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New Workspace

What to know before starting a business

Any business requires research into the type of business you plan on starting, as well as insight into yourself. Understand the sector you are planning on entering and know what you can bring to the business, based on past experience and your own personality.

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Business Structure

What Business Structure is right for you?

Registering your business offers three business structure choices, a sole proprietorship a partnership and a corporation.

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What is a Trade Name

A “trade name”, not to be confused with “trademark”, is a registered operating name. It is different from the legal name, under which a corporation conducts business. A corporation may register any number of trade names. Generally speaking, the relationship between a corporation and its trade name is quite similar to that of an individual and a sole proprietorship.

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Stacked Coins

Small Business Deductions

The CRA allows any “reasonable business expense” as a deduction. It defines business expenses as “certain costs that are reasonable for a particular type of business, and that are incurred for the purposes of earning income. Business expenses can be deducted for tax purposes. Personal, living, or other expenses not related to the business cannot be deducted for tax purposes.”

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sound waves

Sound Trademarks

Canadian regulations have been updated to allow for the registration of sound trademarks. These are unique sounds that are used in connection with a particular business activity.

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