Hi I have a few questions that I'm hoping someone here will be able to answer. I do apologize if someone has already posted this question. I'm thinking of starting an online retail store, selling female accesories such as earrings, bracelets, headbands, handbags, sunglasses, etc. I also plan to promote through flyers and business cards to draw people to the website. I also was thinking of maybe setting up a few auctions on eBay. I've found a wholesaler in the US that I'm going to be purchasing from, so I'll be importing goods into Ontario, I will not be using a dropshipper. My question is what exactly do I need to do to get started. I know I have to get a business number, but after that what else will I require? I'm hoping someone will be able to help me out. Thanks in advance.
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#3
Posted 14 November 2007, 00:51
I've owned a business in Ottawa, ON for nearly 5 years now. I might be able to help you out a bit.
First decide if you're going to make more than $30,000 / yr. If you are then you will need a GST account which can be set up with the Canada Revenue Agency. If you don't think you will make that much in the first year you can still opt to collect GST for the government. You get to keep a certain portion for your efforts. You'll be selling real products that you can hold, so you'll need to charge PST in Ontario. That means you have to set up a PST / RST account with your local branch of the Ministry of Finance.
As for registering your business, you can do this online [you can set up several accounts at the same time, and print off a temporary business licence too]. You should check to make sure you aren't naming your business anthing that's already been taken [for example: Sony, or something like that].
After that, you'll need to keep detailed records of your accounts either on paper or on your computer. If you're using your computer then backup frequently to disk, and keep an extra backup copy in your car [just in case your building burns down - learned that from a pro , glad I never had to worry about it]. There are many suitable software applications for your type of business. I suggest you go to your favourite electronics or software store and choose a good brand name with all the features you need, and one without all the extra junk.
Depending on how much you make, you'll have to remit your taxes [GST, PST, payroll deductions, etc] at a certain rate. By the way, if you employ anyone then you'll have to get a payroll deductions account and a WSIB account [Workplace Safety Insurance Bureau].
Hope that's what you were looking for. Just post to let me know if you need anything else. Good luck.
First decide if you're going to make more than $30,000 / yr. If you are then you will need a GST account which can be set up with the Canada Revenue Agency. If you don't think you will make that much in the first year you can still opt to collect GST for the government. You get to keep a certain portion for your efforts. You'll be selling real products that you can hold, so you'll need to charge PST in Ontario. That means you have to set up a PST / RST account with your local branch of the Ministry of Finance.
As for registering your business, you can do this online [you can set up several accounts at the same time, and print off a temporary business licence too]. You should check to make sure you aren't naming your business anthing that's already been taken [for example: Sony, or something like that].
After that, you'll need to keep detailed records of your accounts either on paper or on your computer. If you're using your computer then backup frequently to disk, and keep an extra backup copy in your car [just in case your building burns down - learned that from a pro , glad I never had to worry about it]. There are many suitable software applications for your type of business. I suggest you go to your favourite electronics or software store and choose a good brand name with all the features you need, and one without all the extra junk.
Depending on how much you make, you'll have to remit your taxes [GST, PST, payroll deductions, etc] at a certain rate. By the way, if you employ anyone then you'll have to get a payroll deductions account and a WSIB account [Workplace Safety Insurance Bureau].
Hope that's what you were looking for. Just post to let me know if you need anything else. Good luck.
#4
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Posted 07 December 2007, 17:25
About.com has a lot of good info and links, look in the Topics (left column)
http://sbinfocanada.about.com/cs/startup/a/regontario.htm
http://sbinfocanada.about.com/cs/startup/a/regontario.htm
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#5
Posted 28 March 2008, 18:02
Most of the information has been covered. Remember to set up your tax zones because you are only allowed/obligated to charge PST to those within your own province. GST to all of Canada, and none to foreign countries.
Get your GST number right away as you will need this to get your importation number for importing good into Canada. You might be able to get away without the importation number for awhile if shipping to personal name/address, but eventually, you will have a shipment get up stuck at the border and will not be released without providing the GST and importation number.
Get your GST number right away as you will need this to get your importation number for importing good into Canada. You might be able to get away without the importation number for awhile if shipping to personal name/address, but eventually, you will have a shipment get up stuck at the border and will not be released without providing the GST and importation number.
