How to Start a Small Business in Canada : Your Road Map to Financial Freedom

by Nadeem, Tariq

• ISBN13: 9780973314069
• ISBN10: 0973314060
• Format: Paperback
• Copyright: 2004-09-30
• Publisher: Lightning Source Inc

Table of Contents

Chapter 1 AN OVERVIEW OF CANADA
Geography	1	(3)
People	4	(2)
Government	6	(3)
Economy	9	(3)
Communications	12	(1)
Transportaion	12	(2)
Military	14	(1)
Transnational Issues	14	(1)
Population of Census Metropolitan Areas,	15	(1)
Exchange Rates, Interest Rates, and Stock Prices	16	(1)
Private And Public Capital Expenditures	17	(1)
Choosing A City For Business	18	(1)
Top 20 Most Expensive Cities For Office Rents in The World	19	(2)
Federal Budget 2004	21	(1)
Economic Developments and Prospects	22	(1)
Sound Financial Management	23	(1)
Moving Forward on The Priorities of Canadians	24	(2)
The Importance of Canada's Relationship To The World	26	(9)
Chapter 2 REASONS FOR INVESTING IN CANADA
Competitive Economy	35	(1)
Growing Domestic Economy	36	(1)
Tax Advantages	37	(1)
Superior Workforce	37	(2)
Easy Access To Markets	39	(4)
Business Environment	43	(2)
Low Labour Costs	45	(1)
Construction, Land, Office Space And Leases	45	(1)
Low Overall Cost of Doing Business	45	(1)
Lowest Business Costs Among Major North American Cities	45	(1)
Positive Business Climate	46	(1)
Canada's Cost Advantages	47	(1)
A World Leader in Overall Connectedness:	48	(4)
Excellent Place To Live	52	(7)
Chapter 3 MINDING YOUR OWN BUSINESS
Self-Evaluation	59	(1)
Do These Statements Apply To You?	59	(1)
The Time is Right	59	(1)
You Won't Be Alone	60	(1)
A Reality Check For Small Business Owners	61	(4)
Do You Have What It Takes?	65	(2)
Choosing The Right Business	67	(1)
Going With What You Know	67	(1)
Going in A New Direction	67	(4)
What Type of Business Will You Have?	71	(2)
Building A Business on What They Knew	73	(2)
Starting From Scratch	75	(1)
Buying A Franchise	76	(3)
Types of Home-Based Businesses,	79	(4)
Finding out More	83	(1)
Libraries	83	(1)
Canada Business Service Centres (CBSC)	83	(1)
Canada Employment Centres	83	(1)
Instructional Materials and Courses	84	(1)
Professional Advice	84	(5)
Chapter 4 BUSINESS ESSENTIALS
Feasibility Checklist For Starting A Small Business	89	(4)
Major Flaws	93	(5)
Business Plan Guide	98	(1)
What is A Business Plan?	98	(1)
Why Do You Need A Business Plan?	98	(1)
When Should A Business Plan Be Prepared?	98	(7)
Business Plan For Retailers	105	(4)
Attracting Customers	109	(1)
Pricing	110	(2)
In-Store Sales Promotion	112	(2)
Stock Control	114	(1)
Behind-The-Scenes Work	115	(1)
Put Your Plan into Dollars	116	(2)
Control And Feedback	118	(1)
Sales	119	(1)
Receipts	119	(1)
Disbursements	120	(1)
Break-Even	120	(1)
Put Your Plan into Action	121	(5)
Other Franchisee Experience	126	(1)
Franchise Contract	127	(3)
The Franchise Handbook On-Line	130	(1)
Franchise Market	130	(1)
Entrepreneur Magazines Franchise Channel	130	(2)
Long Term Financing	132	(1)
Short Term Financing	132	(1)
Finding A Source of Funds	133	(3)
Developing Good Bank Relationships	136	(1)
What A Lender Needs To Know	136	(2)
Security For Term Loans	138	(1)
Marketing Plan	139	(2)
Product Pricing	141	(2)
Distribution Channels	143	(1)
Promotions/Advertising	144	(3)
Are You Planning To Import?	147	(1)
Overview of Importing	148	(1)
Market Research	148	(2)
Import Restrictions Prohibited and Controlled Imports	150	(1)
Other Federal Governments Departments:	150	(1)
Import Quotas	151	(1)
Import Permits	151	(1)
Import Certificates	151	(1)
Textiles	152	(1)
Food	152	(2)
Consumer Products	154	(1)
Duties And Tariffs	155	(1)
Tariff Classification of Imported Goods	155	(1)
Free Trade Agreements	156	(1)
Advance Ruling Program	157	(1)
Customs	158	(15)
Reporting Exports	173	(1)
Exports of Prohibited and Controlled Goods	174	(1)
Export Permits	174	(4)
Non-Governmental Trade Organizations	178	(4)
Other Contact(s):	182	(11)
What is The WSIB?	193	(1)
Benefits To Employers	194	(1)
Registering With The WSIB	195	(1)
Reporting	196	(2)
Learn More About The WSIB	198	(1)
WSIB Partners	199	(1)
Ontario Contact(s):	199	(7)
Provincial Employment-Related Requirements,	206	(7)
PART TWO TAXES DUTIES AND REGULATIONS
How This Section Can Help You	213	(1)
About The Canada Customs And Revenue Agency (CCRA)	213	(2)
Chapter 1
Setting Up Your Business	215	(1)
Sole Proprietorship	215	(1)
How Does A Sole Proprietor Pay Taxes'?	216	(1)
Partnership	217	(1)
How Does A Partnership Pay Taxes?	217	(1)
Corporation	218	(1)
How Does A Corporation Pay Taxes?	218	(1)
Are You Responsible For Your Corporation's Debts'?	219	(1)
Keeping Records	219	(1)
Five Reasons Why Keeping Records Can Benefit You	219	(1)
Legal Requirements For Keeping Records	220	(1)
What Records Should You Keep?	221	(1)
Your Records Must Be Permanent	221	(1)
What Information Should Your Records Contain?	222	(1)
Retaining And Destroying Records	222	(1)
The Six-Year Requirement	222	(1)
Bringing Assets into A Business	223	(1)
Fair Market Value	223	(1)
Buying An Existing Business	224	(2)
The Business Number (BN)	226	(1)
Your First Step To Doing Business With The CCRA	226	(1)
Are You Doing Business in Quebec?	227	(1)
Do You Need A BN?	227	(1)
Why It Pays To Plan Ahead	228	(2)
Chapter 2
What is The GST/HST?	230	(1)
On Which Goods And Services Do You Charge GST/HST?	231	(1)
Which Goods And Services Are Tax-Exempt?	231	(1)
Who Registers For The GST/HST?	232	(1)
Small Supplier	233	(1)
Voluntary Registration	234	(1)
How To Register For The GST/HST	234	(1)
Reporting Periods	234	(1)
How To Collect GST/HST	235	(1)
Provincial Sales Tax	235	(1)
Informing Your Customers	236	(1)
What To Put On Your Invoices	236	(2)
Input Tax Credits	238	(1)
How To Claim An Input Tax Credit	239	(1)
Simplified Accounting Methods	239	(1)
The Quick Method	239	(1)
How Do You Use The Quick Method?	239	(1)
The Simplified Input Tax Credit Method	240	(1)
How To Calculate The GST/HST You Owe	241	(1)
Chapter 3
Excise Taxes And Excise Duties	242	(1)
What Are Excise Taxes And Excise Duties?	242	(1)
Excise Taxes	242	(1)
Excise Duties	243	(1)
Chapter 4
Payroll Deductions	244	(1)
What To Deduct From Your Employees' Paycheques	244	(1)
Canada Pension Plan (CPP)/Quebec Pension Plan (QPP)	245	(1)
How To Deduct CPP/QPP Contributions	245	(1)
Employment Insurance (EI)	246	(1)
How To Deduct EI Premiums	246	(1)
Income Tax	247	(1)
How To Make Income Tax Deductions	247	(1)
Workers' Compensation	247	(1)
How To Report Payroll Deductions	248	(1)
The T4	248	(1)
Quarterly Remittances	248	(1)
Do You Have A Computer?	248	(2)
Chapter 5
Importing/Exporting	250	(1)
Before You Import Commercial Goods	250	(1)
Are The Goods Admissible To Canada?	250	(1)
What Will It Cost To Import The Goods To Canada?	251	(1)
How Will You Account For The Goods and Pay The Duties?	251	(1)
Must The Goods Be Marked?	251	(1)
What Are The Tariff Classification,?	252	(1)
Should You Get A National Customs Ruling Before Importing?	252	(1)
Introduction To Importing	253	(1)
Form B3, Canada Customs Coding Form	253	(1)
Commercial Cash Entry Processing System (CCEP)	253	(1)
Import Permits, Health Certificates, and Other Forms	253	(1)
Setting Up Your Import/Export Account	254	(1)
Examining Your Goods	254	(1)
Release, Accounting, and Payment: Your Options	255	(1)
Accounting For Goods	255	(1)
Tariff Classification	255	(1)
Origin	256	(1)
Certificates of Origin	256	(1)
Trade Incentives - How To Reduce or Eliminate The Duty	257	(1)
Duty Deferral Program	257	(1)
Duties Relief Program	257	(1)
Drawback Program	257	(1)
Bonded Warehouse Program	258	(1)
Remissions	258	(1)
Review, Assessment, and Appeals	259	(1)
Review of Your Accounting Package	259	(1)
Your Reassessment Rights	259	(1)
Your Appeal Rights	259	(1)
Seizures and Forfeitures Appeal Process	260	(1)
Exporting	260	(2)
Chapter 6
Accounting For Your Earnings	262	(1)
The Accrual Method	262	(1)
The Cash Method	262	(1)
How To Keep Sales and Expense Journals	263	(1)
How To Record Your Business Expenses	263	(1)
Fiscal Period	263	(1)
Income	264	(1)
Types of Income	264	(1)
What is Business Income?	264	(1)
Bad Debts	265	(1)
Reserves	266	(1)
Vacation Trips and Awards	266	(1)
Government Grants And Subsidies	266	(1)
Surface Rentals For Petroleum or Natural Gas Exploration	267	(1)
Rental Income	267	(1)
Barter Transactions	267	(1)
Selling A Property	268	(1)
Inventory and Cost of Goods Sold	268	(1)
How To Value Your Inventory	268	(1)
Expenses	269	(1)
What Are Business Expenses?	269	(1)
Running A Business From Your Home	269	(1)
Types of Operating Expenses	270	(1)
Personal or Living Expenses	270	(1)
Prepaid Expenses	270	(1)
Accounting And Legal Fees	270	(1)
Advertising Expenses	271	(1)
Business Tax, Fees, Licences, and Dues	271	(1)
Insurance Expenses	271	(1)
Interest And Bank Charges	271	(1)
Maintenance and Repairs	272	(1)
Meals and Entertainment	273	(1)
Motor Vehicle Expenses	273	(1)
What Kind of Vehicle Expenses Can You Deduct?	274	(2)
Office Expenses	276	(1)
Salaries, Including Employer's Contributions	276	(1)
Can You Deduct Business Start-Up Costs?	277	(1)
Chapter 7
Audits	278	(1)
What is An Audit?	278	(1)
How CCRA Select Files To Audit	278	(1)
Audit Projects Leads	279	(1)
Secondary Files	279	(1)
How CCRA Conduct Audits	279	(1)
Delays in The Audit, And How To Avoid Them	280	(1)
Finalizing An Audit	280	(2)
Chapter 8
What To Do If You Disagree With A Tax Assessment	282	(1)
Extraordinary Circumstances	282	(1)
The Objection Process	283	(1)
Collection of Disputed Amounts	284	(1)
Chapter 9
Tax Services Offices	285	(1)
Tax Centres	286	(1)
The International Tax Services Office	286	(1)
Customs Information	286	(1)
Customs Offices	286	(1)
New Employer Visit Program	287	(1)
Tax Clinics	287	(1)
Government of Canada Info Centres	288	(1)
Canada Business Service Centres	288	(1)
Business Windows	288	(1)
Publications	289	(1)
Important Dates For Income Tax	290
HOW TO DOUBLE YOUR PRODUCTIVITY
A Secret of Success in Business & Life	297	(32)
Useful Business & Success Quotes	329	(6)
Fun Quotes	335	(2)
IN CLOSING
Go Slowly Plan Carefully	337	(1)
Include Those Close To You	337	(1)
Make Lifelong Learning A Habit	338	(1)
LIST OF USEFUL WEB SITES
Non Profit Organization	339	(1)
Women	339	(1)
Agriculture	339	(1)
Arts And Entertainment	339	(1)
Specialized	339	(1)
People With Disabilities	339	(1)
Web Sites For Youth And Recent Graduates	340	(1)
New Comers	340	(1)
Labour Market/Industry Information	341	(1)
Newspapers/Magazine	341	(1)
Small Business Information	341	(1)
Training	342	(1)
Tutorial Sites	342	(1)
Volunteer Sites	342