Entrepreneurship & Small Business

Is it worth registering business ?

  • Last Updated:
  • Jan 11th, 2019 3:35 am
[OP]
Penalty Box
Sep 29, 2012
639 posts
30 upvotes
Toronto

Is it worth registering business ?

Hello,

I have little local selling business, I buy it from Supplier that’s based in China. And I sell merchandise online or local. If my sells are over $50k and I also usually have send money to China through wire because there is no real invoice.

What can I do here ? Is it worth registering it as a business ?
Or
Should I just Wire money through personal account and show The profit on my personal taxes as the income ?

Thank you in advance
9 replies
Deal Fanatic
User avatar
Nov 19, 2004
8005 posts
1301 upvotes
Cambridge, ON
You are required to register if your sales are over $30k.
Deal Fanatic
User avatar
Nov 19, 2004
8005 posts
1301 upvotes
Cambridge, ON
eonibm wrote:
Jan 1st, 2019 4:04 pm
He ain't talking about HST
OK. He still has to register for HST and when you do that you get a business number. Unless he is talking about incorporating?
[OP]
Penalty Box
Sep 29, 2012
639 posts
30 upvotes
Toronto
If I open my business account I can wire the payment ?
Would I be able to show the payment as my cost for inventory?

How does incorporate works ?
Newbie
Jan 1, 2019
0 posts
It depends on the scale you want to run it at. If you have a broad vision for your business, plan on hiring employees, you should do so right away. Its better to register.
Banned
Dec 23, 2018
5 posts
2 upvotes
Registering a business needs to happen right away so your state recognizes your business. In most states, this is the law. So, register your business as soon as you can. It is advantageous from a tax point of view and you need to appear credible to your customers or suppliers.
Deal Fanatic
User avatar
Mar 23, 2008
7760 posts
4544 upvotes
Edmonton
Theghostic wrote:
Jan 8th, 2019 2:50 pm
Registering a business needs to happen right away so your state recognizes your business. In most states, this is the law. So, register your business as soon as you can. It is advantageous from a tax point of view and you need to appear credible to your customers or suppliers.
You realize this is a Canada based site, right?

C
Banned
Dec 23, 2018
5 posts
2 upvotes
Yeah, my bad. Although, same goes for provinces in Canada right?
Deal Addict
Dec 21, 2012
1973 posts
312 upvotes
Toronto, ON
lol what? yes unless you want to be fined.

Top