Everything You Need to Know About Starting Your Sole Proprietorship

Is this You?

You’re thinking about leaving your current job ,going out on your own to start a business or become self employed .

Or perhaps you want to  test the waters or supplement your income with a side hustle.

But you’re not really sure about the financial and tax side of things and you don’t want to make mistakes.

There’s lots of information on the internet, but some of it is conflicting and you’re feeling a bit overwhelmed. And perhaps more importantly, you don’t know what you don’t know.

Introducing FastStart Your Business:

A step by step guide that will help you navigate the regulatory, financial and tax aspects of starting any type of business venture in Canada even if you don’t have any previous financial knowledge or expertise

 This book is for anyone planning to start a new (unincorporated) business, in Canada, who is overwhelmed by the sheer amount of information available but is not sure what is applicable to their situation

After reading this book,

You will know exactly what to do to start your business and/or identify the missing pieces in your current setup.  You will have the information you need to start your business on a solid foundation and help you avoid mistakes that might cost you money or get you into trouble with Revenue Canada (or Quebec)    

Why This Book?

"FastStart Your Business" stands out from other startup guides because it’s designed specifically for Canadians and gives you a step by step framework to follow.  It is written for the layperson in an easy to understand way so that you can read the whole book or refer to the sections that are relevant to you. 

You may be thinking that…

A lot of this information is available for free on the internet or you don’t have time to read it

The problem with information on the internet is it can be unstructured, confusing and doesn’t tell you what you don’t know.  Also, some of the information is conflicting and it can be difficult to know if it is credible and correct. 

As a CPA who has helped hundreds of individuals start their business, you can be confident that the information in this book is accurate and based on my expertise.

Inside this book, you will find...

• Step by step framework that tells you exactly what you need to do as a sole proprietor (which applies to ALL businesses and self employed owners unless your business is incorporated) 

• Do you really need to register your business and how to do it in every province.

• How much you need to save in taxes so that you can be prepared and avoid unpleasant surprises when you do your tax return.

• What you need to know about sales taxes (GST/HST and QST) helping you avoid costly mistakes and audits from Revenue Canada and Revenue Quebec

• What you need to know about hiring employees and how setting it up is easier than you think.

• A section on deductible business expenses so that you can you legitimately reduce the amount of taxes that you pay.

• Insights on what is required for your income taxes so that you can be prepared whether you do it yourself or outsource to an accountant.

• The different types of business structures and whether a sole proprietorship or a corporation is best for your situation so that you can make the best decision for your circumstances.

• And much more!

About Me

My name is Ronika Khanna. I’m an accountant and small business owner who has helped numerous business owners start their businesses. Over the past 10 years, I have learnt that there are certain elements to starting a business that every new (and existing) Canadian business needs to address I decided to put together this guide to simplify the process and save time for anyone who is thinking about diving into business ownership and who invariably need guidance to ensure that they are on the right path.