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Welcome to Asphodel-Norwood, Ontario, Canada
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BUSINESS ADVISORY CENTRE Determine whether you should register for Goods and Services Tax (GST) If your gross revenue (total sales before deducting expenses) will total more then $30,000 in any twelve-month period, then you must register for the GST. Most goods and services are taxed at the rate of 7%. However, some of the goods and services, such as basic groceries, prescription drugs and goods and services for export are taxable at 0%; these are zero rated goods and services. If you think you good and service maybe zero rate taxable or even tax exempt it is a good idea to verify with the Canada Revenue Agency before making the assumption. If your gross revenue will be less then $30,000 per year, then you can voluntarily register for and charge the GST. When making the decision to do so consider the following: * Will it be an accounting hassle? For some people, particularily those on a manual bookkeeping system, accounting for the GST means another two columns to balance. For more information about GST, contact: Business Inquiries, Canada Revenue Agency What is a Business Number (BN)? The business number is similar in concept to the Social Insurance Number (S.I.N.) that individuals have. Once you have you 9 digit BN, usually through registering for the GST, you have one number to remember when dealing with the federal governement. Your BN currently works for the following four major C.R.A. accounts: From the Business Advisory Centre, obtain the booklet "The Business Number and Your Revenue Canada Accounts". It will give a simple explanation of how the BN works and some of the basics on each of the accounts it covers. It includes a registration form that can be mailed in or dropped off to the C.R.A. office at the address listed above. The information line is 1-800-959-5525 Importing/Exporting Information Ontario Exports Inc. Customs Border Services Agency International Trade Canada Standards Councils of Canada Competition Bureau WILL YOU BE HIRING EMPLOYEES? Human Resources ans Skills Development Canada's Summer Career Placements (SCP) is a wage subsidy that enables employers to create career-related summer jobs for secondary and post-secondary students from 15-30 years of age (inclusive). Contact HRSDC at (705) 750-4500 or find out more at www.youth.gc.ca. Due dates for applications vary each year around April. Register with C.R.A. office in Peterborough listed earlier. If you already have a BN this will be a quick call to give them your BN and open a payroll deductions account. Be sure to ask for your "New Employer's Kit. if you have a computer, ask for the payroll deduction tables on diskette (TOD). TOD can also be downloaded from the internet free of charge. The address is www.cra-arc.gc.ca/ Workplace Safety and Insurance Board Check with the Workplace Safety and Insurance Board (WSIB) Workplace Safety and Insurance Board If your payroll will be greater than $400,000 in 2002 then you will have to pay Employer Health Tax. To register contact: Ministry of Finance Revenue, Employer Health Tax Regional Office (Oshawa). You will be registered over the phone. Ontario Ministry of Labour-Peterborough Office Employment Standars Act free version is available at the Ontario Ministry of Labour. Before you hire an employee, it is important to know what their rights are and the minimum standards for pay, vacation, and statutory holidays. To obtain your copy of a guide of Employment Standards Act contact the Ministry of Labour-Peterborough office listed above. You can also download an Employment Standards Branch Website: www.gov.on.ca/lab/main.htm Will you be operating a food or health related business? Check with the local unit and the Ministry of Health for regulations Peterborough County-City Health Unit Ministry of Health, Communications and Information Branch |
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