's laws so I don't want to risk giving you the wrong info. I hope you understand =)
This was such an amazing video. Lots of good information, this helped me a lot. I will register a sole proprietorship business under a different name for now until my revenue increases before incorporating it. I have one question tho: when we set up a business bank account for our sole proprietorship, do we need to set up a payroll to pay ourself or can we just transfer the money from the business bank account to our personal bank accounts like we would if it were the sole proprietorship with the same name?
Hey Jake, I doubt it since I've never started an LLC in the US and I don't want to give advice on things that I have no personal experience with. All of my businesses I've ever started have been Canadian =)
Here you go! You will register with the CRA for a Business Number and with it a GST/HST # as well =) www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/digital-economy-gsthst/register-get-ready.html
You have been super helpful in your videos as I recently decided to start my own business, one thing I'm always confused about is the concept of "Paying yourself" I want to register a business thats not my name with a seperate bank account for my company. How do I pay myself and make sure I keep giving CPP contributions and RRSP contributions?
"Paying Yourself" is only an issue when you incorporate! When you own a corporation, your business' money is NO LONGER your money! In that case you have to "pay yourself" through dividends or a salary (you hire yourself as an employee)
But if you run a sole-prop (which I recommend for most new businesses) then your businesses money IS YOUR MONEY, even if it's in a separate bank account! You can always choose to withdraw that money and spend it on yourself (of course it's good to separate your money from your business but from a tax perspective, it is ALL your money) =)
Hey Aby! I can definitely make a video about different financing options and different kind of lenders but this is a very circumstantial topic so you should definitely speak to a broker who deals with business loans to find what works best for you =)
This is such a good video! Thank you so much for laying it out so easily. I did get confused at some point on the registration for GST/HST. You said that if you're making 30K+ in revenue, then you should register for HST/GST and start charging customers that tax. But if you're a contractor / self-employed - do you still have to do this?
It depends on many things including which country it is (different tax treaties with different countries) and whether you will continue to generate business income. I would speak with an accountant who specializes in foreign income for your particular situation =)
It actually depends! If you are doing day trading, that is considered business income and thus it will be taxed the same as regular business income, along with business expenses which you can deduct! If you are not day trading, just regular investing then you will pay investment taxes on capital gains and dividends which is a whole separate thing. I will definitely be covering this in an upcoming video =)
Unfortunately I had to remove the links, TH-cam doesn't like it when you have too many external links... Here is the CRA link to register for a Business Number: www.canada.ca/en/revenue-agency/services/tax/businesses/topics/registering-your-business/business-registration-online-overview.html Here is the Service Ontario link to register your business: www.ontario.ca/page/ontario-business-registry I hope that helps! =)
if I live in AB but want to operate an airbnb business in Quebec and Ontario I just need to register my business in Quebec right away or I gotta register it in AB since in live here and then look to apply to apply for a license for existing business
Yes you can! You can start a business while on a student visa but double check the conditions in your permit! Usually they will include restrictions on the number of hours you can work!
Hi, this video is really educational! I love the amount of stuff you have included! I wanted to ask you a brief question.. What tax implications exist for owners who hold a work permit or temporary visa vs those who are Canadian citizens or permanent residents?
There won't be any tax implications necessarily. You don't need to be a citizen or PR to open a business. But read all the conditions and restrictions in your work permit. Often times there will be restrictions on the number of hours you can work so keep that in mind! =)
The nuans name search ($13.80 csd) results can take up to 3 days to be processed and emailed to you. You will get a "Name search receipt" after your order.
Hi Adrian, I know you said you would add a link to the CRA website where we can register for a BN and a GST/HST number, but I don't see one in the description. Can you please add it? Also, I am not seeing a GST/HST video on your account, is it a member only video? Thank you for all that you do!
And no I haven't made the dedicated HST video yet! I wouldn't make that a members-only video. The only things I put in my members-only videos is my personal portfolio reveals. All of my regular information will always be public and free =)
First off, you should register your business name with your provincial government, that offers you some protection. You should also purchase the domain name and claim the instagram and facebook name for it as well. If you want the ultimate protection, you could trademark the name but that is very expensive!
Just to be extra clear - as a sole proprietor, operating using your name, once your business hits 30k in revenues, you do have to register for GST/HST?
I'll be making a whole video about HST registration since there is a ton to discuss but yes, once your business makes more then $30K in revenue over 4 quarters (12 months) you MUST register for HST
Thank you so much for such an informative video. However, I had a question. Can we import goods from China if I have registered business as a sole proprietor?
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.
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
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 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`
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! 🙏
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! =)
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! 🙏
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! 🙏
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! 🙏
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!
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) =)
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!
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! =)
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! 😁
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! 😁
Can anyone do business in Canada, or person must be a Canadian citizen or Permanent Residence?
Asking because I am on an Open Work Permit and many of the viewers will also be either an immigrant worker or student!
Thanks already brother, your channel and content never disappoints since the beginning. It is so good to see you grow! ❤️
Hi Adrian,
Please reply!
I also need answer on this
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! 😁
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! 😁
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
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! 😎
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!
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 =)
First 😆
Wow! Igor I think that was some kind of record! 😁
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 =)
What a crisp and clear explanation...!!!!! Excellent
Thank you so much! I'm glad it was useful! =)
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! =)
Are you reading my mind? I need this. Thanks man.
hahaha that's my secret! 😅
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! 😁
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
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 =)
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! 😅
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 😎🤟🏾
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!
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! =)
Always glad to see a new video from you! They are all so valuable. Thanks!
Thank you Jennifer! I really appreciate that! 🙏
Very detailed video. Great stuff mate. I'm subscribing right now.
Thank you! I appreciate that and welcome to the channel! 🙏
I'd like to ask a question: If I want to start a sole proprietor business, all I have to do is these:
1. to use my own name, or to check for an available name with the NUANS;
2. to use my own name to open a new bank account (and a credit card) for business use, or produce the official NUANS report showing that I have registered for a specific business name, and ask the bank to open a bank account in that name;
3. to use the new bank account (and credit card) for all ongoing business transactions and keep receipts for future CRA checks, and declare my business expenses in coming tax returns for claiming the business tax credits.
(I see that the banks allow a customer to open multiple bank accounts with his own name.)
Thank you!
Yes that is essentially it! I would also check social media and a google search to make sure that your business name is available but if you use your own name, then no registration is necessary. For #2, if using your own name you don't HAVE to open a separate bank account for business use but it is helpful and a good habit to separate business and personal transactions. For #3, yes! ALWAYS keep all receipts and record all transactions! And do this every week or at least every month. You don't want to wait until the end of the year, it can be overwhelming and you might forget what those expenses were for! =)
@@CanadianTShirt Thank you very much for your reply!
@@clementcle130 I'm happy to help! =)
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
Fantastic Adrian! You made it very clear and easy to understand
Thank you Anthony! I really appreciate that and that's what I try to do! =)
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 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! 🙏
Love the video, 1 suggestion, if you could make a pdf summary of steps to take, that would be amazing
I include a summary at the end of most of my videos but ya I suppose a pdf version could be useful =)
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 =)
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! 🙏
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… 😊
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! =)
Great topic! I might start a business in the future but for now it's kinda neat searching the Nuans system for what business names are out there with my name. haha
hahaha it is kind of fun! Once you come up with a cool name, you should definitely reserve it! =)
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! 😁
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 =)
Amazing clear instructions! Great job 👏
Thank you Adam! I'm so happy to hear you found it helpful! =)
very well explained..! 👏
Thank you so much! I'm happy to help and best of luck in your new business venture! 😁
very simple and easy to follow thank you
Thank you! I'm glad you found it accessible! 🙏
BEEN waiting for this series. great video. i'm in the process of switching from sole proprietorship to corporation. can you PLEASE cover business trade lines, i can't find that content anywhere. and the process of distributing shares to early investor. appreciate you brother
You got it buddy! I'm so happy that you have found my business series helpful! In my corporation I am the sole shareholder and I don't ever plan on distributing shares so I don't have personal experience with that but that's a conversation to have with your corporate accountant =)
Awesome video, very informative as always! Thanks Adrian 👍🏻
Really looking forward for the rest of the series :)))
You got it buddy! Thank you for the kind words, as always! 🙏
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
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
thanks for all the good contents.it does give me tons of knowledge.i have a thought of getting into business.i just need all the confidence to start .i dont even know if i know where to start.(seriously though).🤔
Way to go buddy! It takes a lot of courage to take that first step but it's also an incredibly exciting and motivating time! I would strongly suggest that you start a business as a side gig. Meaning that you keep your regular full time job and on the side (evenings and weekends) work on this business. Don't get caught up in the excitement and quit your reliable job off the bat since starting a business takes time! For most business owners, you will not earn any income (or at least any profit) for months, even a year or two! Yes it will be exhausting and you'll have to make a ton of sacrifices but if you truly believe in your business, it will be worth it! =)
If I ever get famous in business, I will definitely tell people it all started after watching a video of "Canadian in a T Shirt"
haha sounds like a plan! I hope it happens buddy! 😁
@@CanadianTShirt I've been watching your tax playlist for the last 3 hours or so, super useful videos, just subbed
I am still in high school rn, will move to Canada in fall 2024, I have lots of plans tbh, I will study Bachelors in Computer Science then thinking about opening a video game development company, also have plans on opening a smartphone company with all parts natively manufactured
I also have some other insane business ideas including opening a new airlines which will serve the exponentially growing Asian Diaspora in the West Coast because all other airlines cost a lot of money, let's see what happens 😉
@@TheCertifiedLegend that's amazing to hear buddy! I LOVE your ambition and your hustle, especially while you're still in high school! Keep it up and I'll see you on Forbes one day! 😉
Eye opener video
Great clarity
Thank you Sharad! That's what I try to do! =)
Your videos are extremely helpful!! Thx a lot!
It's my pleasure Orianne! Thanks for watching! 🙏
I’m glad I found your account, Adrian.
A question; once the sole proprietorship business is already running with a different business name than one’s legal name, is there any consequence to this? …Before registering the business name.
You should still register the business name for several reasons, mainly to protect your brand so that no one can steal it from you!
You won't face any penalties or anything, you are still a sole-proprietorship no matter what your name is but you will eventually need to register your business name with the province and then on the federal level, you will have to register for a Business Number and sales tax (HST/GST) etc where applicable
@@CanadianTShirt Thanks so much for your response.
New subscriber here!
I'm happy to help! Best of luck with your business! =)
@@CanadianTShirt Thank you.
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
Question: if a person already has a salary of ,$140k as an employee. What is the best option to start a new small Business...? Solo or company? In terms of taxes...
I would likely start it as a sole-proprietorship since the upfront costs of incorporating plus the annual costs of corporate tax returns is much more than the corporate tax savings when your business starts out with a low income. Once your business starts making more than $100K in net income, then incorporating will save you money =)
But this is a general answer, every person's situation and business activities is different so I advise you to speak to a corporate accountant who can understand YOUR situation and what works best for you! =)
Thank You for taking Your time informing us 🙏
It's my pleasure! I'm glad you found this video helpful! =)
This video is very helpful, thank you ! I was wondering why it costs 1000-3000 $ to incorporate. On the Canadian government website, the cost is only 200 $
Awesome videos man, just watched your series on starting a Canadian business and they were the best I found. I’ve been looking for your video series on incorporations but can’t seem to find them, did you end up making them? Thanks!
Thank you for those kind words, I really do appreciate it! I haven't made my incorporation video just yet but it is certainly coming! =)
Thanks for sharing!
My pleasure! I'm glad you found it helpful! =)
Very informative 🎉🎉🎉🎉🎉🎉🎉 9:22
I'm happy to hear that! Thanks for watching! =)
Another great video. Thanks Adrian
Thank you Maria! I'm glad you found it helpful! =)
Can you please share your link which explains about Canadian Business Taxes.
I haven't made that video yet but it's definitely coming. There is a TON to talk about! =)
How can I open a business as a foreigner who lives in Kenya..please do a video on that too
I'm sorry I have no experience with that. I only know how to open a business while you live in Canada. I don't know anything about Kenya's laws so I don't want to risk giving you the wrong info. I hope you understand =)
This was such an amazing video. Lots of good information, this helped me a lot. I will register a sole proprietorship business under a different name for now until my revenue increases before incorporating it. I have one question tho: when we set up a business bank account for our sole proprietorship, do we need to set up a payroll to pay ourself or can we just transfer the money from the business bank account to our personal bank accounts like we would if it were the sole proprietorship with the same name?
Dear Adrian, Will you ever be making video on doing business in the USA as a Canadian? Starting an LLC there. Thank you
Hey Jake, I doubt it since I've never started an LLC in the US and I don't want to give advice on things that I have no personal experience with. All of my businesses I've ever started have been Canadian =)
Assuming the $30k limit requiring GST/HST is something an IT Consultant would have to pay, can you share the link/form to apply with CRA?
Here you go! You will register with the CRA for a Business Number and with it a GST/HST # as well =)
www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/digital-economy-gsthst/register-get-ready.html
You have been super helpful in your videos as I recently decided to start my own business, one thing I'm always confused about is the concept of "Paying yourself" I want to register a business thats not my name with a seperate bank account for my company. How do I pay myself and make sure I keep giving CPP contributions and RRSP contributions?
"Paying Yourself" is only an issue when you incorporate! When you own a corporation, your business' money is NO LONGER your money! In that case you have to "pay yourself" through dividends or a salary (you hire yourself as an employee)
But if you run a sole-prop (which I recommend for most new businesses) then your businesses money IS YOUR MONEY, even if it's in a separate bank account! You can always choose to withdraw that money and spend it on yourself (of course it's good to separate your money from your business but from a tax perspective, it is ALL your money) =)
Thank you this was very helpful. Bless you
My pleasure! I'm glad you are finding it helpful! =)
On point thanks, Adrian. Can you make videos about how to get funds like loans to start a small business other than banks?
Hey Aby! I can definitely make a video about different financing options and different kind of lenders but this is a very circumstantial topic so you should definitely speak to a broker who deals with business loans to find what works best for you =)
This is such a good video! Thank you so much for laying it out so easily. I did get confused at some point on the registration for GST/HST. You said that if you're making 30K+ in revenue, then you should register for HST/GST and start charging customers that tax. But if you're a contractor / self-employed - do you still have to do this?
Yes. If you are a contractor/ self employed this is exactly who needs to do this.
Gold. Thank you for this video.
Thank you Rodrigo! I'm glad you found it so helpful! =)
Could you please givme the link to the HST video that u said you were uploading/or would upload? im unable to find it
I haven't made that HST video just yet but it's certainly coming! =)
Hi, have you done a GST/HST video?
Not just yet! But it is certainly coming! And I have talked about HST in several of my past videos but the dedicated video is still on its way =)
Very good info. Can you do a more in depth video on incorporating. Thank you
Absolutely! There is a TON to talk about with incorporating so stay tuned for a future video! =)
I've also found a BC Registry Name Search. What's the difference between that and the Nuans search?
That would be a provincial business registry search, Nuans will be Canada wide =)
For the Sole Proprietorship vs Corp, is there also a difference in what happens when owner leaves Canada -- exit tax vs nothing (my guess)?
It depends on many things including which country it is (different tax treaties with different countries) and whether you will continue to generate business income. I would speak with an accountant who specializes in foreign income for your particular situation =)
Can you make video on DayTrading Taxes. They are treated as regular income. Can you show exactly how to file taxes.
It actually depends! If you are doing day trading, that is considered business income and thus it will be taxed the same as regular business income, along with business expenses which you can deduct! If you are not day trading, just regular investing then you will pay investment taxes on capital gains and dividends which is a whole separate thing. I will definitely be covering this in an upcoming video =)
Where are the links for the CRA and Service Ontario? I don't see them above.
Unfortunately I had to remove the links, TH-cam doesn't like it when you have too many external links...
Here is the CRA link to register for a Business Number:
www.canada.ca/en/revenue-agency/services/tax/businesses/topics/registering-your-business/business-registration-online-overview.html
Here is the Service Ontario link to register your business:
www.ontario.ca/page/ontario-business-registry
I hope that helps! =)
if I live in AB but want to operate an airbnb business in Quebec and Ontario I just need to register my business in Quebec right away or I gotta register it in AB since in live here and then look to apply to apply for a license for existing business
Thanks Adrian! Very useful videos. Could you also make videos about small business in corporation? Thanks!
Thanks Pudi and you bet I will! There is so much to talk about! =)
Thank you for that informative video, May I know if I can run the business under my name while I am on study permit ?
Yes you can! You can start a business while on a student visa but double check the conditions in your permit! Usually they will include restrictions on the number of hours you can work!
Hi, this video is really educational! I love the amount of stuff you have included! I wanted to ask you a brief question..
What tax implications exist for owners who hold a work permit or temporary visa vs those who are Canadian citizens or permanent residents?
There won't be any tax implications necessarily. You don't need to be a citizen or PR to open a business. But read all the conditions and restrictions in your work permit. Often times there will be restrictions on the number of hours you can work so keep that in mind! =)
Great video👍
Thank you so much! Best of luck on your business! =)
The nuans name search ($13.80 csd) results can take up to 3 days to be processed and emailed to you. You will get a "Name search receipt" after your order.
How would that work for foreign with a PGWP, do you know if it's possible? Could you talk about it, or make a video? Thank you so much
Very informative!
Can I start a clothing brand under my personal name? And is that brand name protected? If not how do I protect it thanks
Your personal name is yours but it's not protected. It is possible to have another person with the same name as you
where are these links for service ontario and CRA
The video was flagged for having too many external links a few years ago so I had to remove it. You can still do a Google search to find them =)
Hi Adrian,
I know you said you would add a link to the CRA website where we can register for a BN and a GST/HST number, but I don't see one in the description. Can you please add it?
Also, I am not seeing a GST/HST video on your account, is it a member only video?
Thank you for all that you do!
I had to remove those links years ago! TH-cam was complaining about too many external links...
But just do a google search "CRA Register Business Number" and they will also handle the HST registration if applicable =)
And no I haven't made the dedicated HST video yet! I wouldn't make that a members-only video. The only things I put in my members-only videos is my personal portfolio reveals. All of my regular information will always be public and free =)
Ok Business can be started as a sole proprietorship but then how can I protect the name without incorporating it?
First off, you should register your business name with your provincial government, that offers you some protection. You should also purchase the domain name and claim the instagram and facebook name for it as well. If you want the ultimate protection, you could trademark the name but that is very expensive!
Just to be extra clear - as a sole proprietor, operating using your name, once your business hits 30k in revenues, you do have to register for GST/HST?
I'll be making a whole video about HST registration since there is a ton to discuss but yes, once your business makes more then $30K in revenue over 4 quarters (12 months) you MUST register for HST
Thank you so much for such an informative video. However, I had a question. Can we import goods from China if I have registered business as a sole proprietor?
Yes but you would have to register with the CRA for an import-export account and so you WILL need to register for a BN (business number)
Amazing info, thank you!!
My pleasure! I'm glad you found it helpful! =)