Grade 9 computer

Wednesday, May 16, 2007

Because your business must be legal in the province of Ontario, you need to be aware of the regulations that affect your new venture.
so these are the stuff that you need to know:

Registering your business name: so registering your business name is just registering your business in ontario. You can easily register a business name by either going on internet or either mail the company to register. The registering fee is $60 by using internet or $80 by sending a mail. To register you go to : www.mgs.gov.on.ca.

Taxes:
-Income tax
Businesses must pay taxes on their income to both the federal and provincial governments. To calculate your income tax you have to use this formula: your profit-your gross income or revenue-your legitimate expenses.
-Goods and Services Tax (GST)
so GST cost 6 cent per all the good sold in ontario.

Still working on the project

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