For those who have recently registered their businesses in Canada, I could do with some advice.

I have started the process of registering my business.

Last week I filed for a BN with CRA, however I told I do not need to register with CRA because my estimated annual gross income is below the grade.

Next I visited my local SBN branch to have the actual business name registered, cost $100. However they told before proceeding I need to get hold of a NUAN search report, for another $20 or so.

I have now ordered the NUAN search report from a local business (SNB says the search must be done through a local company). Once I have this I will return to SNB to proceed with registering the name.

As far as I`m aware, that`s it. Once/if my gross sales ever reach the gross income thresh-hold I will have to file again woth CRA for a BN.

Did I miss anything else?

This is going through as sole proprietor.

Ps. I reside in New Brunswick, Miramichi to be exact.

Thanks.

That's all you should need to do to be registered as sole proprietor in NB. You don't need to register with CRA right away if you meet the qualifications, but it is generally recommended to register with them regardless when you get started.

Nice to see a fellow New Brunswickan on the forums, cheers!

Yeah I called CRA because I want to relax knowing I have covered that area. The lady told me I need not register for a BN. Lol, I actually found the "business" department of CRA easier to deal with than when you have to call about your personal taxes! I used to hate calling them, you used to have to plan your afternoon by the phone.

I have never done the NUAN search report before, are they all around 20-30 bucks?

I have never done the NUAN search report before, are they all around 20-30 bucks?
Sounds about right, if I remember correctly this is fairly close to what I paid once.

There is really no requirement to do anything as a sole propertior in Canada. So long as your revenue is less than $30k per year. The bank will generally require you to have a trade name registered prior to getting an account. You shouldn't need a NUANs report to register a trade name. When you do so, it doesn't actually reserve the name, just informs the government that your using it. I could register a New Brunswick corporation tomorrow with your firm's name.

Registering for a BN now will allow you to claim input tax credits, or GST that you've paid on business related items/services. You will in return need to charge GST on all sales. This is highly beneficial if the majority of your business in international, but your expenses are Canadian. You can register at any time for that.

It doesn't cost a great deal more to incorporate in NB. You could probably have it arranged it around $600. This would protect your personal assets from liability from your company. Currently, if your firm got sued, you could lose all your personal assets. It's the cheapest insurance policy you can get long-term, so long as you operate the business properly and maintain your limited liability. I strongly advise you consider such a move.

I was told I would need a NUANS report and present it when registering a name. They would not proceed without it.

I've registered trade names and partnerships in 4 provinces without a NUANs. If NB is different, then so be it. :)

I ended doing the whole thing through Staples (Business). They took care of the BN, NUANS search, registering with SNB, plus they threw in 250 business cards, rubber stamps, letterheads and a bunch of other goodies for around $230 bucks. I know it probably would have been a little cheaper doing it myself, but at least I knew it was getting done properly. No point starting out by doing everything in the cheapest manner.

Having had my business registered since the 80's, I find it VERY interesting that Staples will do this for you.

Registering isn't hard, but some people just don't have the time during the day. Using Staples might make peoples lives a heck of a lot easier.

As a note, according to the CRA, if your TOTAL income exceeds $30k you must register for the GST. That includes taxable and non taxable sales.

Since most of my sales are US, I had to register (they called me and told me I had to) but my remittances are near zero.

Yep
http://www.staples.ca/ENG/Static/static_pages.asp?pagename=ccbiz&MSCSProfile=3C79F0C7EA3162B289A6F3317CC124D876EE825B3ACCA6DFCF75BBC7F869418E0F8D00C503FFB6E42D6DBAFAE0D8206788EAF181907620ADD836B04BCB54059E23D83DCE25 45003E04B4769929764B3A399CA7124E57A20168CBAD35F64CD3F761C7D1B5B7B60DA1B481B6CE6F65AC6C1B3283B9C133A03207B16981D64AF332BD2123995EC09127

Yeah, when I called CRA they told me about the 30k limit, they said I had no need to register with them at the time as my estimated income would have been below the mark. I should have all my registration package in about two weeks according to Staples.