· Understanding the advantages and disadvantages of each form of business organization (sole proprietorship, partnership, private and public corporation and co-operatives). Your choice will have various legal and tax implications depending on your personal situation and your level of investment.
· The professionals at Avery Cooper are familiar with Canada’s tax laws and the implications of a variety of business decisions. Our professionals constantly update their professional knowledge, they stay current with any changes to the Tax Act and they regularly review the rulings and subsequent appeals to the Canada Revenue Agency (CRA) with an eye to our clients’ best interests. Avery Cooper professionals can provide you with sound, informed advice to help you decide the best form of business organization for your specific situation.
· Develop a business plan. In addition to being an important reference for you and your employees, it will assure your banker, your suppliers and other important contacts that you have considered all major aspects of the operation.
A business plan should include a mission statement, company overview, strategic business objectives, business and market environment, market plan and financial plan.
· If your business will not disrupt the market in your community (i.e., there is not a similar business already in place), you may be eligible for government funding. Under the GNWT’s Business Development Fund, Schedule A: Contributions for Planning and Development, you could receive up to 75% of the cost (to a maximum of $20,000) of having a feasibility study or business plan prepared by a professional.
· The professionals at Avery Cooper have developed feasibility studies, business plans and financing proposals for many types and sizes for business in communities across the Northwest Territories.
· The professionals at Avery Cooper can perform those routine tasks you may find frustrating, boring or time-consuming such as bookkeeping, payroll, invoicing or paying bills. Avery Cooper provides a variety of professional services to businesses in a number of industries across the Northwest Territories.
· If you are a sole proprietor or partnership, have not employees and have gross revenues of less than $30,000, you do not need to register with Canada Revenue Agency (CRA). You will still need to file a personal tax return every year. Your business income will be entered as your personal income.
· In Yellowknife, the GST Office (1-800-959-1953) is located in the Greenstone Building at 5101 50th Avenue.
· If you’re in Yellowknife, visit the Business Service Centre on the 7th floor of the NorthwesTel building (873-7958). A joint venture of the territorial and federal governments, the Business Service Centre has databases, manuals and reference materials on how to develop any kind of business, where to get financial assistance and programs to help you prepare financing proposals and applications.
· Register with all appropriate government agencies and departments:
· See your municipal or town government for a business license. If your community does not have a municipal licensing by-law, contact Consumer and Corporate Affairs (920-8059)
· Contact Company Registrar, Department of Justice (873-7492) for a business registration as a proprietor, partnership or incorporated company.
· Contact Worker’s Compensation Board (920-3888) to register for a Certificate of Compliance. Even if you are the only person working for your company, you must sign a waiver and register. Municipal or town governments require a WCB Certificate before they will issue a business license.
· If you anticipate revenues greater than $30,000 per year, you must contact Canada Revenue Agency (CRA) for GST registration.
· You can register even if you will not have revenues greater than $30,000. GST registration will allow you to claim rebates on any GST you have paid to your business’s suppliers. Remember, however, if you are GST registered, you must charge your customers GST and you must remit to Canada Revenue Agency the amount you charged minus the amount of GST you paid your suppliers.
· If you plan to do business with the territorial government, you should register as a Northern Contractor under the Business Incentive Policy (920-8967). You will get paid faster than non-registered businesses and your bids will receive a bonus adjustment for northern content.
· Depending on the nature of your business, you may want to also register with the Fire Marshall (873-7469), the Liquor Commission (1-867-874-2100), Land Titles (873-7491) and/or Health and Safety Inspection.
· If you have employees:
· You must register with Canada Revenue Agency (CRA) for payroll remittance;
· You must register with the Department of Finance, Taxation Division (920-3410) for payroll tax. Call 1-800-661-0820 for more information.
· You should read the Labour Standards Code available from the Labour Services Office (873-7486)
· Other internet addresses that provide information on starting a business, developing a business plan or finding a source of financing include:
· Government of Canada Services for Canadian Business: Business Gateway.