Starting a business in Canada is definitely easier than starting one in India. The system is Canada is absolutely transparent and simplified. Yet there are few domains where getting a prior knowledge is always better. Rudraksh Group, Chandigarh, breaks those myths for you:
Myth 1: By starting a small venture, one can write off all the expenses.
Reality: Canada has a specific set of rules that pertain to business expenses. Not all expenses can be quantified under this category. And if the expense is business related then you would come across times when you can only claim some percentage of such expense under special conditions. So practically, you can’t write off all your expenses with a business.
Myth 2: No registering needed if my business is small.
Reality: Frankly, this is provincial dependent. You will have to register your business within your province irrespective of the size of your business. But then, there a few specific cases where registration isn’t needed. For example, if you choose to run the business under your name and opt for the sole proprietorship form of business ownership, then you are exempted from the process of registration.
Myth 3: My business isn’t a ‘real’ one if I am not selling much.
Reality: Sorry to break the myth but this isn’t India where your proceedings could go unnoticed. Whether you sell one item of one thousand, you will have to declare that and pay taxes against that. Having said that, Canada offers generous tax benefits to entrepreneurs. Rudraksh Group suggests that you file your taxes honestly and you won’t regret it at all when the benefits come your way.
So all in all, Canada offers great business options. The procedure of setting up a business is simple and precise unless in many other countries.