How to start a small business in Ontario, Canada in 2023. Ontario is one of the wealthiest provinces in Canada, located in the east-central region with beautiful sights, including Niagara Falls and the Great Lakes. The capital of Ontario is Toronto, home to numerous immigrants and a considerable number of companies.
Starting a business in Ontario is one of the best decisions you can make. However, it’s also a difficult task and as such, it’s important to know what it takes to begin. There are many factors to consider, and it’s easy to get lost in the details. In this article, we will enlighten you on how to easily start a business in Ontario Canada in 2023.
For those of you who want to start a cleaning business, delivery business, consulting business, or construction business, we’ve outlined some steps for you below.
In Ontario, there are a few different initiatives in which you can start your own business. If you’re inquisitive to start a cleaning business, you need to make sure you have the proper training and qualifications before getting started. The same is true for construction businesses and delivery services. Consulting businesses are also popular in Ontario, and they don’t require any particular certifications or training.
How to start a small business in Ontario
First, you’ll need to find out if your business idea is permitted under the laws of Ontario. You can check this by searching the Ontario government’s website for “Business Types,” or by calling the Ministry of Government Services at 1-888-222-2232.
In order to start a business in Ontario, you have to register with the government. The first step is registering for an Employer Identification Number (EIN) on the Canada Revenue Agency website. This number is significant especially when filing taxes and reporting your income from your business. It’s also essential that you have an address so that customers can reach you. We recommend using a PO Box until you find an office or storefront locale.
How to register a business in Ontario in 2023
There are steps you’ll need to take to register your business with the government in Ontario. These include:
- Registering your name (which can be done through Corporations Canada)
- Registering for GST/HST (which can be done through Canada Revenue Agency)
- Getting an Employer Identification Number (EIN) from the IRS (this will allow you to open bank accounts and apply for credit)
- Registering for Workers’ Compensation Insurance (WCI)
Next, it’s time to choose which type of business entity is right for your needs: sole proprietorship, partnership, or corporation (LLC). Each type has its advantages and disadvantages regarding taxes and liability protection; consult an attorney if necessary.
Finally, once all these steps have been finalized, you can start marketing your new business! Start by building an online presence on social media platforms such as Facebook and Twitter. Similarly, you can also build a website with relevant information about your business and what services you offer.
Cost to start a small business in Ontario 2023
Currently, it will cost you $360 to assimilate your business in Ontario. That is in person or by mail only. Likewise, if you do it online (Ontario Ministry of Government and Consumer Services), then the cost is reduced to $300.
Cost to get a business license in Ontario
The cost to get a business license in Ontario depends on the type of business you are registering. Today, it will cost you $210 for a Limited Partnership business with at least one general partner and limited partner.
Source: The perfect guide to starting a small business in Ontario, Canada.